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Russian President Vladimir Putin on Thursday presided at the closing session of the BRICS summit, praising its role as a counterbalance to the West's "perverse methods."

The three-day summit in the city of Kazan covered the deepening of financial cooperation, including the development of alternatives to Western-dominated payment systems, efforts to settle regional conflicts, and expansion of the BRICS group of nations.

The alliance that initially included Brazil, Russia, India, China and South Africa when it was founded in 2009 has expanded to embrace Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia. Turkey, Azerbaijan and Malaysia have formally applied to become members, and several other countries have expressed interest in joining.

The summit was attended by leaders or representatives of 36 countries, highlighting the failure of U.S.-led efforts to isolate Russia over its war in Ukraine. The Kremlin touted the summit as "the largest foreign policy event ever held" by Russia.

Speaking at what was dubbed the "BRICS Plus" session, which included countries that are considering joining the bloc, Putin accused the West of trying to stem the growing power of the Global South with illegal unilateral sanctions, blatant protectionism, manipulation of currency and stock markets, and relentless foreign influence ostensibly promoting democracy, human rights, and the climate change agenda.

Such perverse methods and approaches — to put it bluntly — lead to the emergence of new conflicts and the aggravation of old disagreements. One example of this is Ukraine, which is being used to create critical threats to Russia's security, while ignoring our vital interests, our just concerns, and the infringement of the rights of Russian-speaking people,​
Putin said.​

In a joint declaration Wednesday, BRICS-Plus participants voiced concern about "the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions," and reiterated their commitment to enhancing financial cooperation within BRICS. They noted the benefits of "faster, low-cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access."

Today, BRICS Plus members account for more than 35% of global economic output, adjusted by purchasing power.
 
Direct link to IMF report:

www.imf.org

World Economic Outlook, October 2024: Policy Pivot, Rising Threats

The latest World Economic Outlook reports stable but underwhelming global growth, with the balance of risks tilted to the downside. As monetary policy is eased amid continued disinflation, shifting gears is needed to ensure that fiscal policy is on a sustainable path and to rebuild fiscal...
www.imf.org

I skimmed over part the 174 page PDF briefly and the report seems to cover a lot of ground.
 
Bill's Commentary:
"Bye bye COMEX and LME!"

Russia in talks with BRICS over precious metals exchange
MOSCOW, Oct 24 (Reuters) - Russia is in talks with other BRICS members about creating an international precious metals exchange to ensure fair pricing and trade growth, the country's Finance Minister Anton Siluanov said in a statement on Thursday.

Leaders of BRICS countries, which account for 37% of the global economy, gathered in the Russian city of Kazan this week to discuss initiatives aimed at creating alternatives to the Western-dominated financial and trade infrastructure.

"The mechanism will include the creation of price indicators for metals, standards for the production and trade of bullion, and instruments for accrediting market participants, clearing, and auditing within BRICS," Siluanov said.
Read more here...
 
Of course we do... it would be the end of dollar hegemony



WEST CONSIDERS BRICS A ‘THREAT TO THEIR POSITION IN THE WORLD’

This week's BRICS Summit in Kazan has “electrified” and “really grabbed the attention of the world” while the West apparently regards the gathering as a “threat,” retired US security policy analyst Michael Maloof told Sputnik on the sidelines of the summit.

🗨️“The fact that the West is so critical of it, I think, demonstrates that they feel, what they probably would perceive as a threat to their position in the world,” he said. Meanwhile, we seem to be witnessing a “fragmentation” in the EU and in the NATO, sparked by Europe’s decision to cripple its own standard of living and to cut off their energy supply from Russia by supporting the Ukrainian conflict.

🗨️“Their industries are faltering. And we're probably going to have another cold winter coming here very shortly. And that's going to have an impact on Europe and its perspective on how to go forward and whether they really still want to follow the United States’ lead either, particularly in the NATO structure,” he remarked.
 
🎧 #GlobalSouthPole | Western-led multilateralism is dead

The #BRICS2024 Summit in Kazan has brought together the leaders of the world's major emerging economies, setting the stage for crucial discussions on economic cooperation, sustainable development, and a redefined global order. The summit highlights the bloc's ambition to strengthen ties and increase its influence on the international stage.

🤝 What are the achievements and key takeaways from Russia's chairmanship of the BRICS bloc?

🤝 How does the rise of the multipolar world impact traditional Western-led global structures, and what role might BRICS play in this transition?

Discover the answers and more in the upcoming #GlobalSouthPole episode!

