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BRICS and De-dollarization: An Alternative or Potential Disaster?

From October 22 to 24, 2024, a BRICS summit will be held, with a key agenda discussing the potential use of a gold-backed common currency. BRICS, a group of countries consisting of Brazil, Russia, India, China, and South Africa, has been an important player in the global economy since its formation. Their main goal is to strengthen economic and political cooperation among member countries and reduce dependence on a global financial system dominated by Western nations, especially the United States. The dominance of the US dollar as the global reserve currency and primary transaction tool has created significant reliance on a monetary system controlled by Washington.

BRICS’ de-dollarization initiative aims to reduce reliance on the dollar and create a more independent alternative for international transactions. Initial steps include establishing the New Development Bank (NDB) and Contingent Reserve Arrangement. However, these steps have not yet fully met the initial expectations. BRICS is now considering using a gold-backed currency as a more stable alternative, less affected by global political fluctuations. However, how will this impact countries like Indonesia? Will it provide an alternative to balancing the international monetary system or carry the potential for disaster?

More:

moderndiplomacy.eu

BRICS and De-dollarization: An Alternative or Potential Disaster?

From October 22 to 24, 2024, a BRICS summit will be held, with a key agenda discussing the potential use of a gold-backed common currency.
moderndiplomacy.eu moderndiplomacy.eu
 
Opinion piece, take it fwiw and dyodd.

bombthrower.com

How the Revolution of Money Will Reshape Our Future

Time is a Wonderful Storyteller. Bitcoin halvings, the epochs, each have its own story and they require time to be told properly. History shows how math transforms economies. Discover why 'exponential money' is our next breakthrough.
bombthrower.com bombthrower.com
 

Pepe Escobar: Will a BRICS Bretton Woods Take Place in Kazan?​

With less than a month before the crucial BRICS annual summit in Kazan under the Russian presidency, serious informed discussions are raging in Moscow and other Eurasian capitals on what should be at the table in the de-dollarization and alternative payment system front.

sputnikglobe.com

Pepe Escobar: Will a BRICS Bretton Woods Take Place in Kazan?

With less than a month before the crucial BRICS annual summit in Kazan under the Russian presidency, serious informed discussions are raging in Moscow and other Eurasian capitals on what should be at the table in the de-dollarization and alternative payment system front.
sputnikglobe.com sputnikglobe.com
 

Digital Asset’s Canton Network tokenizes gold, Eurobonds, gilts​

Digital Asset has completed another large pilot project demonstrating the tokenization power of its Canton Network. This time, it worked with clearing and settlement service Euroclear, the World Gold Council and global law firm Clifford Chance to tokenize gold and bonds — Eurobonds and gilts.

More:

 

SWIFT to trial live digital currency transactions next year​

LONDON, Oct 3 (Reuters) - Global bank messaging network SWIFT will trial live transactions of tokenised assets and digital currencies next year, it said on Thursday, the latest step in the currently slow-moving integration of such assets into the wider financial system.

Banks and asset managers have been exploring "tokenising" traditional assets like bonds for several years.

They hope that by using digital units - usually blockchain-based tokens that represent a share of the underlying asset - trading can be quicker, cheaper and more efficient, including by cutting out middlemen involved in many transactions.

More:

 
Why is the World Gold Council involved in crypto tokenization projects?
 

Saudi's MbS will not attend Russia's BRICS summit​

MOSCOW, Oct 10 (Reuters) - Saudi Crown Prince Mohammed bin Salman is not expected to attend the Russian-hosted BRICS summit later this month, according to the Kremlin, which said the world's biggest oil exporter would be represented by the Kingdom's foreign minister.

BRICS, originally Brazil, Russia, India and China, has expanded in recent years to include South Africa, Egypt, Ethiopia, Iran, United Arab Emirates and Saudi Arabia.

