How The BRICS Summit Surpassed The G7 & G20 As The World’s Most Influential Gathering

 via Great Game India

The 16th BRICS Summit, held in Kazan, Russia, from October 22 to 24, wasn’t just another meeting of world leaders. It marked a turning point in global politics. For the first time, this summit was viewed as more influential globally than the meetings of the G7 or G20, which typically dominate world discussions.

This year's summit was more worthy of our attention than usual because four new countries—Egypt, Ethiopia, Iran, and the UAE—joined as official BRICS members in January. This move expanded BRICS beyond the original membership of Brazil, Russia, India, China and South Africa. As Russia hosted a gathering of 36 world leaders, the expanding BRICS+ initiative looks to be a growing obstacle to the hegemony US and its allies hoped to exercise.

Established in 2009, and later expanded in 2024, the BRICS+ geopolitical bloc draws its name from its original members (Brazil, Russia, India, China and South Africa) but now also includes Iran, Egypt, Ethiopia and the UAE.Significantly Saudi Arabia has been invited to join and has slready abandoned its committment to accept payment for oil exports only in US dollars, while others, such as Turkey, are also expected to join. Its members already constitute 45% of the world’s population and 28% of its economic output.

As such, it is often described as a geopolitical counterweight to the G7.  Russia and Iran and China are alrady collaborating to challence challenging the dominance in international trade of the dollar. The most important country is of course China, and China has been sitting on the fence over US led sanctions of Russia and Iran. The most likely reason China has held back from fully supporting the US against Russia and Iran is because Chinese state-controlled banks also do not want to be cut off from the US dollar and Wall Street.

And as long as China remains integrated in the global financial system centered on the US dollar, China is effectively the largest foreign funder of everything the US does, including sending weapons to Ukraine that are used against Russia and Taiwan that are pointed towards China.

China is of course also deeply integrated in global supply chain and trade networks,having become the wokshop of the world as net - zero obsessed wesern leaders have deindustrialised their economies, thus offshoring not only their CO2 emissions but jobs and revenue into the bargain. With the Chinese economy stuggling, any serious moves to decouple from this global dollar system could back fire disastrously.

BRICS+ is a reltively young organisation integration and coherence is rocky at best which should caution us to make any future projections based on current relationhips rather than deeper structural forces. strained relations between China and India, which significantly hampers collective BRICS action to the point of incoherence. Also, it is notable that Saudi Arabia has not yet joined along with UAE even though they said they would, and detente between the Shia Musim government of Iran and the Saudi Sunni Muslim monarchy has only taken place recently.

The original BRICS members were never as united as the G7 even without these new members.

The first step for the BRICS+ to challenge the West would be to build consensus for such a project to replace or at least seriously challence the Dollar, which does not exist, and most importantly to sell more oil in a currency other than the US dollar. And as this publication has reported extensively in the past that project is already well under way.

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The Shooting Wars and the Currency Wars

 

As the shooting wars grind on in Ukrsine, Gaza, Syria, The Red Sea, Sudan and e;sewhere, the main theatre of war is now shifting from the battlefields to the financial centres of the world.

Many of you will have been reading in mainstream media about de-dollarization recently, and may have been surprised to learn of the various attempts and strategies being deploted to facilitate trade among the various countries' currencies without using the US dollar, which has been the main reserve currency for intrnational trade since World War Two. You may be even more surprised to learn that Boggart Blog and its various offshoots have been writing about de-dollarisation and currency wars for over ten years. Most international trade is still conducted in dollars, which means the buyer has to purchase dollars in order to make the settle the transaction, and that often means the sale is settled at a U.S.-controlled bank ... a situation which many nations feel Washington has exploited unfairly to preserve its global economic hegemony.

The established world order has come to the dangerous state it is curreently in, because the U.S. exerts uses its position of economic dominance via he dollar to exert political influence. To put it bluntly the U.S.A. has "weaponised" finance. Avoiding the U.S.ninvolvement in cross border transactions is complex and there's a lot of resistance to change particularly from US banks.

There are a number of new, rapidly developing tools and organizations to do this job, and more importantly there are new players with major resources and even bigger motivations that have committed themselves to make non-dollar-denominated trade easy, reliable and fast. And soon. For example, next time Israel attacks Hezbollah Lebanon, Iran could weaoponise the Strait of Hormuz to trigger a global economic and energy crisis.