👉 Check out all episodes of this podcast on our website (https://en.sputniknews.africa/global-south-pole/)

👉 You can also listen to our podcast on Apple Podcasts () – Afripods (https://afripods.com/podcast/483c6116-bc91-489f-b25a-41b77fa16a13) – Deezer (https://deezer.com/show/1000802022) – Castbox (https://castbox.fm/channel/id6091953?country=fr) – Pocket Casts (https://pca.st/a1b06ywn) – Podcast Addict (https://podcastaddict.com/podcast/global-south-pole/5043667) – Spotify ()

🛎 Subscribe to @sputnik_africa

🔸 Sputnik Africa (https://en.sputniknews.africa/)🔸
 
Eric Yeung speculates that Russia's proposed BRICS precious metals exchange might be developed/located in Hong Kong:

 
pmbug said:
"Russia, which chairs the BRICS group this year, has called on its partners to create an alternative to the International Monetary Fund (IMF)"
Click to expand...
iu
 

HSBC Hong Kong joins China’s alternative to Swift global payments system​

HSBC Hong Kong has joined China’s international payments system as a direct participant, giving the world’s biggest player in trade finance a key role in Beijing’s push to expand use of the renminbi.

The bank’s Hong Kong unit is “formally joining” China’s Cross-Border Interbank Payment System, known as Cips, David Liao, co-chief executive of the bank’s business in the Chinese territory, told a conference in Beijing, where he said the dominant role of the US dollar was being “diluted”.

The move will make it easier for overseas companies to trade and invest using China’s currency by making those payments faster and cheaper.

It underscores how HSBC’s Hong Kong business is playing an important role in China’s policy goals, at a time when the UK-headquartered bank is planning a sweeping overhaul that will redraw its operations along east-west lines and set up its UK and Hong Kong units as separate divisions.

More:

 
DYODD here.

Debt Doomsday Countdown: US Heads into One of Most Challenging Periods in History – Peter Grandich​

Oct 26, 2024 #KitcoNews #PeterGrandich #USDebtCrisis

Jeremy Szafron, Anchor at Kitco News, interviews Peter Grandich, Founder of PeterGrandich.com, to discuss his stark forecast for the U.S. economy amid rising global power shifts, de-dollarization efforts, and BRICS’ recent developments. Grandich says America is entering its ‘worst-ever economic, social, and political era,’ raising concerns about debt, retirement, and potential currency shifts as BRICS grows its influence. This segment dives into Grandich’s ‘10 Commandments for Investors,’ emphasizing capital preservation over appreciation. He breaks down the latest warning from the International Monetary Fund (IMF). He also shares his outlook on gold, U.S. stocks, and the U.S. dollar.


36:08

00:00 Introduction: BRICS, IMF, World Bank Updates
02:28 BRICS Analysis 04:40 Gold and the International Financial System
05:34 Future of BRICS and Global Trade
08:41 Global Power Dynamics
11:41 IMF and World Bank Meetings
13:57 U.S. Debt Crisis and Federal Reserve
17:16 Economic Predictions19:05 Financial Complacency
19:57 Macro Outlook: Recession and Debt Crisis
21:00 Retirement and Aging Crisis
22:20 Stock Market Predictions
26:08 Precious Metals: Gold and Silver Outlook
30:14 Junior Resource Stocks
32:49 Investment Strategies
 
pmbug said:
Related tangent:

www.bis.org

Linking fast payment systems across borders: considerations for governance and oversight

This consultative report - issued as part of the G20 cross-border payments programme - describes initial considerations on governance and oversight for fast payment system (FPS) interlinking across borders.
www.bis.org www.bis.org

They published a 29 page PDF/paper on the subject. So much effort in trying to build a network of proprietary systems that would yield the same results as just using a decentralized crypto platform that can already deliver the desired benefits right now.
Click to expand...


Update.

Project Mandala: shaping the future of cross-border payments compliance​

Oct 28, 2024

Project Mandala uses a compliance-by-design approach to streamline cross-border compliance processes for financial institutions and explores real-time policy and regulatory compliance monitoring for central banks and other regulators.


3:52

Read the full report here: https://www.bis.org/publ/othp87.htm

*Note: Link contains a link to a 73-page pdf. Easy enough to scan through without reading every word.
 
The Bank for International Settlements is debating whether to shut down a pilot cross-border payments platform after Russia's President Vladimir Putin identified the underlying technology as a tool to circumvent sanctions and potentially undermine the dollar's dominance in the global financial system.