More:

 
Russia, which chairs the BRICS group this year, has called on its partners to create an alternative to the International Monetary Fund (IMF) to counter political pressure from Western nations ahead of the BRICS summit later this month.
...
Click to expand...

ca.news.yahoo.com

Russia calls on BRICS partners to create alternative to IMF

Russia, which chairs the BRICS group this year, has called on its partners to create an alternative to the International Monetary Fund (IMF) to counter political pressure from Western nations ahead of the BRICS summit later this month. BRICS, originally comprising Brazil, Russia, India, and...
ca.news.yahoo.com ca.news.yahoo.com
 
❗️The creation of a unified BRICS currency is not being considered at the moment; this issue is not yet ready, says Putin

However, we are considering the possibility of using electronic tools and ensuring independent financial information exchange as the existing ones are politicized and violate the principles of the global economy, he added.

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t.me

Sputnik Africa

❗️The creation of a unified BRICS currency is not being considered at the moment; this issue is not yet ready, says Putin However, we are considering the possibility of using electronic tools and ensuring independent financial information exchange as the existing ones are politicized and...
t.me t.me




🎥🎥 Sputnik Africa was live as Russian President Vladimir Putin spoke at the BRICS Business Forum in Moscow

👆🏽Watch the full record of the event on Telegram or our website (https://en.sputniknews.africa/20241...rics-business-forum-in-moscow-1068742412.html)

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸



❗️BRICS countries' cumulative GDP confidently exceeds G7 indicators and continues to grow steadily, President Putin says

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸





❗️ Average GDP growth rates of BRICS countries by the end of 2024 are projected at 4%, which is higher than the world average of 3.2%, Putin says

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❗️ BRICS New Development Bank is an alternative to western development mechanisms, Putin stresses

Russia is set to expand BRICS New Development Bank's capabilities, which should become the main investor in BRICS and the Global South, he added.

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❗️BRICS countries are the drivers of economic growth; it is in BRICS that the main growth of global GDP will be generated in the coming years, Vladimir Putin says

Economic growth of BRICS countries will depend less and less on external influence, the president added.

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🇷🇺 Notable quotes from Russian President Vladimir Putin on the economic expansion of the BRICS:

▪️ Average, by the end of 2024, the BRICS countries' GDP growth rate is expected to reach 4%, exceeding the 3.2% global average.
▪️ BRICS will continue to play an important role in the world economy.
▪️ The BRICS nations are economic development engines, and in the upcoming years, they will be the primary source of global GDP growth.
▪️ The BRICS countries' economies will become less reliant on outside influences.
▪️ Alternative to Western development methods is the BRICS New Development Bank.
▪️ Russia will increase the New Development Bank's capacity, which ought to take the lead in funding the Global South and BRICS.

Putin further emphasized the significance of close economic partnership between BRICS countries, saying joint work brings tangible results.

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❗️ By becoming the role model for cooperation, BRICS can hold the standard of a model of economic interaction, Ethiopia's Abiy Ahmed says

📹 Watch the full address of the prime minister in this post. (https://t.me/sputnik_africa/27703)

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https://t.me/sputnik_africa/27702
 
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🇹🇷 Turkey is closely monitoring BRICS developments, foreign minister says

"We see that there is great interest from countries to join [BRICS], we are closely monitoring this, we have contacts with them, we are also looking at what the next growth strategy will be... In conditions when economic partnerships are expanding, interest in BRICS is growing," Hakan Fidan said in an interview with a Turkish TV channel.

Russian Presidential Aide Yury Ushakov earlier told reporters that the number of states wishing to cooperate with BRICS in one form or another, including membership in the association, has reached 34, and the association's summit that will be held in the Russian city of Kazan on October 22-24, will be the largest foreign policy event ever held in Russia.

Ushakov also confirmed that Turkey has applied for full-scale participation in BRICS, and the application is under consideration. Turkish President Recep Tayyip Erdogan will take part in the BRICS summit, Russian Deputy Foreign Minister Sergey Ryabkov said earlier.