Russia and China, two of the nations, along with Iran, that started the move to de dollarise world trade over a decade ago are leading, their BRICs trading bloc is likely to be the first major beneficiary of the new trading tools, and now Saudi Arabia has weighed in: SA has let the "price all oil sales in dollars" deal with the U.S. lapse.

This has now been reported in the U.S. and European mainstream media press , with all the appropriate consternation over likely impacts.

M.K Bhadrakumar (IndiaPunchline.com) has a new article out that covers the waterfront - the technologies, the big players, the Saudis, and the impact on the U.S. of de-dollarization. If you're new to the subject, this is a decent place to start.

As many critics have pointed out, everyone knows _why_ other countries are motivated to de-dollarize. The question is "what's the alternative?".

Alternatives get built when the motivation, resources, and capability thresholds are met. They've been met.

If the Saudis actually do start pricing in currencies other than dollars (remember, letting the deal lapse, and actually pricing their oil in different currencies are two separate events), and if China and Russia really do build the multi-currency trading system for BRICS, and remember they have already started the process by creating the 'petroyuan' to rival the global standard 'ptrodollar vehicle for ttrading oil futuresd, this is certin to bring to an end the "exorbitant privilege" of the U.S. as issuer or the global reserve currency.

And that will be a major, major change in the U.S.' situation.

For further reading, search "mBridge" and "BRICs". That'll provide much food for thought.

 

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Visa Files Patent Application: 0200151682 to Create A "Digital Currency."  Corrupt US Officials Plan to Eliminate Physical CASH! 

Early last week Boggart Blog learned Globalists within the US Government and the banking and finance industry have announced a plan to launch a Digital Fiat Currency that would enable seamless transfers of funds between banks and tax jurisdictions as a major step towards banning cash. Bankers and politicians claim this is essential to protect business and private funds against the actions of hostile nations and to eliminate money laundering by organised crime networks. This is bollocks because neither of those goals could possibly be achieved. We, and others in the alt_news environment suspect the real reason for the move is to allow governments, NGOs such as the World Health Organisation (WHO) and World Economic Forun (WEF) to curtail our rights and liberties by being able to remotely (and automatically,) control our finances.

Watch this video to learn more of the long term plan to deny us the right to use cash and thus retain personal control of our finances.

The Great Taking - Documentary
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https://www.youtube.com/watch?v=dk3AVceraTI

The U.S. Patent and Trademark Office (USPTO) website contains a page showing that VisaV +0.2% has filed a patent application to create digital currency on a centralized computer using blockchain technology. This patent applies to digital dollars as well as other central bank digital currencies such as pounds, yen, and euros so the physical currency of a central bank anywhere in the world could be digitized.

Described as ‘Digital Fiat Currency’ the patent was initially filed by Visa on November 8, 2019, with the USPTO commenting today, “It takes quite a while...” to publish the filing of a patent. Visa’s patent is described as a central entity computer that receives requests that include the serial number and denomination of a physical currency.

The creation of the digital currency and the removal of the physical currency from circulation in a fiat currency system is recorded on a blockchain.

The Visa has patent application hints at using the Ethereum (ETH) blockchain as the medium for processing transactions.

The application details two records, one of which would indicate “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet.” 

The other record notes the “removal of the physical currency from circulation in a fiat currency system.”

 
“Every time a unit of digital currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, to regulate the value of the digital fiat currency.” Unfortunately Ethereum is just a bit suspect to be considered a safe medium for all our financial activity. Other sources report that ETH Founders’ are involved in a fraud bigger than FTX scandal of 2023. 

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The Great Taking Exposes The Financial End Game & The CIA

We are now living within a hybrid war conducted almost entirely by deception and thus designed to achieve war aims with little energy input. It is a war of conquest directed not against other nation-states but against all of humanity. Deep State organisations such as the US CIA have, in collaboration with the World Economic Forum (WEF - a private World Domination Society for billionasirepsychopaths,) have developed plans which would, if We The People tolerate it, take control of everyone's home, car, property, pensions, etc.