The mBridge project -- which promises to allow sending money around the world without relying on U.S. banks -- was among topics discussed by central banks and finance chiefs at last week's annual meetings of the International Monetary Fund and World Bank in Washington, according to people informed about the talks. Shutting it down was among the options, the people added, asking not to be named discussing confidential deliberations.

Agustin Carstens, the BIS general manager whose term ends in June, said Saturday at an event of the Group of 30 in the U.S. capital that "we cannot directly support any project for the BRICS because we cannot operate with countries that are subject to sanctions. I want to be very clear about that."

The United States has been increasingly using the dollar's role as a key conduit of financial transactions worldwide to implement international sanctions, in particular after Russia's invasion of Ukraine. This has prompted attempts to seek alternatives that would be safe from U.S. interventions, even though the dollar remains the main currency of international trade and there are little signs this will change any time soon. ...
Click to expand...

BIS debates ending project eyed by Putin for undermining dollar | Gold Anti-Trust Action Committee | Exposing the long-term manipulation of the gold market

gata.org gata.org

Whoa. I did not see that coming. It's not like the BIS should be suddenly surprised by the revelation that the BRICS were interested in mBridge or that mBridge allows participants to avoid using the dollar or SWIFT level sanctions/control. I thought they were on board with the plan as these things were painfully obvious, but it appears they were, in fact, blind and stupid (and are now embarrassed).
 
carnegieendowment.org

The U.S. Shouldn’t Dismiss BRICS Challenge

BRICS is emerging as a sandbox for experimentation with various non-USD instruments, including payment systems, cryptocurrencies, digitalized mechanisms for trade in national currencies or through barter, and hubs for commodities trading outside of dollar dominance.
carnegieendowment.org carnegieendowment.org
 

The title of this panel is "The Future of Finance". I know this is an issue you have thought a lot about and one that has been a key focus area for the BIS throughout your tenure as General Manager. Why is the topic so important? How should the financial system change?​

Financial innovation is important because finance is important – it is the bloodstream of the real economy.

www.bis.org

The future of finance

Remarks by Mr Agustín Carstens, General Manager of the BIS, in a fireside chat at the Santander International Banking Conference 2024, Madrid, 31 October 2024.
www.bis.org www.bis.org
 
...
Today we have more than 100 staff working in our seven Innovation Hub centres in eight locations throughout North America, Europe and Asia, as well as a strategic partnership with the Innovation Centre of the New York Federal Reserve.

The Innovation Hub undertakes projects across six broad themes: (i) suptech and regtech, (ii) next generation financial market infrastructures, (iii) open finance, (iv) cyber security, (v) green finance and (vi) central bank digital currency, or CBDC. Our CBDC work accounts for a large part of the Innovation Hub's project portfolio and certainly accounts for much of the public attention. ...
Click to expand...

Boo! Boo I say!
 
💳 BRICS has drafted preliminary recommendations for alternative payment systems, Russian foreign minister says

"This was on the agenda of both our summit in Kazan and the meetings of our finance ministers and central bank heads that had taken place throughout the year. Recommendations have been drafted. They are not yet final, but they already make it possible to start creating reliable, sustainable, long-term systems. I am confident that Brazil, as the next chair [of BRICS], will continue this work," Russian Foreign Minister Sergey Lavrov said in an interview with TV BRICS.

💲BRICS has set itself a task to create payment platforms that will be immune from risks connected with the US dollar, the top Russian diplomat added.

"Given that the US dollar is increasingly used as an aggressive weapon in the global economy, a parallel system is needed. No one knows who will be next. No one is safe from this arbitrariness, given the desperate position of the United States in today's world. They feel that their hegemony is slipping away, and it will be quick, but rather take a long time, so they want to use everything, including the most forbidden techniques, to preserve it," Lavrov said.

Subscribe to @sputnik_africa

🔸 Sputnik Africa (https://en.sputniknews.africa/) 🔸
 
🇮🇳 At least 13 countries granted BRICS partner status at Kazan summit, Indian Foreign Ministry says

"Thirteen countries were admitted as partner countries. This was a decision was collectively taken by the BRICS countries. A partner country is different from full membership, that is what I understand. As for as whether this particular issue has been closed or not at this point in time, this is my understanding that these 13 countries have become partner countries," a spokesman for the Indian Ministry of External Affairs told reporters.

The BRICS Summit, held in Kazan on October 22-24, focused on strengthening multilateralism, integrating new members of the bloc and addressing regional challenges. The leaders adopted a joint declaration that underscored the need to further enhance BRICS solidarity and cooperation based on mutual interests and key priorities, reports said.