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸
 
Silver broke $32.50 (sitting at 32.55 as I type this). We'll see if it holds through the daily/weekly close this afternoon... :popcorn:
 
📌Key statements from Russian President Vladimir Putin on BRICS to the journalists from the bloc

⚡️Cooperation within BRICS is diverse and multifaceted, progressing in all directions;

⚡️The existence of humanity, especially concerning food security, is impossible without the BRICS countries;

⚡️Each BRICS country holds interest and value for the global community. New members should be treated with respect;

⚡️Expanding BRICS is beneficial as it increases the group's authority and influence. Expansion discussions will happen, "doors are open" for new members;

⚡️A unified BRICS currency isn't being considered yet, as the issue isn't ready. There are considerations for electronic tools and independent financial information exchange to replace politicized systems violating global economic principles;

⚡️Russia proposes using digital currencies in BRICS investments to aid developing economies;

⚡️BRICS's economic importance is growing, with global GDP growth doubling from 1992 to 2023, while the G7's growth slowed. The BRICS are ahead of the G7 and it will be even more evident by 2028.

Subscribe to @sputnik_africa

 
"️A unified BRICS currency isn't being considered yet, as the issue isn't ready. "

Pretty much what I've been expecting. The wheels on a project like that will turn slowly.
 
💰BRICS' share in the world economy has grown by almost 10% since its foundation, while the G7’s share has decreased by the same rate

Share of BRICS’s members in the world economy accounted for 27.15% in 2006, when the organization was created, estimated Sputnik, based on the World Bank’s data. In 2023 the figure reached 36.8%. According to the World Bank, the share of G7 members went down from 36.7% in 2006 to 29% in 2023.

BRICS is an intergovernmental association created in 2006. Russia assumed the rotational BRICS chairmanship on January 1, 2024. The year began with the accession of new members to the association - in addition to Russia, Brazil, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, the UAE. Although Saudi Arabia hasn't formalized its membership, it participates in BRICS meetings.

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸
 
Correct!


🇷🇺 The West wants to live at the expense of others, collecting colonial rent, Russian foreign minister states

The West does not want to move towards equal relations, using an approach that slows down the technological development of the rest of the world, Sergey Lavrov said in an interview for a documentary dedicated to the 80th anniversary of the Moscow State Institute of International Relations (MGIMO).

🗣 "After five centuries of domination by seizing foreign lands, destroying indigenous populations throughout North America, Africa and other parts of the world, the West has become accustomed to living off colonial approaches," Lavrov stated.

However, this is countered by a historical trend towards a multipolar world order where the UN Charter's principle of sovereign equality and non-interference is upheld, leading to a balanced distribution of interests rather than imposed dominance, the minister concluded.

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸
 
Take this fwiw and dyodd.
On a personal note, I don't see BRICS as a real threat to the dollar right now and don't expect much to come out of this week's pow wow.

prinsights.substack.com

BRICS Summit Takes the Fight to the Dollar

Here's what the latest BRICS+ Summit in 2024 means for the U.S. dollar's future.
prinsights.substack.com prinsights.substack.com
 

Putin hosts BRICS summit in Russia under shadow of Ukraine war​

  • Russia showcases growing BRICS clout
  • BRICS partners pressing Putin for peace in Ukraine
  • Putin lays down conditions for any ceasefire
  • BRICS members account for 35% of global economy
  • BRICS summit coincides with IMF and World Bank meetings
KAZAN, Russia, Oct 22 (Reuters) - Russia wants the BRICS summit to showcase the rising clout of the non-Western world, but Moscow's partners from China, India, Brazil and the Arab world are urging President Vladimir Putin to find a way to end the war in Ukraine.

The BRICS group now accounts for 45% of the world's population and 35% of its economy, based on purchasing power parity, though China accounts for over half of its economic might.

More:

 
Today it's happening!

1729618966292.png

JUST IN: 🇺🇸🇷🇺 American media outlet Bloomberg now admits attempts to isolate Russia have failed, as BRICS Summit becomes one of the largest foreign policy events in Russia's history.

