Important Takeaways:
- Egypt, India abandon dollar completely
- Egypt and India, in a strategic alignment with the BRICS bloc’s de-dollarization efforts, have initiated discussions to eliminate the US dollar from their trade relations.
- This bold move is a part of a growing trend among BRICS nations to reduce dependence on the US dollar in international trade, and it signifies a significant shift in the global economic landscape
- The inclusion of six new countries, including Saudi Arabia, the UAE, Iran, Egypt, Ethiopia, and Argentina, into the BRICS bloc, reflects a growing discontent with the current global financial system.
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Important Takeaways:
- Iran and Saudi Arabia are among 6 nations set to join China and Russia in the BRICS economic bloc
- Iran and Saudi Arabia were among six countries invited Thursday to join the BRICS bloc of developing economies in a move that showed signs of strengthening a China-Russia coalition as tensions with the West spiral higher.
- The United Arab Emirates, Argentina, Egypt and Ethiopia were also set to enter BRICS from Jan. 1, 2024, joining current members Brazil, Russia, India, China and South Africa to make an 11-nation bloc.
- However, in a twist, Saudi Arabia’s membership appeared uncertain after Prince Faisal told the Saudi-owned broadcaster Al Arabiya later Thursday that the kingdom appreciated the invitation but would first study the details before the proposed Jan. 1 joining date and take “the appropriate decision.”
- BRICS currently represents around 40% of the world’s population and more than a quarter of the world’s GDP, with that set to increase. The potential new members include three of the world’s biggest oil producers: Saudi Arabia, the UAE and Iran.
- “This membership expansion is historic,” Chinese leader Xi said. “It shows the determination of BRICS countries for unity and development.”
- BRICS has a stated aim to amplify the voice of the Global South. All five current members and dozens of other developing countries represented at the summit repeatedly called this week for a fairer world order and the reform of international institutions like the United Nations, the IMF and the World Bank.
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Important Takeaways:
- BRICS Begins Major Expansion to Undermine U.S.
- For the first time in nearly a decade, BRICS – the bloc of nations led by Brazil, Russia, India, China and South Africa – will expand, with Saudi Arabia and the United Arab Emirates (UAE) receiving formal invites, as well as Argentina, Egypt, Ethiopia, and Iran set to join in a year.
- One of the top priorities of the BRICS nations has been to end the U.S. dollar’s global financial dominance. As the global reserve currency, the U.S. dollar is a key tool used by the United States government to maintain its global hegemonic status.
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Important Takeaways:
- The BRICS grouping of Brazil, Russia, India, China and South Africa will add six nations to its ranks next year, as Beijing and Moscow push for the loose collection of emerging economies to evolve into a robust counterweight to Western global dominance.
- Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates will join as members in January
- For Beijing and Moscow, adding members is part of a long-running — and often frustrated — effort to turn a largely symbolic grouping into a vehicle for remolding international trade and finance structures to protect their interests against future sanctions from the United States and its allies.
- Sanctions targeting Russia over the war in Ukraine have added urgency to China’s effort to create alternative global financial structures and supply chains resilient to Western disruption.
- China and Russia have found some developing nations more receptive to their concerns about American dominance, which is part of the motivation for more members
- The war and China-U.S. trade tensions mean that Washington has shifted its focus to the Group of Seven and is less interested in the Group of 20, creating an opportunity for BRICS to become a better platform for large developing countries to speak up
- The “China-U.S. contest may still be locked in a stalemate, but the end result is inevitable”
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Important Takeaways:
- De-dollarization is irreversible – Putin
- BRICS will become economically more powerful than the G7, the Russian president said in an address to the Johannesburg summit
- The US dollar is losing its global role in an “objective and irreversible” process, Russian President Vladimir Putin told participants at the BRICS summit in South Africa on Tuesday. Vladimir Putin spoke via video link, after choosing not to attend the event in person.