Subscribe to @sputnik_africa

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

 
I am beginning to believe that although I was born in 1940, I have a darn good chance of living long enough to witness a total upheaval and destruction of all that we now consider standard and normal.

Interesting times. 有趣的
 
pmbug said:

BIS debates ending project eyed by Putin for undermining dollar | Gold Anti-Trust Action Committee | Exposing the long-term manipulation of the gold market

gata.org gata.org

Whoa. I did not see that coming. It's not like the BIS should be suddenly surprised by the revelation that the BRICS were interested in mBridge or that mBridge allows participants to avoid using the dollar or SWIFT level sanctions/control. I thought they were on board with the plan as these things were painfully obvious, but it appears they were, in fact, blind and stupid (and are now embarrassed).
Click to expand...

Update:

BIS distances from Project mBridge amid BRICS sanctions concerns​

The Bank for International Settlements (BIS) has “graduated out” of Project mBridge, the wholesale central bank digital currencies (CBDC) bridge its Innovation Hub has helped develop since 2021. Nonetheless, the project is many years away from becoming operational, BIS general manager Augustin Carstens said on Oct. 31.

Project mBridge, which uses technology developed by the Hyperledger Foundation, reached the status of minimum viable product and invited private sector participation in June. Banks in China and the United Arab Emirates (UAE) have heeded the call to join.

More:

https://www.msn.com/en-us/money/mar...nctions-concerns/ar-AA1thGNG?ocid=socialshare
 
Last edited by a moderator:
Unca Walt said:
I am beginning to believe that although I was born in 1940, I have a darn good chance of living long enough to witness a total upheaval and destruction of all that we now consider standard and normal.

Interesting times. 有趣的
Click to expand...
Ringside seat.

I wonder if anyone will survive to profit from what we see.

In the panoramic novel Lucifer's Hammer, there was a short vignette of the moment the comet strikes Earth. Two archeologists are digging ruins out of an ocean cliff.

The sky is ablaze. The older one covers his face. until the blazing orb disappears into the ocean.

He looks at his apprentice and says: "I hope you covered your eyes."

The apprentice is frantic. "I think I'm blind!"

To which the older one says: "I don't think it matters."

The younger one turns to scream a curse at him, and then stops, silent. That quickly, he realized what he meant - as the ocean pulled back, the tsunami rolling in.

That may be us. What we learn, what justice or schadenfreunde we might feel, is probably gonna be lost.
 
Casey Jones said:
Ringside seat.

I wonder if anyone will survive to profit from what we see.

In the panoramic novel Lucifer's Hammer, there was a short vignette of the moment the comet strikes Earth. Two archeologists are digging ruins out of an ocean cliff.

The sky is ablaze. The older one covers his face. until the blazing orb disappears into the ocean.

He looks at his apprentice and says: "I hope you covered your eyes."

The apprentice is frantic. "I think I'm blind!"

To which the older one says: "I don't think it matters."

The younger one turns to scream a curse at him, and then stops, silent. That quickly, he realized what he meant - as the ocean pulled back, the tsunami rolling in.

That may be us. What we learn, what justice or schadenfreunde we might feel, is probably gonna be lost.
Click to expand...
That's why it is good to have been born in 1940. I remember ration books and blackout curtains.

Ration books may make a comeback.

And I feel the entitled majority that prevails today will become wildly desperate. 有趣的 <--Indeed. If Krogers/Publix/etc. are all closed...
 
pmbug said:
Conspiracy theories about a so called New World Order (NWO) and a one world currency have been around for a long, long time. So long that most people, who are not disposed to giving conspiracies a moment's thought, and who have been paying attention to the global economic news, have to be a little unnerved by mainstream reports of global banking institutions talking about the potential for the Dollar to lose it's role as the world's reserve currency.

There is a mostly invisible war occurring right now. It's invisible to the unwashed masses who are not paying attention. It behooves every individual to learn about it so that they have the opportunity to make choices and potentially influence the outcome.

