(LIVE BLOG) BRICS: A NEW FINANCIAL ARCHITECTURE

Last year we reported extensively on the annual BRICS summit 2023 (link). The 2024 summit will be held in Kazan, Russia from Oct. 22 to 24. Last year expectations were high due to speculations about the announcement of a gold backed currency. This did not (yet) happen though. But it is good to remind ourselves what the consequences will be should the US dollar lose its reserve currency status, which is still possible with or without a new trading currency in the BRICS nations. The one party that for now does not seem to have any worries about a new world order, is the UN. Russia extending an invitation to the Secretary General of the UN could be interpreted as a matter of expediency, diplomacy or even common curtesy (source). 



Oct. 25, 2-24 The Duran: BRICS Bridge & BRICS Clear, new financial architecture.

It is looking like the collective West has cut off the branch on which it is sitting. They were so vengeful and bent on destroying Russia, that in actuality they killed themselves. A clear, lecture free and practical new architecture will be in place before long. 

Thirteen  countries have formally received BRICS "Partner Status" in the final step prior to membership of the group. Turkey, Kazakhstan, Uzbekistan, Algeria, Belarus, Bolivia, Cuba, Indonesia, Malaysia, Nigeria,, Thailand, Uganda, Vietnam.

159 out of 193 countries have signed up to use the new BRICS settlement system. The US and the EU will no longer be able to use economic sanctions as a weapon. This system allows countries to settle trades and payments in their own currencies, reducing reliance on the US dollar.

Russian President Putin has proposed a plan to create a BRICS grain exchange. 

"A number of BRICS countries are among the world's largest producers of grain, vegetables, and oilseeds. We propose opening a BRICS grain exchange, which would facilitate the formation of fair and predictable price indicators for products and raw materials, taking into account their special role in ensuring food security."

 

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Oct. 24, 2024

CHALLENGES AND PROSPECTS





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Oct. 23, 2024

BRICS: AN INTERNATIONAL SYSTEM WITHOUT HEGEMONY



Oct. 23, 2024 Alex Christoforou: BRICS, isolated Putin. North Korea in Kursk. Elensky, NEW Victory Plan. Musk, WAR on Starmer.

BRICS Summit an ‘inflection point’ which redefines international politics – analyst

“The 16th Summit of BRICS is an inflection point of international politics because the BRICS are showing that there is a collective way of negotiating in the international system that does not need hegemony or the use of force,” Anuradha Chenoy, Jawaharlal Nehru University Centre for Russian and Central Asian Studies professor emerita told Sputnik, commenting on the significance of the Kazan Summit declaration adopted today.

“The Kazan Declaration is a road map for BRICS countries because it combines ‘common interests’ with ‘strategic partnership’,” Dr. Chenoy pointed out, contrasting the bloc’s approach to Western-led pacts and agreements, where “interests” are reserved for Western countries, “and the term strategic means the threat or possible use of force.”

In calling for reforms to Bretton Woods institutions, the Kazan Declaration actually highlights the bloc’s plans to set “up their own version of Bretton Woods institutions in an entirely different way,” Chenoy said, pointing to BRICS’ use of economic partnership, national currencies in trade, the New Development Bank, etc. for this purpose.

“This is in direct contrast to Bretton Woods way of functioning, [which] is intrusive - in that it directs control of economies, is unilateral whereby countries are left with neither voice or choice of what direction their economies can take,” the professor said.

Ultimately, the summit in Kazan is about tectonic shifts to the global balance of power, Chenoy says, “because the rise and common agenda of the BRICS shows a re-distribution and dispersal of global power that was earlier held by the US led collective West.”


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Oct. 20, 2024

STAY UP TO DATE WITH ANYTHING BRICS


Oct. 19, 2024 Think BRICS: Your Exclusive Pass to the Hottest BRICS Summit 2024 Moments!

If you want to be up to date with anything BRICS, follow Think BRICS.

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Oct. 15, 2024

PREVIEW OF BRICS SUMMIT, 22-24 OCT. 2024

 

Oct. 13, 2024 Redacted: "Something HUGE is about to happen" and U.S. dominance is on the line.

The funding BRICS member states are Brazil, Russia, India, China and South Africa.

Countries that recently became members are Egypt, Ethiopia, Iran and the UAE. 

Saudi Arabia has  officially been invited to join. 

Other countries that have officially applied for membership are Algeria, Azerbaijan, Bahrain, Bangladesh, Belarus, Bolivia, Cuba, Kazakhstan, Kuwait,  Malaysia, Pakistan, Palestine, Senegal, Thailand, Turkey, Venezuela, Yemen and Zimbabwe.

The organization’s New Development Bank provides financing opportunities for member countries, making it an attractive prospect for many emerging countries.

Colonel Douglas McGregor explains the background to Russell Brand. 



Oct. 15, 2024 Russell Brand: It’s Over! 600,000 Killed, The Ukraine Nation Is DEAD” – Col Douglas Macgregor on Ukraine War.


- More in BRICS, cold backed currency - 

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