Agreements have been reached with world governments including all 50 US States on the plan of consolidating absolute power over everything. The primary documentary evidence adduced by Webb would be sufficient to incarcerate all of these culprits, if not condemn them to capital punishment.

This has been made to happen through the dark magic of false news and propaganda narrative. This alone has been a great crime against humanity. 

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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 ...

The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly
Significant moves in the global chess game have just rendered the huffing and puffing of warmonger Obama meaningless and will break Wall Street's monopoly in controlling oil markets. The move is part of Vladimir Putin's long-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, in effect ...

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.

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Currency Wars - Russia calls on BRICS to ditch US dollar

This blog reported organised moves by certain eastern nations to replace the US$ as the global reserve currency over ten years ago. Since then we have monitored developments in the so - called Currency Wars as they unfold, including China's launch of the Petroyuan as a rival to the Petrodollar, plans to return to a kind of gold standard economy to stabilise global trade in the face of increasing political instability and the unsustainable debt burden of the USA, and the rise of cryptos, digital currencies.

And as we write this note, things are hotting up:

from "RT, 18 December 2023

The sustainable development of financial relations and settlements within the BRICS organization is very important for all member states, Russian Finance Minister Anton Siluanov has said.

The statement was made at the Russia-China Financial Dialogue forum in Beijing on Monday, where Siluanov met with his Chinese counterpart, Lan Foan.

The BRICS group of emerging economies – which currently incorporates Brazil, Russia, India, China, and South Africa – has been discussing ways to facilitate payments in local currencies between member countries. The bloc aims to reduce their reliance on the US dollar and the euro for accelerated growth.

“We need to further develop financial cooperation within the BRICS countries. Here we see opportunities ... to develop a payments system that would be independent of the infrastructure, which does not always fully fulfill the goals of individual countries,” Siluanov stated.

“Therefore, the sustainable development of financial relations and settlements on the BRICS platform is important for us, and we believe that it is necessary to work out such issues, and today we will consider a number of them,” he added.

READ MORE: BRICS overtaking G7 in economic might – Bloomberg

Russia and its trade partners among developing nations, including fellow BRICS members, have started to switch to alternative currencies in mutual trade, after sanctions effectively cut Moscow off from the Western financial system. A growing number of nations are turning to national currency settlements in trade.

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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 ...

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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.

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Currency Wars Versus The Gold Standard

 

We Boggart Bloggers have reported that although the battle lines in NATO's proxy war in Ukraine are drawn along the border between Ukraine's Russian speaking eastern provinces and the western part of the country there is another battle being fought on the economic front as Russia, China and their allies manoeuvre to replace the US$ as global reserve currency. American trade policy in  banning of Chinese technology, notably of Huawei, the world leader in G5 mobile technology is n intended not just to suppress competition to American technology but also to discourage inward investment to China. And Russia's invasion of Ukraine (following extreme provocation by Ukraine with support from the NATO powers it must be said,) gave the US government an excuse to cut Russia out of global currency markets.

That action, along with other economic sanctions set in train a series of events and rebounded badly on the West, particularly EU member states as misguided 'green energy' policies imposed by Brussels had made the EU heavily dependent on imported gas from Russia for domestic fuel and electricity generation. In the short term the rouble soared in value when Putin responded to western energy sanctions by setting his own payment terms. But since then, the rouble has declined as the US Federal Reserve has massively increased America's national debt in order to prop up the struggling dollar.

But Russia and China have not been standing still, Putin appointed one of his advisers, Sergei Glazyev, to design a trade settlement currency, initially for the Eurasian Economic Union. Simultaneously China was making deals with oil exporters and importers to use the Yuan as the default currency for settling oil contracts, thus beginning an assault on the 'Petrodollar, which has been the standard currency in which oil was traded since the early 1970s. 

It is believed that the plan for a gold backed BRICS (Brazil, Russia,India, China, South Africa) international currency was extended at the recent BRICS summit last month. China’s yuan is a component in the IMF’s SDR, a hard-won privilege which might have been threatened if it backed gold as a trade settlement medium. India has a history of Keynesian monetary policies and is keen to develop trade links with the US and its allies, as demonstrated by its hosting of the G20 meeting last weekend and its prospective free trade agreement with the UK. These partners may fear that the consequences of implementing a gold standard might be destabilising for the global currency system before the BRICS alternative is ready to step up.

