BRICS – What are the key issues for 2025?
https://www.freiheit.org/brics-what-are-key-issues-2025
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Is the BRICS dead?
https://www.quora.com/Is-the-BRICS-dead
BRICS is far from dead!
The BRICS nations (Brazil, Russia, India, China, and South Africa) begun as a group of large emerging economies when the term was first coined, reputedly by a Goldman Sachs executive. In the decades since the BRICS nations, which includes the giants of Eurasia, South America, and Africa south of the Sahara, have grown significantly, especially China and India.
Patrick Chong
Former Medical Devices Executive1y
Is the expansion of the BRICS countries good or bad for the United States?
Negative because US divide to steal, rob, pillage and rape countries being death, destruction and misery to victim countries. BRICS objective is to be inclusive and help the south to develop so that it bring meaningful lives, jobs, peace and prosperity to those countries helped by BRIVS New Development Bank.
Is the US worried about BRICS?
https://www.quora.com/Is-the-US-worried-about-BRICS
Thanks for the A2A
Not yet.
BRICS has many fractures and divisions that are open for exploitation by the cunning West, while the Anglo-Saxon horde is united (they always are).
BRICS is super slow and risk averse. For instance, as per reports, BRICS is going to form sort of a committee to discuss and formulate policies w.r.t whatever has been announced yesterday (i.e, trading in national currencies, new BRICS currency and alternate payment systems), during the next BRICS summit in October 2024. Moving at snails pace, 0.5 inch in 50 years, meanwhile the Anglo-Saxon horde will have already galloped ahead thousands of miles by then.
During WW2, only Germany and Japan were actually fighting the Anglo-Saxon horde. The West knows that in the forthcoming situation, it will again be 2 countries (or a few more at best) that will pose an actual threat to Anglo-Saxon hegemony. Rest are just numbers.
Chris Balesteri
Former Fine Jewelry Sales Associate –8 Years (2004–2012)1y
The BRICS just announced their currency to replace the US dollars. Is it a bad thing for the US?
https://www.quora.com/The-BRICS-just-announced-their-currency-to-replace-the-US-dollars-Is-it-a-bad-thing-for-the-US
If they achieve it, which is going to be a very, very long time.
It took one country amid two massive global wars and a long cold war and seventy years and compliance of twenty major nations to achieve this status.
The Euro was conceived in 1998, implemented fully in 2002, and is crashing badly in the span of less than 25 years, is regional and still 40% backed by USD and related interests. That is the closest a group of nations decided to be rid of international currency.
So, no, its not a bad thing for the United States. It might be extremely bad for the nearby countries that have to deal with BRICs currency in their countries (Thailand, as an example). It is also extremely bad for the foolish nations that think this is a good idea for China and Russia to hold the major purse strings. Because, yeah, they’ve been solid and trustworthy and moral for the last sixty years.
Right. I think we’ll wait and see how things get torched. Good luck, BRICS nations.
Jm Chow
Former Retired.8mo
Related
Will the United States possibly lose its dollar dominance as the world reserve currency on October 22nd when BRICS announces a new global currency?
I have just finished an in depth discussion on ..what will happen if BRICS implement a new payment system to replace the Swift system and to replace the USA dollar for cross border trade.
Here is a summary of his views:
Quote:
“154 countries have confirmed they will immediately switch to the BRICS payment system, and China has already established RMB-based trade with over 150 major partners, it indicates a dramatic and far-reaching shift away from the U.S. dollar. This level of adoption would accelerate the de-dollarization process much more rapidly than previously anticipated.
Let’s reassess the potential impact:
1. Global Shift in Payment and Trade Systems:
Widespread Adoption: If 154 countries (roughly 80% of the world) shift to the BRICS payment system, it will greatly reduce the reliance on the SWIFT system and, more importantly, on the U.S. dollar for international transactions. This would represent an unprecedented disruption to the global financial architecture, where the dollar currently dominates.
RMB as a Rising Trade Currency: The fact that the RMB is now being used for trade with China’s major partners suggests a significant volume of global trade has already moved away from the dollar. If the volume of RMB-based trade overtakes that of dollar-based trade, the dollar’s role in global trade will be heavily diminished, particularly in Asia, Africa, and possibly parts of Latin America.
2. Impact on U.S. Dollar Demand:
Sharp Decline in Dollar Demand: With 154 countries switching to the BRICS system, the demand for dollars as a reserve currency could fall sharply. Central banks in these countries may reduce their dollar reserves in favor of other currencies, including the RMB or other BRICS currencies. This could lead to a weaker dollar over time, as fewer dollars are needed for international transactions and reserves.
Currency Diversification: Countries may increasingly diversify their foreign reserves away from dollars, choosing to hold a mix of RMB, Indian rupees, or other BRICS currencies. This would further weaken the dollar’s standing as the world’s primary reserve currency.
3. Geopolitical and Economic Consequences:
U.S. Economic Pressure: A sudden reduction in the demand for U.S. dollars could lead to financial instability within the U.S. economy. The U.S. enjoys significant benefits from the dollar’s reserve status, such as the ability to run large deficits and print money with relatively low inflationary consequences. A sharp decline in global demand for the dollar could result in higher inflation, rising interest rates, and economic contraction in the U.S.