@BRICSNews
 
JUST IN: 🇨🇳🇷🇺 Chinese President Xi Jinping and Russian President Putin hold talks at BRICS Summit.

Putin says Russian and Chinese relations "have become a model of how relations between states should be built in the modern world."

@BRICSNews
 
🤍 The first day of the #BRICS2024 Summit: follow the latest updates with Sputnik Africa

🟠Discussing the importance

of the summit with our virtual presenter Joy;

🟠Chak-chak: the honey-drizzled treat

that welcomes countries' leaders at the summit;

🟠Sputnik Africa correspondent spots

the motorcade of Ethiopian Prime Minister Abiy Ahmed on the streets of Kazan;

🟠Vladimir Putin meets with high guests from India
,
South Africa

,
and China (https://t.me/sputnik_africa/28051);

🟠The Russian president welcomes (https://t.me/sputnik_africa/28059) the heads of the BRICS member states' delegations.

Stay tuned for more!

Subscribe to @sputnik_africa

🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸
https://t.me/sputnik_africa/28064
 
If you're heading to the BRICS hoedown bring plenty dollars...........American dollars or Euros. I hear the hosts prefer American $$$$$$

De-dollarization is one of Putin's priorities because trading in local currencies would mean that a heavily sanctioned Russia wouldn't be beholden to the Western US-dollar-dominated global financial order.

But it's not easy to move away from the greenback. The organizers of the BRICS summit have advised foreign attendees to bring cash — specifically US dollars and euros — to the event in the Russian city of Kazan.

Read on......

www.yahoo.com

Putin's dollar problem is on clear display at the BRICS summit, starting with the moment guests land at the airport

Mastercard and Visa halted operations in Russia. Most Russian banks take only US dollars or euros to exchange for rubles.
www.yahoo.com www.yahoo.com
 
searcher said:
...
But it's not easy to move away from the greenback. The organizers of the BRICS summit have advised foreign attendees to bring cash — specifically US dollars and euros — to the event in the Russian city of Kazan.
...
Click to expand...

While that's funny to an extent, de-dollarization is a process and things are likely to change over there as the process gains more steam.
 
pmbug said:
While that's funny to an extent, de-dollarization is a process and things are likely to change over there as the process gains more steam.
Click to expand...
Change there and here.

It's the beginning of the end of dollar hegemony. They want to trade amongst themselves in peace.

The deep state doesn't like that one bit.

Putin asked to join NATO and they refused! That tells you everything you need to know!

If I was Putin and they refused entry I would have begun preparing for war. I think that's what he's been doing for 20 years!
 

China backs Russia-proposed BRICS payment system​

WASHINGTON —

Gathered Wednesday at a summit in the Russian city of Kazan, the members of BRICS adopted a joint declaration calling for the creation of an independent payment system based on their national currencies, a move in response to what they regard as illegal sanctions that are damaging the global economy.

BRICS member countries, which account for about 35% of the global economy, issued the Kazan Declaration, which calls for the "elimination" of "unilateral economic sanctions and secondary sanctions that are contrary to international law."

The BRICS membership includes the initial five — Brazil, Russia, India, China and South Africa — and expanded when several countries joined this year, including Egypt, Ethiopia, Iran, Saudi Arabia the United Arab Emirates.

More:

www.voanews.com

China backs Russia-proposed BRICS payment system

Analysts say China is interested in using alternative payment system to challenge the current system dominated by the US dollar
www.voanews.com www.voanews.com
 
In this one Mario talks about the story in the above post. His link was my source for the VOA article.

China Throws Its Weight Behind Russia-Proposed BRICS Payment System.​

Oct 24, 2024 #dollar #geopolitics #money


19:03
 

Bloomberg Opinion: China and India Bury the Hatchet...For Now​

Oct 24, 2024

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi held their first bilateral meeting in two years at the BRICS Summit in Russia. That's after the leaders reached an agreement to resume border patrol operations following clashes in 2020. Bloomberg Opinion's Ruth Pollard says that while the deal is a step forward, deep distrust remains on both sides. Pollard's views are her own.


