BRICS explained.
"BRICS plans to challenge US dollar dominance and transform the international monetary and financial system by developing infrastructure for cross-border payments using local currencies. Russia made a detailed proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the US-dominated financial system benefits rich Western countries at the expense of the Global South -- which is why BRICS is pushing to change it."
This Kazan summit, 23rd I think it starts, is a historic event in world financial affairs. It is why Russia has been patient in Ukraine, because this is more important than Ukraine for Russia/ Putin. It's why Iran has not yet obliterated Israel ie China and Russia convinced them to wait until after the summit. Aggressive BRICS members would not encourage others to join. Enough of that already and why BRICS is attractive to many, replacing a violent US rules based order.
This Kazan summit is holding back more conflict. So is the US presidential election. Once these two event are finished what will happen? A very interesting few weeks ahead.
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Feel free to reply to any comment by clicking the "Reply" button.Gotta love Marxism central banks
Communistbitch
Level 6
Oct 19, 2024
0
puff:
You should be into BRICS, about national sovereignty and respect eg variety in nations/ culture rather than an extended world system. They just need to get their shit together with an international currency.
@puff must destroy central banks
puff:
@Communistbitch A BRICS currency that uses blockchain technology, like bitcoin, could well help take away power from central banking. Already have an alternative to international loans, the IMF, which is a good thing.
@puff
Love the idea of BRICS national sovereignty and respect.
American and EU central banking is a big part of all world wars. In fact if a countries who don't join their centro banking are automatically at war with the west. That has financial and finally changes with backing of BRICS back by military and free trade and gold.
What's wrong with that?
Beautifully layedout. Great for the 85% of the worlds population. And that level % of collective consciousness is what overthrown the great abuse of the coruputed Corperationism of the west. Gold has been the stable currency for 1000s of years. Russia has grown, in spite all the heavy wars and sanctions throw at them in everything. Each US citizens is a 100 times greater in debt than Russian citizens. North America housing cost 3 to 4 times more. also. The people power will rule when they come together, which they are doing, like throughout human history.
Castlepaloma
Level 8
Oct 18, 2024
1
Since not one member of BRICS has a hard currency, there is zero possibility that they will replace the dollar. A hard currency is necessary before you can challenge anyone for the monetary top dog. Since WWII it has been the pound, the marc, the frank and the dollar. The Euro has entered the stage and is the only true competitor. The Yen made a short entry, but fell on the wayside.
glennlab
Level 10
Oct 18, 2024
2
puff:
This time next week we will know. Fairly sure they will be announcing a BRICS currency at this summit. In another report they were saying this common currency will probably start off at 60% local currency, 40% Yuan until teething problems are worked out, something like that. The $USD will be top dog for awhile yet, but very soon will have viable competition. One backed by gold and other tangible resources.
Can the US stop the momentous move away from the $USD? Not unless policy changes greatly eg stop it with the sanctions and confiscation of national assets like done in Venezuela and Russia.
@puff All of the currencies that are traded, Yuan, Ruble, have no basis in the international trade currency. The Yuan has no value outside China since it's value is pegged by the PRC just like the ruble. They have nothing to back it with, Gold stopped being the backing resource for very good economic reasons in the 1930s, and will never be the basis of a currency unless the government is unstable. Which in an of itself would lead to destabilization of the currency. Currecncy must be based on the full faith and credit of the government backing it. Right now that is the pound, the dollar and the euro, no one else has the faith and credit to back a currency.
Since 2009, China has signed currency swap agreements with numerous countries and regions such as Argentina, Belarus, Brazil, Canada, ECB, Hong Kong, Iceland, Indonesia, Malaysia, Singapore, South Korea, Thailand, the United Kingdom, Uzbekistan and Tajikistan. The gold is the only stable currency for 1000s of years.
The BRICS beats G7 in almost everyway. US and G7 had their way for a 100 years, now it's BRICS turn.
Won't be so funny when we go broke
@Castlepaloma, @glennlab, @puff considering the US $ since 1913 has been run through the phony US Fed Reserve a private institution primarily owned by Jewish controlled banks that for every $1000 deposited create about $100,000 of make believe money that earns interest at full rate on the $100,000 whilst only paying interest on the $1000 actually deposited really is the biggest & longest running fraud since Jesus turned the water into wine or was declared son of god & raised by a cuckolded carpenter.
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