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Countries like Malaysia and Thailand are flocking to join BRICS as a potential ‘counterweight against U.S. economic hegemony’
Yahoo Finance ^ | August 21, 2024 | Lionel Lim

Posted on 08/22/2024 9:05:07 PM PDT by anthropocene_x

After not adding any new members for 13 years, the non-Western international group welcomed Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates last August. The floodgates have since been opened: In February, South African Foreign Minister Naledi Pandor claimed that over 30 nations now want to join the international group.

Malaysian Prime Minister Anwar Ibrahim has been vocal about wanting to join the bloc, lobbying Russian, Chinese, and just this week, Indian officials about Malaysia’s application. Thailand also submitted a formal application to join the bloc last June, and officials hope that the Southeast Asian country will be able to join the BRICS summit in Russia this October.

In recent years, the bloc is increasingly trying to position itself as the voice of the so-called Global South, a term used to describe postcolonial developing economies.

In 2014, the group founded its own development bank, the New Development Bank. Since starting operations in 2015, the bank has cumulatively approved over $32 billion in loans to member countries; China hopes the bank can disburse a further $5 billion in loans this year.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Government; Politics/Elections
KEYWORDS: biden; bideneffect; brics; ccp; china; globalism; globalsouth; harriseffect; ohjuststop; russia; sco
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1 posted on 08/22/2024 9:05:07 PM PDT by anthropocene_x
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To: anthropocene_x

This will be a big problem for us in the coming years.


2 posted on 08/22/2024 9:08:21 PM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: anthropocene_x

Thanks Brandon.


3 posted on 08/22/2024 9:09:51 PM PDT by E. Pluribus Unum (The worst thing about censorship is █████ ██ ████ ████ ████ █ ███████ ████. FJB.)
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To: DonaldC

I say let them. They can deal with China.


4 posted on 08/22/2024 9:09:54 PM PDT by DIRTYSECRET
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To: DIRTYSECRET

We don’t really have a choice in the matter. Biden letting the Saudis kill off the petrodollar was a landmark event in the process.


5 posted on 08/22/2024 9:13:37 PM PDT by hinckley buzzard ( Resist the narrative. )
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To: anthropocene_x

Every nation should make the best choices it can.

It is up to those living in the USA to make it great again.


6 posted on 08/22/2024 9:17:46 PM PDT by Brian Griffin ("Building a wall is a red herring" - Elon Musk)
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To: DonaldC

[This will be a big problem for us in the coming years.]


Not really. BRICS comes with no obligations. The relationship between China and Russia, India and Russia, and so on, is strictly cash and carry. For many of these leaders, a membership in every new international organization is a chance to travel, hobnob and be feted in first class accommodations along with an entourage of butt kissers. Junkets are fun and the equivalent of a Roman triumph, a huge party, without actually having to win a war to earn one.

Ultimately, most countries want a hard currency for their goods. That means dollars, euros, yen, pounds or Swiss francs. Indians have been buying contraband Russian oil, but now the Russians want, as payment, something other than Indian rupees.

https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5


7 posted on 08/22/2024 9:20:36 PM PDT by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room)
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To: Brian Griffin

>> Every nation should make the best choices it can.
>> It is up to those living in the USA to make it great again.

Agree on both those points.


8 posted on 08/22/2024 9:28:41 PM PDT by Nervous Tick ("First the Saturday people, then the Sunday people...": ISLAM is the problem!)
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To: DonaldC

>> This will be a big problem for us in the coming years.

Yes. The “Modern Monetary Theory” fantasy that a sovereign nation can print all the money it wants to “because it can” has only worked so far for the US because we are (or, were) the trustworthy and dominant currency in world commerce.

Take that dominant position away, and Hellooooo, Weimar Republic! Hellooooo, Argentina! 35 trillion in debt... it’s unsustainable, and it’s gotta be resolved somehow.