3:14
 
A lot of headlines about the BRICS as expected with the eve of their summit meeting, but honestly, I'm not really seeing any real new news. We already knew they were working on an alternative payment system(s) and transitioning to trade using some combination of gold and national currencies.
 
Looks as if the world wants to live in peace for a change...


1729776896833.png

🤍 The second day of the #BRICS2024 Summit: follow the latest updates with Sputnik Africa

🟠Putin addressed the narrow-format meeting of the bloc's heads;

🟠The Russian president spoke at the extended session of the summit: discover important remarks here and here

🟠BRICS countries adopted a final declaration, which included provisions regarding Africa;

🟠Vladimir Putin met with Ethiopian Prime Minister Abiy Ahmed;

🟠Leaders of China, India, Brazil, South Africa, Iran, Ethiopia addressed the summit.

Stay tuned for more!

Subscribe to @sputnik_africa

🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸


❗️The transition to a just world order is not easy; attempts are being made to hinder this process, Putin states

Russia, as the #BRICS2024 chair, has invited leaders of neighboring countries and partners who wish to join the bloc to the BRICS+ meeting, he added.

"Interstate and internecine strife is encouraged. One example of this is Ukraine, which has been and is being used to create critical threats to Russia's security, while ignoring our vital interests, fair concerns, and infringement of the rights of Russian-speaking people," Putin said. "And now they do not even hide the goal of inflicting a strategic defeat on our country. I will say frankly that these are illusory calculations that can only be made by those who do not know the history of Russia, who do not take into account the unity, strength of spirit, and cohesion of its people that have been forged over centuries."

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸


❗️We need to increase the presence of African countries, whose leaders gathered at the #BRICS2024 Summit, in the UN Security Council, President Putin says

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸


❗️ The situation in the Middle East is worrying; there is talk of an exacerbation of a long-standing conflict, Putin says

More of his statements on the Middle East situation at the #BRICS2024 Summit:

🔸 Russia always opposes any kind of terrorist actions;

🔸 Russia seeks to contribute to stabilization of the situation in the Middle East.

🔸 The degree of escalation of the conflict in the Middle East puts the region on the brink of a full-scale war;

🔸 Launching a comprehensive political process is necessary for a settlement in the Middle East;

🔸 Putin called for an end to violence in the Middle East;

🔸 A settlement in the Middle East must be achieved on the basis of generally recognized world principles;

🔸 Without correcting historical injustice in the Palestinian territories, it is impossible to restore peace in the region.

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸


❗️Russia is open to working with countries of the Global South and East to build a better world, Putin says

Russia makes a significant contribution to global food and energy security, the president added.

#BRICS2024

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❗️BRICS is a successful model of cooperation and coordination between countries at the regional and international levels, Iran's president says

The BRICS countries should share the latest innovations and technologies to avoid dependence on the West, Masoud Pezeshkian noted.

#BRICS2024

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸


❗️ It is necessary to build alternative financial mechanisms free from any dictate, Putin says

Putin also called for providing access to technologies for countries of the Global South and East, helping them adapt to climate change.

The next wave of global economic growth is emerging in the countries of the world majority, the Russian leader said.

#BRICS2024

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸


❗️Diversity in civilization is an innate quality of the world, Xi Jinping says

The global community should promote people-to-people exchanges to admire and promote the beauty of every civilization, he added.

#BRICS2024

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❗️China always keeps the Global South in "our hearts" and always supports Global South, the Chinese leader said

BRICS countries should be a stabilizing force to maintain peace, manage global security, and resolve hot issues, Xi Jinping said.

Xi Jinping called on BRICS members to play a guiding role in reforming the global economic governance system.

China calls on BRICS countries to strengthen dialogue and support each other in choosing the path of modernization: Xi Jinping.

#BRICS2024

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❗️The president of Iran called on BRICS to build a world without "sanctions, wars, and genocide"

He added that the UN does not have the tools to extinguish the fire of war in the Middle East.