Timeline

10/10/08:

10/15/08:

12/04/08:

03/17/09:

03/18/09:

03/24/09:

03/25/09:

03/25/09:

04/24/09:

04/28/09:

05/14/09:

08/17/09 - Jim Rickards talks about the IMF's QE program with SDRs undermining the dollar:


09/03/09:

09/07/09:

09/27/09:

10/01/09:

10/27/09:

02/28/10 - Tungsten filled gold bars exposed:


04/26/10:

05/05/10:

06/30/10:

08/05/10:

08/26/10:

09/07/09:

09/08/10:

09/14/10:

11/07/10 - Robert Zoellick, the World Bank chief, a former US Treasury official and former managing director of Wall Street bank Goldman Sachs published a statement in the FT calling for a global currency of sorts to be centrally managed using gold as a measuring stick:

01/24/11:

01/30/11:

01/31/11:

Full Rickards interview: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/1/31_Jim_Rickards_files/Jim Rickards 1:31:2011.mp3

02/07/11:

More on the GLD redemptions: http://fofoa.blogspot.com/2011/01/who-is-draining-gld.html

02/10/11:

02/14/11:

02/22/11:

03/22/11:

04/14/11:

05/02/11:

05/17/11:

06/13/11:

07/14/11:

08/01/11:

08/03/11:

08/04/11:

08/17/11:

08/17/11:

08/17/11:

08/19/11:

08/23/11:

08/29/11:

08/30/11 Ned Naylor-Leyland discusses PAGE and the Renminbi:


09/05/11:

09/08/11:

09/14/11:

09/18/11:

09/19/11:

10/24/11:


Commentary

There is a lot missing from that timeline, but I hope I included enough to show that gold is center stage in this currency war among nations and central banks.

I have a hard time imagining that there is sufficient political support for establishing a global central bank or global currency given the vivid pain the Euro is experiencing right now. The warts of central banking with fiat currencies are being exposed and I believe that people are waking up to the reality of the problem.

As things play out, I can see a move to restoring some form of precious metals backed currencies world-wide. It appears that most of the world's central banks are already desperately trying to shore up their gold reserves.
Click to expand...


Long post. If you have the time, it's interesting reading.
 
Opinion piece.

news.cgtn.com

Globalization without America?

The 31st APEC Economic Leaders' Meeting may be hampered by the effective disengagement of the United States, but it will nonetheless bring the leaders of over 30 countries together.
news.cgtn.com news.cgtn.com
 
Goldhedge said:
💲BRICS has set itself a task to create payment platforms that will be immune from risks connected with the US dollar, the top Russian diplomat added.

"Given that the US dollar is increasingly used as an aggressive weapon in the global economy, a parallel system is needed. No one knows who will be next. No one is safe from this arbitrariness, given the desperate position of the United States in today's world. They feel that their hegemony is slipping away, and it will be quick, but rather take a long time, so they want to use everything, including the most forbidden techniques, to preserve it," Lavrov said.
Click to expand...
So it's all about the $ and its hegemony as a trade and reserve currency.
How much power a currency can have!
The old-style military/political domination replaced by currency domination.
 
searcher said:
Opinion piece.

news.cgtn.com

Globalization without America?

The 31st APEC Economic Leaders' Meeting may be hampered by the effective disengagement of the United States, but it will nonetheless bring the leaders of over 30 countries together.
news.cgtn.com news.cgtn.com
Click to expand...
There will be no globalization without a fiat currency (that can be conjured without cost) that is accepted worldwide.

Globalization is not, repeat NOT the most efficient or effective way of getting products to those who use them. Transportation is inefficient. Removing those who make from those who desire, leads to communication and cultural problems and gaps. And inserting a large, fat Oligarch class in the middle to rake off, basically, arbitrage, detracts from what value is created.

The dollar is on the verge of collapse, and once America is gone, so is the dollar. It will be another century before another world's-reserve fiat currency is accepted.

And that century will be marked by POVERTY, as the world flails to reconstruct industries and absorb the costs of a LACK of unimpeded ocean shipping, loss of property rights in the Western world, lack of general Rule of Law...and suddenly, to have to pay the costs of all the war the Ruling Class has become addicted to.
 
Peter89 said:
So it's all about the $ and its hegemony as a trade and reserve currency.
How much power a currency can have!
The old-style military/political domination replaced by currency domination.
Click to expand...
That power can evaporate quickly.

As quickly as...oh, I don't know. As fast as a speeding hypersonic ICBM aimed at Washington.

Have a nice day. :)
 
Casey Jones said:
That power can evaporate quickly.
Click to expand...
Not that quickly. De-dollarization has started some years ago - 10, 20 years ago. I can't fix a symbolic event that can be seen as the start of that process. Now we are in the last stages of that evaporation, all it needs is an alternative global payment system. imo

Maybe the Trump Administration will succeed in slowing down that process.
 
^^ lol. The real comparison is CBDC and decentralized crypto and the answer is obvious.

We don't need no manipulation
We don't need no interest rate control
No animal spirits front run the markets
Bankers leave them peeps alone
Hey! Bankers! Leave them peeps alone!
 
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