BRICS+ Show Themselves as Alternative to Current Financial System, But Still with Caution

By
Jim W. Dean and Gordon Duff
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7
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By Guilherme Wilbert for the Saker Blog

Since the beginning of Operation Z in Ukraine, unfortunately interpreted as an invasion or an occupation of Ukrainian territory by the Russians, realpolitik has accelerated integration among economic blocs of emerging countries, with several speeches by BRICS regional leaders speaking openly about the weight of emerging economies in global economic development.

The last BRICS meeting on 06/23, with open criticism of western sanctions by China and Russia, showed well what the emerging economies are discussing at the moment: how to escape dollarized debt? Or better yet: how to implement an alternative system to the one established at Bretton Woods?

Vladimir Putin, the Russian president who overnight became “persona non grata” in Europe, is already talking openly about a possible basket of BRICS’ own currencies as an alternative to strengthen the national economies, with the most advanced countries, for example Russia itself or China, working openly with an economy of real production based on resource ballast for their national currencies, in the Russian case the Gaso-Ruble becomes a character, in the Chinese case, the PetroYuan emerges as an alternative to strengthen the Chinese currency . . . .



We are witnessing a paradigm shift in all senses with this Russian police operation in Ukraine…

Many countries that carry out military offensives on their neighbors (like Saudi Arabia in Yemen) even though supported by international law and ratifying humanitarian conventions on the battlefield saw that Westerners, unfortunately, can still simply loot the wealth of some countries they consider non-aligned like Russia, Iran, Venezuela…

And given this, the emerging countries logically seek an alternative, with the difference being that, for Westerners to do what was accomplished in Libya when Gaddafi attempted the same, they will now have to deal with a bear sitting on just over 5,000 nuclear warheads. The conversation is now essentially different.

Guilherme Wilbert is a Bachelor’s Law with interests in geopolitics and international law.

References: https://investogist.com/president-putin-says-that-brics-are-developing-global-reserve-currency/
https://noticias.uol.com.br/colunas/jamil-chade/2022/06/23/brasil-ve-com-preocupacao-ambicao-da-china-para-expandir-brics.html

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7 COMMENTS

  1. It’s difficult to perform worse as the old G7.

    These ’emerging economies’ are in the nice position, that industry can increase common wealth, while a big part of the G7 GDP adds nothing to common wealth. The problem begins – if we can prevent another G7 war – when there is enough production at a global scale, how to control capitalism, GDP inflating, then ?

  2. Shepherds and their sheep…

    Rothschild’s roadmap for Dubai’s economic recovery
    After years of cultivating local corporations, the firm will advise Dubai Inc on the strategy for recovery from the financial crisis.
    Frank Kane
    May 17, 2009

    Last month it was announced that Rothschild’s Dubai office had been retained by the Government’s Department of Finance to advise on the US$10 billion (Dh36.7bn) financial support fund (FSF) raised by Dubai on the bond markets (with a further $10bn in the pipeline).
    A key qualification for FSF eligibility, as explained on Saturday by Mr al Shaikh to the media at the World Economic Forum in Jordan, is this: recipients will be those government-related corporations that are regarded as essential for the long-term future development of Dubai’s economy. In practical terms, this is likely to boil down to a fairly short list of business sectors – infrastructure, transportation – including the Metro and Maktoum airport projects – aviation, ports and shipping. Tourism is also said to be included on the list, as a key component of Dubai’s role as a global hub.

    Russian commodities traders replace Switzerland with Dubai

    Ratcheting up of sanctions is promoting a migration of Russian businesses to Dubai as it becomes tougher to do business in Switzerland.
    The UAE has attracted wealthy Russians and their money since the invasion of Ukraine [File: Christopher Pike/Bloomberg]

    • The National Development Bank (NDB), founded by BRICS states Brazil, Russia, India China and South Africa, has admitted the United Arab Emirates (UAE) as its new member“The UAE will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members,” it said. According to Obaid Humaid Al Tayer, the UAE’s Minister of State for Financial Affairs, the new NDB membership could “enhance the role of the UAE economy on the global stage”.

      Russia said it made a critical $117 million payment that was due on two government bonds — enabling it to avoid the country’s first default on foreign debt since the 1917 revolution.

      The Finance Ministry in Moscow says the funds were transferred to payment agent Citibank, based in London.

      JPMorgan Chase & Co., the correspondent bank Russia used to send the payment to Citigroup, said it had processed the funds, according to Bloomberg.

      It then sent the money to Citi after receiving approval from the Biden administration.

    • 1918. And it will be a paradox: i have money, I’m ready to pay, but i don’t have technical possibility to do that.

  3. How about Russia makes new high value coins from rare metals that have 50% of their value in the metal it’self. Like Platinum 500,000 ruble or gold 100,000 ruble. Spend for value as legal currency. Just a reminder, Germany threw out the fiat debt system, Wiemar Republic and put in an equity based system. It brought everyone out of poverty, so Rothchild and bankers had to destroy Germany, so the world would not see a successful equity based money system.

    There is a simple curve of compounding interest that the book Truth in Money convinced me is the curve of the US Dollar “quantity” of Dollars. That wouldbe $1.00 borrowed in 1913 and 6% yearly interest capitalized in for 110 years (to 2023). That simple curve is what M3 would look like, so they removed the indicator before it scared the mommy’s and daddy’s. Try the curve and see how much additional money must be added to keep the status quo going. Lower and raise interest at the end and watch what happens…and it cannot be stopped…it’s a run-away train.

    • “”Finally an end to the evil blabbermouths of Washington DC.””

      That may be too much to ask for, but at any rate, we know we are living in epic times.
      There are many world forces of “tectonic” variance at play, whose eventual seismic settling, will leave this world a very different place, that being short of a cataclysmic convulsion.

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