#BRICS2024

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📹 WATCH | Putin's remarks on the world's ongoing transition to multipolarity, and the forces behind efforts to stop it

"Behind the broad rules-based order imposed on the world, there are attempts to contain growing competitors, the independent, uncontrolled development of countries in Africa, Asia, and Latin America. Illegal unilateral sanctions, outright protectionism, manipulation of currency and stock markets, interference in internal affairs under the slogan of 'concern for democracy and human rights,' and the fight against climate change are used," he said.

#BRICS2024

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🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸
 
pmbug said:
Back in April of this year, Saudi Arabia and Iran started playing nice together at China's behest (as a pre-condition to being invited to the BRICS table). I wonder how the Iran/Hamas attack on Israel while Israel was negotiating an accord with Saudi Arabia is going to affect Saudi-Iran relations (and prospects for each to become BRICS members).
Click to expand...

...
“Saudi Arabia has asked that we organize joint exercises in the Red Sea,” the commander of Iran’s navy, Admiral Shahram Irani, was quoted as saying by the Iranian news agency ISNA.

“Coordination is underway and delegations from both countries will hold the necessary consultations on how to conduct the exercise,” he added, without providing details including a timeline.

Saudi Arabia did not immediately confirm whether it would hold joint military exercises with Iran.
...
Click to expand...

 
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❗️🤩🤩🤩 The recent BRICS summit highlighted a noticeable decline in British global influence, as noted by Politico in an article titled "The End of the British Empire."

⚡Leaders from India, South Africa, and Sri Lanka opted to attend a meeting in Kazan instead of the Commonwealth gathering hosted by King Charles III and British Prime Minister Keir Starmer in Samoa on October 25-26.

Meanwhile, other Commonwealth nations are participating in the Samoa meeting to call for financial reparations from Britain for its colonial past and the slave trade

🎙️Subscribe @AussieCossack
 
🇷🇺 Putin delivered a speech during the plenary session of the XVI BRICS 🤩🤩🤩 🗣 "summit in an outreach format. Key points included:

UKRAINE

✅ Ukraine is being leveraged to pose significant threats to Russia’s security.

✅ Those aiming to achieve a strategic defeat of Russia lack an understanding of the country’s history; their calculations are misguided.

MIDDLE EAST/WEST ASIA

✅ The escalating situation in the Middle East is alarming, highlighting a long-standing conflict.

✅Russia consistently opposes all forms of terrorism.

✅The rising tensions in the region risk leading to a full-scale war.

✅Russia aims to assist in stabilizing the Middle East.

✅Putin urged for an end to violence in the region.

✅A resolution must be based on widely accepted international principles.

✅Restoring peace in the region requires addressing historical injustices in Palestinian territories.

✅A comprehensive political process is essential for achieving a settlement.

✅ All BRICS nations share concerns about the situation in Gaza and hope for measures to ease tensions.

BRICS OUTREACH/PLUS

✅The BRICS outreach format has proven effective for direct and open dialogue.

✅As chair, Russia invited leaders from neighboring countries and those interested in joining BRICS to the BRICS+ meeting.

✅ Putin encouraged the development of the North-South corridor and the Northern Sea Route at the BRICS Plus gathering.

WORLD POLITICS, THE UN, AND FINANCIAL MECHANISMS

✅ Transitioning to a fair world order is challenging, and there are efforts to obstruct this process.

✅The UN should remain central in promoting peace and security.

✅ It is vital to enhance the representation of African countries in the UN Security Council, as discussed at the BRICS summit.

✅ Reforming UN development agencies and global financial systems is urgently needed.

✅ A new wave of global economic recovery is emerging in the majority world countries.

✅ Alternative financial mechanisms, independent of external control, should be established.

✅ Putin emphasized the importance of granting the Global South and East access to technologies to help them adapt to climate change.

✅ Russia plays a significant role in ensuring global food and energy security.

t.me/ForeignAgentIntel
 
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