- De-dollarization is “gaining momentum” Putin declared, adding that members of the group of major emerging economies are seeking to reduce their reliance on the greenback in mutual transactions.
- The Russian leader claimed the five BRICS members – Russia, China, India, Brazil and South Africa – are becoming the new world economic leaders, adding that their cumulative share of global GDP has reached 26%.
- He noted that if measured by purchasing power parity, BRICS has already surpassed the Group of Seven leading industrialized nations – accounting for 31% of the global economy, compared to 30% for the G7.
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- BRICS to discuss common currency plan during the summit, says South African Foreign Minister
- The BRICS group of nations will discuss the feasibility of introducing a common currency and shouldn’t rush any decision, according to South Africa’s foreign minister.
- US interest-rate hikes and geopolitical conflicts have pushed up the value of the American currency and all the commodities priced in it, to the detriment of most emerging markets.
- That spurred calls for alternatives to using the greenback as the global trading currency and one option that’s been flighted is for the BRICS bloc
- BRICS represents more than 40 percent of the world’s population and almost a third of global economic output, making it one of the world’s most important economic blocs. Several other nations, including Saudi Arabia and Iran, have expressed interest in joining its ranks.
- BRICS nations and other countries “are saying why can’t we trade in our own currencies? Why are we committed to trading through the dollar?” Pandor said. “South Africa has an internationally traded currency. However, we hold a lot of debt in dollars so you know we have to approach this discussion responsibly.”
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Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
Important Takeaways:
- Asian nations sign pact to shift away from dollar
- The ASEAN+3 group consists of the ten member states of the Association of Southeast Asian Nations, which are joined by China, Japan, and South Korea.
- Attempts to shift away from the greenback in international trade have been gaining momentum among major economic blocs such as ASEAN and the BRICS group, which consists of Brazil, Russia, India, China, and South Africa.
- The step comes against the backdrop of sweeping sanctions introduced by Western nations against Russia, a major global energy producer and exporter.
- The head of the Indonesian central bank, Perry Warjiyo, said last month that his nation was implementing a shift away from the dollar with countries such as Thailand, Malaysia, China, and Japan. In March, Brazil and China signed an agreement to trade in their own currencies, dropping the greenback as an intermediary.
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William Penn – “If we are not governed by God, then we will be Governed by a tyrant”
Important Takeaways:
- BRICS nations offer a new world order as alternative to the West
- It offers a diplomatic forum and development financing, outside of the Western mainstream.
- …now the BRICS nations—Brazil, Russia, India, China, and South Africa—are setting themselves up as an alternative to existing international financial and political forums.
- Brazil, Russia, India, China and South Africa are trying to position themselves as representatives of the Global South, providing “an alternative model to the G7”. The G7 is an “informal forum” of heads of state of the world’s most advanced economies, founded in 1975. Germany, France, the United Kingdom, Italy, Japan, Canada, and the US are members, as is the EU.
- “Consequently, some European and US policymakers worry that the BRICS may become less an economic club of rising powers seeking to influence global growth and development, and more a political one defined by their authoritarian nationalism.”
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Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
Important Takeaways:
- Mexico Plans to Join BRICS Amid Growing Tensions with US
- Mexico has expressed its interest in joining the BRICS group of emerging economies, which currently consists of Brazil, Russia, India, China and South Africa. The Mexican Foreign Minister, Marcelo Ebrard, said that Mexico shares the vision and values of the BRICS and hopes to deepen its cooperation with them in various fields, especially in medicine and trade.
- Mexico’s move comes amid growing tensions with its northern neighbor, the United States, over issues such as immigration, border security, trade and human rights.
- Mexico sees the BRICS as an alternative platform to diversify its foreign relations and increase its global influence.
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The leaders of the BRICS nations are discussing the creation of a development bank that would be in direct competition to the World Bank.
The heads of Brazil, Russia, India, China and South Africa have long complained about a western bias in the decisions made by the World Bank. The fund would develop infrastructure projects in developing nations. Continue reading →
