As we have reported on this blog and our other publications many times, while the west has been tearing itself apart with divisive and economically suicidal policies the BRICS bloc, consisting so far of founder members Brazil, Russia, India, China, and South Africa is currentlt inundated with applications for membership and is moving to expand, both as its members grow in economic and geopolitical influence and by adding new members.
Together, the current BRICS members represent more than 40% of the global population, and their share of the world economy (when measured in purchasing power parity) is larger than that of the G7.
The foreign ministers of the BRICS member states met in South Africa on June 1 and 2. There, in addition to offering new memberships of the group they discussed a series of issues, including plans to create a new global reserve currency to challenge the dominance of the US dollar.
Also present at the meeting in South Africa was a group of top
diplomats from countries described as “friends of BRICS”, including
Egypt, Iran, Kazakhstan, Saudi Arabia, and the United Arab Emirates any of which is likely to figure in the first wave of BRICS expansion.
More than 20 countries have already shown interest in joining BRICS. At least 13 nations have formally applied.
South Africa’s ambassador to BRICS commented, “We are getting applications to join every day”.
Prospective future members not represented among the friends of BRICS include Algeria, Argentina, Bahrain, Belarus, Egypt, Indonesia, Iran, Nigeria, Saudi Arabia, Türkiye, and the UAE.
At the June foreign ministers meeting, Bloomberg reported, “BRICS nations asked the bloc’s specially created bank to provide guidance on a how a potential new shared currency might work, including how it could shield other member countries from the impact of sanctions such as those imposed on Russia”.
“The use of alternative currencies was among the prominent talking points” at the meeting, Bloomberg noted.
South Africa’s foreign minister, Naledi Pandor, explained at a press conference that BRICS members want to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions”.
It has already been universally acknowledged that the US led campaign of sanctions on Russia in the wake of Moscow's invading Ukraine have backfired, wreaking more economic havoc in the sanctioning nationsd than in those sanctioned.
Reuters acknowledged that the BRICS “ministers sought to focus attention on their ambition to build up their influence in a multi-polar world”.
RELATED:
Sanctions Are BollocksRussia beats trade embargo by using methods that are standard business practice, they are trading through middle men. It was obvious from the moment sanctions were imposed that Russia and its customers would continue to do business through companies trading under the banking equivalent of a flag of convenience.
Russia and China announce a new global reserve currencyIt was always on the cards that Russia, China and rest of the BRICS countries would use the CIA / NATO engineered war in Ukraine to launch the main thrust of their economic war on the west, in fact after having written so much in our Currency Wars page about the inevitability of Russia and China challenging the US dollar’s global reserve status, now, it’s happening we can only say: "We Told You So".
NATO Rhetoric About Russian Threat is 'Absurd'
The reasons being given for the latest NATO military buildup in Eastern Europe, the idea that the Russian 'Russian threat' to Eastern Europe grows every day is "simply absurd," according to former US diplomat and Senate policy advisor Jim Jatras. Effectively, Jatras says, the buildup is an attempt by the US to keep Germany and France on board with Washington's world domination agenda and ...
Naked Bankers Go For Gold
... That gold sale in 2013 was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery (quite a lot of it belonged to the german government) In effect the naked shorting of gold could only work because really the right hand was selling to the left hand.
The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly In a move that went almost completely unreported in mainstream media, Russia has recently opened a market for the trading of physical and 'paper' oil (futures) in Moscow in Roubles. This is the most blatant challenge yet to the domination of the US dollar in world trade.
WMD in Mayfair
Recalling yesterday's Machiavelli Blog which commented on events surrounding the unfortunate death of the alleged former Russian agent Alexander Litvinenko, it seems the murder investigation has now found evidence of many caches (well OK, traces) of radio active toxins in various fashionable establishments in London's West End frequented by former Russian intelligence agents.
China launches global yuan payment system
China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar's dominance.
EXPLORE:
[ Currency Wars ] ...
[Daily Stirrer] ... [ Our Page on on Substack ]... [Boggart Aboad] ... [ Ian Thorpe at Quora ] ... [ Greenteeth Home ] ... [ Greenteeth on Minds.com ] ... [ Here Come The Russians ] ... [ Latest Posts ] ... [ Blog Bulletin ]