There is bound to be spreading dissent in NATO this winter as energy shortages begin to bite, in fact the process has already started in Germany where the domestic economy is in freefall without any help from the political incompetence of world leaders. The most recent salvo on the energy front in the war  coincides with the onset of winter in the northern hemisphere. Russia and Saudi Arabia , the two biggest oil exporters, have jointly been squeezing oil supplies, pushing crude prices above the G7’s price caps as a means of giving the finger to Joe Biden's handlers who had given strict orders that oil supplies were not to be cut. One area where supply line shortages will hurt the Europeans more immediately is heating oil, which is also regarded as the proxy for diesel prices having increased in dollars by nearly 50% in the last quarter alone.

The importance of diesel is that logistics in Europe and America are almost entirely dependent upon it. No diesel and no freight can be moved by rail or road, not to mention by sea. On top of earlier OPEC+ cuts of 2 million barrels per day, the latest cuts of 1.3 million barrels per day cuts in oil output by Russia and Saudi Arabia are bringing pressure to bear on the supply of distillates (of which diesel is one) and Russia also plans to cut its diesel exports by a quarter, partly due to refinery maintenance (allegedly) and partly to divert supplies to its domestic economy. While the EU’s gas reserves are relatively full at 90% of capacity, it is not nearly enough to see the EU through the winter. From December onwards, there will be a scramble for more supplies. And the end of the agreement on Black Sea grain exports will put further pressure on food prices as well.

Russians are aware that effect of American monetary policy,  whether intended or not, is undermining the true value of their oil, something they have been powerless to correct without binding the price of oil to gold. In spite of that it is a mistake to assume this bid to establish a gold standard is a result on the war. In our currency wars page Russia’s motivation to take control of energy values was behind its proposal for a new BRICS gold backed currency and that it was part of a two-step plan.

The first step was to send a signal to markets that the era of the fiat dollar was over, justifying the second step which was for Russia and China, followed by other nations in the BRICS camp to evolve their own currencies onto gold standards as a protective response to a declining dollar. But China was not going to take the offensive against the dollar, and the Keynesian Indians were not convinced.

Russia will take the BRICS presidency next year, so we can assume that the new BRICS currency has not gone away. Meanwhile, if Russia is to use the oil weapon against the West, then it must put the rouble onto a gold standard again as a matter of urgency (it was on a gold standard until Khrushchev devalued the rouble in 1961). If Russia prevaricates on this issue, then Putin’s legacy to be a latter-day Peter the Great will be destroyed by his own currency.

The possible consequences of a Russian gold standard

In the middle of a war, usually a government suspends its gold standard. This would suggest that Russia can only consider a gold standard after its special operation in Ukraine is over. But the modern equivalent of a gold standard, the currency board, has been successfully established in modern times in nations with far worse budget deficits than Russia. Russia was in the fortunate position of a budget deficit of only 2.3% of GDP last year, despite military spending. This year, military spending has soared, and at a guess the deficit will be about 5% of GDP this year, but government debt to GDP will still be about 20%.

Anything other than ball-park numbers for the Russian economy are difficult to come by, and the volatility of the rouble is a further analytical hazard. But some of these numbers are not substantially different from where Britain was economically in 1816, when a return to the gold standard was planned — the exception being her estimated debt to GDP number, which at nearly 200% was ten times that of Russia today. Therefore, there is no reason why Russia cannot put the rouble onto a gold standard immediately.

In doing so, the objective is simple: to ensure that the purchasing power of circulating credit retains its value in terms of goods and services with as little fluctuation as possible. It would allow savers to accumulate credit balances in their bank accounts, and for businessmen to calculate the profitability of their investments with greater certainty. With income tax currently at a flat 13% rate and corporation tax at 20%, in these conditions economic progress will advance surprisingly rapidly. And there is every reason to expect Russia would quickly become an economic counterweight to the sheer power of China, rather than living off the depletion of her natural resources. It is necessary not just for Russia to distance herself from the fate of the western fiat currency system, but also for President Putin’s legacy.