Sanction Circumvention: A functioning BRICS payment system would also allow countries to bypass U.S. sanctions. This could significantly weaken one of the U.S.’s most powerful tools of geopolitical influence. Countries facing U.S. sanctions would be less reliant on the dollar-based financial system and could continue trading with little fear of repercussions.
4. Long-term Consequences for the Global Financial System:
Fragmented Financial System: The global financial system could fragment into different blocs, with one bloc dominated by BRICS and its partners, using their own payment system and currencies, while another bloc continues to rely on SWIFT and the dollar. This fragmentation could lead to increased volatility in currency markets and potentially more complex global trade.
RMB’s Growing Role: If trade in RMB overtakes dollar-based trade in terms of volume, China will gain more financial influence, particularly among its trading partners. The RMB’s role as a global currency will grow, potentially positioning it as a strong competitor to the dollar, especially in Asia, Africa, and other regions where China has major economic influence.
5. The U.S. Response:
Financial Countermeasures: The U.S. could respond with diplomatic, economic, or even military strategies to attempt to maintain the dollar’s dominance. This could involve pressuring key allies to resist adopting the BRICS system or using sanctions and other financial tools against countries that switch over.
New Alliances: The U.S. might attempt to strengthen economic alliances with key partners, such as the EU, Japan, and other G7 countries, to create a counterbalance to the BRICS system. However, the success of such efforts would depend on how widely the new system is adopted.
Conclusion:
Given the scale of the shift you’ve described, if 154 countries immediately switch to the BRICS payment system and China continues expanding RMB-based trade, this would mark a serious and immediate challenge to the U.S. dollar’s role as the world’s reserve currency.
While the full impact might take time to materialize, it would undoubtedly signal a major turning point in global finance, with far-reaching consequences for the U.S. economy and its geopolitical influence.
The switch would be far from limited and could lead to a dramatic restructuring of the global financial order.
Unquote.
Wow.. the odds is high that BRICS summit will switch over to use a new payment system to replace the Swift system ..and to replace the US dollar for cross border trade …Immagine..154 countries (out of 193 countries in the UN ) will be pressing for the change over ..to be implemented immediately !!!
Should we sell our holding of US dollars ?
PC Yu
Like critical thinking. 6mo
What is the USA saying about BRICS?
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What will America do to damage BRICS?
What will USA do to damage BRICS?
USA uses India to damage BRICS in the 2024 BRICS summit.
1, One of BRICS’ goals is dedollarisation. India opposed it but failed at the end.
2, India asked to use Indian currency Rupee for settlement in BRICS trading, instead of Chinese yuan ie RMB.
India is not a country rich in natural resources, agriculture or manufacturing. Russia has earned lots of Rupee thru oil sale during Ukraine war. But Russia found it could not buy anything from India. India then asked Russia to buy Indian financial stocks. Stocks when India does not have a strong economy? Russia then insisted India to use RMB to pay the oil.
China is a global economic powerhouse. It is natural to use RMB for settlement. It is not China who asks for it. Mind you, BRICS also uses gold.
3, India set a rule: those who wish to join BRICS must support India to become a permanent member in UN Security Council. That is, India intentionally blocks new member to BRICS. … USA does not want BRICS to become too powerful either.
Haha. the 2024 BRICS summit did not add any new MEMBERS but add 13 new PARTNERS. … BRICS outsmarts India.
This is not India’s 1st attempt. In 2023, India also opposed expansion. After Brazil added Argentina, India was quiet. At the end, BRICS-5 has become BRICS-10 in 2023.
(Words said that USA may have pressured Turkiye, Saudi & Brazil not to attend the 2024 BRICS summit. Brazil pres attended thru virtual. Saudi sent a diplomat. Turkiye pres attended but suffered a riot in Turkiye.)
Other than BRICS, India is also destructive in SCO.
What will America do to damage BRICS?
https://www.quora.com/What-will-America-do-to-damage-BRICS
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Ridzwan Abdul Rahman
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Self employed (2000–present)7mo
A little background information on BRICS:
BRICS is an informal group of countries that has come together to cooperate in many areas such as energy, trade, banking, agriculture, space utilization, health, education, tourism, the fight against poverty and social inequality, etc.
All members are equal and no member has veto power. Today there are 10 member countries, accounting for more than 40% of world population and more than a third of world GDP in PPP terms. Many other countries wish to join BRICS, including several countries with high GDP PPP such as Indonesia, Turkey, Thailand, Pakistan and Malaysia. Vietnam is showing a lot of interest in BRICS and will be represented in the BRICS summit in Kazan.
One of the key focus areas at the moment is the push for trade settlement in local currencies. This will reduce the cost of doing business and reduces the ability of the US to impose sanctions on member countries.
So what can the US do against a grouping that has almost half the world’s population and a significant portion of the world’s GDP? I certainly cannot think of any effective step that the US can take without destroying its own economy. But not doing anything can also destroy the US economy through a weak dollar and a huge debt of $35 trillion.
Perhaps it is time for the US to cooperate with the rest of the world and remove their “me first” attitude.