9 posted on 08/22/2024 9:33:20 PM PDT by Nervous Tick ("First the Saturday people, then the Sunday people...": ISLAM is the problem!)
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To: Nervous Tick

a good start to understanding BRICS is to look at

the Wikipedia page- really was Russia and china leading

the way— a snub against the G7 countries-

the BRICS currency will be precious metals- and oil

last year they approved-Iran,Egypt,Saudi Arabia,and

united Arab emirates (Saudi’s have not formally entered -yet) the bottom line— the dollar will fall-our debt

will be horrendous— the U.S. may be replaced by a new world order- led by China- Russia


10 posted on 08/22/2024 9:44:14 PM PDT by mj1234
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To: anthropocene_x

WTF is BBRICF?


11 posted on 08/22/2024 10:51:36 PM PDT by lightman (I am a binary Trinitarian. Deal with it!)
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To: mj1234; anthropocene_x

Answering my own question:

Hard and squishy (aka oil and commodity) currency rather than ballooning debt.


12 posted on 08/22/2024 10:54:28 PM PDT by lightman (I am a binary Trinitarian. Deal with it!)
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To: anthropocene_x

Drip drip drip....like compound interest, it adds up over time.


13 posted on 08/22/2024 10:58:38 PM PDT by citizen (Put all LBQTwhatever programming on a new subscription service: PERV-TV)
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To: anthropocene_x

“Malaysia first!” If that’s what they want.


14 posted on 08/22/2024 11:06:53 PM PDT by jimfree (My 21 y/o granddaughter continues to have more quality exec experience than Joe Biden.)
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To: anthropocene_x

Against a basket of foreign currencies, the U.S. Dollar (USD) has been down as much as 4.55% in the last two months.

Two Month High - 105.71

Two Month Low - 100.91

Today - 101.22

100.00 is considered neutral.

Above 100 is considered strength.

Below 100 is considered weakness.

40 Year High - 128 (1985)

40 Year Low - 71 (2007)


15 posted on 08/22/2024 11:11:49 PM PDT by zeestephen (Trump "Lost" By 43,000 Votes - Spread Across Three States - GA, WI, AZ)
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To: E. Pluribus Unum

Exactly. It’s not about US hegemony, but rather the intentional weakening of the US due to Obama’s third term through Biden.


16 posted on 08/23/2024 12:12:50 AM PDT by Dahoser
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To: DonaldC

The only reason it might be a problem is that 2nd and 3rd world countries are willing to accept lower quality manufactures and have some common commodities to sell. Neither Russia nor China build quality things, but Ethiopia would be willing to trade coffee for Chinese cell phones or Russian oil. Brazil can sell soybeans for Chinese tools or Russian metals. The general populace won’t know any better or care, and The Big Guys can get their 10%. As long as the BRICS avoid admitting basket cases that have neither commodities nor cheap manufactures, they might be able to set up a parallel global economy, but they won’t be able to so with the same success as the 1st world.

It might be good enough for them, sort of a Neiman-Marcus vs K-Mart world, one where dollars buy stuff from the first, and iron ore barters for stuff from the latter.


17 posted on 08/23/2024 12:53:13 AM PDT by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals)
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To: anthropocene_x
Every Democrat President we have had has become progressively more destructive to our country.

Biden is the worst so far, but he has only built upon the firm foundation of American economic and cultural self destruction and national suicide put in place and promoted by LBJ, Jimmy Carter, Bill Clinton and Barak Obama.

18 posted on 08/23/2024 3:58:39 AM PDT by rdcbn1
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To: Zhang Fei

Yup.

And this highlights the seriousness of the problem we face.

On one hand, we have the jet setting BRICS politicians working to radically change the world monetary policy and bring down the dollar as world reserve currency as a means to justify and perpetuate their lavish jet setting lifestyle

On the other hand we equally feckless American politicians working as hard as possible to abuse Americas position as reserve currency to destroy our position as reserve currency

The risk is an end result where the American dollar is dethroned as world reserve currency with nothing solid to replace it with.

The economic chaos would be unimaginable if the dollar collapses and there is no viable alternative to replace it


19 posted on 08/23/2024 4:11:15 AM PDT by rdcbn1
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To: anthropocene_x

When will these countries find out that BRICS is a scam ? LOL


20 posted on 08/23/2024 5:11:09 AM PDT by butlerweave
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