The method of ensuring monetary stability is equally simple: to bind credit denominated in roubles to gold, which both in law and naturally is the money of the people. It is the highest form of credit, there being no counterparty risk. It’s purchasing power in the general sense has held steady through millennia. Importantly, it removes the currency from political control and dollar influences. It allows for the creation and destruction of credit determined solely by the needs of the Russian people, both as businessmen and consumers.

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De - Dollarisation: China, Brazil Make Deal To Ditch US Dollar For Bilateral Trades
China and Brazil this week concluded a deal to conduct trade between their nations in their own in their own currencies, ditching the established reserve currency for global trade, US dollar as an intermediary, the Brazilian announced said on Wednesday. This is Beijing’s latest strike against the almighty greenback in its currency war aimed at shifting the balance of geopolitical and economic power from west to east.

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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 ...

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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.

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 ...

The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly
Significant moves in the global chess game have just rendered the huffing and puffing of warmonger Obama meaningless and will break Wall Street's monopoly in controlling oil markets. The move is part of Vladimir Putin's long-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, in effect ...

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
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What the BRICS plus Germany are really up to in the Currency Wars?
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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 ]

The New World Order Versus The BRICS World Order

 

Last week’s Brics summit was supposed to herald the dawn of a new world order. It would announce the end of the American era and the rise of another, this time belonging to developing nations. It would even, according to excitable analysts, be remembered as another Bandung Conference, the 1955 meeting that paved the way for a non-aligned movement during the Cold War.

And on that front, the gathering in Johannesburg succeeded. The organisation announced its first expansion since its founding in 2009: next year, the five original Brics members — Brazil, Russia, India, China and South Africa — will be joined by Saudi Arabia, the United Arab Emirates (UAE), Egypt, Iran, Ethiopia and Argentina (provided the current government wins the upcoming elections, which seems unlikely). Even more significantly, the summit underscored the bloc’s inclination to use its increasing economic clout to challenge the Western-dominated global order. The combination of these two elements — growing economic muscle and political boldness — means that the bloc (to be renamed Brics Plus) has become a full-blooded geopolitical actor that can longer be ignored.

However western soft power is still too strong for Brics or Brics plus or Brics Alpha to have much immediate effect. Only time will tell whether it has long term staying power.

As long as the global population consumes Hollywood and Westen media, wears Westen luxury brands and accessories, aspires to western luxury vehicles, reads western content, sends their children to western schools, colleges and universities, prefers western sons and daughters in law, maintains savings in dollars, euros and pounds in western banks in western countries, this new bloc will have a mountain to climb if it is to fulfill the ambition to undermine American hegemony and replace the US$ as the global reserve currency. There are signs though that steady progress is already being made towards achieving those goals.

On the other hand, the Achilles’ heel of the USA and its NATO and EU allies is the finances of western, debt dependent economies – and especially in the use of the dollar as a reserve currency. This is the area in which BRICS can pose the greatest threat: if the dollar fails America fails. And NATO / EUmember states will be dragged down with it.

For comparison, the downfall of the British Empire was as much about declining financial strength as anything else. Having built up an enormous pool of investments by 1914 in America, Argentina, India, etc etc it had to sell half to finance WW1 and the rest for WW2. By 1945 it was running on IOUs of which one form was the continued willingness of many countries to hold their reserves as Sterling at the Bank of England. The history of 1945 to 1975 was largely a matter of these IOUs coming due and the British trying to cut their colonies, overseas garrisons and other commitments to economise – and simultaneously becoming subservient to their largest creditor, America.

Today America appears to be where Britain was then. The only difference is that Washington has dissipated its foreign investments and sold its bonds to the highest bidder in order to finance a credit driven boom rather than two world wars. American indebtedness at all levels is truly astounding.

The Chinese have long been adept at exploiting weaknesses in the West’s financial and foreign policies and usually astute enough to avoid challenging western supremacy where it cannot win. On a military level, they developed relatively cheap long range missiles which have neutralised the US Pacific fleet. Now they are using the BRICS to hit America where it will hurt financially – by pushing the de dollarisation of official reserves and the oil futures market.

The Chinese are playing a more crafty game in this new Cold War than the Russians did in the old one – or Putin has recently. Maybe Go produces subtler strategists than Chess or Poker.

 

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