DE-DOLLARIZATION: BRICS SUMMIT KICKING OFF IN DURBAN

As one half of the world is waiting with baited breath the August 22 summit of the BRICS nations in Durban, South Africa, the other half is pretending there's nothing to see here. We posted a primer on the  world historic event in Durban on July 23. Read it in "De-dollarization: the Road to Durban (link). We are not going to explain the matter in hand for a second time. Suffice it to say that very little has changed since we posted that item. The lack of understanding about of the nature of the gold backed currency the members of BRICS are proposing is rather persistent. It's not a currency for the retail economy. It's a trading currency for the settlement of inter-trade between the member states. Nor is the coin convertible to gold. The currency will probably not yet be implemented immediately, but to even talk about de-dollarization of world trade is a revolutionary act in itself.

Aug. 21, 2023 Joseph Okechukwu: UNIPOLAR - MULTIPOLAR Dichotomy Explained, Pt. 1. Part 2.

More than twenty countries have already signed up to become new members of the BRICS trade organization. And many more are expected to join. In fact, entire trade blocs are expected to accede, such as the Shanghai Cooperation Organization (SCO) and the Eurasian Economic Union (EEU). 

The most important development however is not the currency, but the fact that the unipolar era that started with the collapse of the Soviet Union in 1991 has now come to a close.

The senseless sanctions leveled at Russia since the start of the Russian Special Operation in Ukraine, have not only driven Russia into a close alliance with China; it has made the resources rich countries in the south and the east realize there is an alternative to the Western hegemony. The multipolar world that collapsed in 1991, is being reborn as we speak. 

Aug. 21, 2023 Redacted: In 24 hours everything changes for the United States. Putin and China are ready.

It is not all good news for the BRICS nations. China's Evergrande Group, once China's largest property developer, has filed for bankruptcy protection in a US court. It is one of the world's biggest debt restructuring exercises. The group's default on its debt in 2021 caused a massive property crisis in the Chinese economy.

Apparently the US Commerce Secretary, Gina Raimondo is already on the way to Beijing in order to negotiate a bail-out for China. Joe Biden's America continues to finance its own demise. 

With the Ukrainian war drawing to a close simply because Ukraine has sacrificed all its manpower to the meatgrinder, the new theater of operations may be moved to Niger in Africa. On the other hand there are developments signaling that the US is pulling out of Niger, leaving imposing green colonialism to the French.

Although Ecowas has said to be ready for the intervention in Niger, the situation is still very fluid at the moment. 

Primer on the situation in West Africa (link). 


 

- More on the BRICS Organization -  

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