Brics: The G-7 Economic Alliance’s Rival, Explained | WSJ
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- เผยแพร่เมื่อ 23 ก.ค. 2024
- The Brics economic alliance - formed by China, India, Russia, Brazil and South Africa - is considering an expansion, with more than 20 countries including Saudi Arabia and Iran having formally applied to join the bloc. Brics countries already make up more than 40% of the world’s population and almost a third of the world’s GDP.
WSJ’s Alexandra Wexler analyzes the membership frenzy and whether an enlargement can ultimately threaten the powerful G-7.
0:00 Brics vs. G-7
0:49 What’s at stake?
2:12 Why Brics wants to expand
3:11 Strongest candidates to join
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#BRICs #Economy #WSJ
It's interesting to learn more about the discussions and proposals around BRICS nations and their potential use of gold. There are several reasons why people may choose to buy gold, including its historical use as a store of value and means of exchange, its potential as a hedge against inflation or currency devaluation, and its relative scarcity compared to other commodities.
Additionally, gold can offer diversification benefits to investment portfolios, as it tends to have a low correlation with other asset classes like stocks and bonds. However, it's important to note that investing in gold carries risks and may not be suitable for evervone. and investors should carefully consider their investment objectives, risk tolerance, and financial situation before making any decisions
However, it is unclear how a new currency backed by gold would function in the current global financial system and whether it would gain widespread acceptance. Ultimately, any decision to create a new currency would be subject to numerous economic, political, and logistical considerations.
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BRICS seeks to create a new currency, considering gold's historical role as a store of value and medium of exchange. However, the functionality and acceptance of a gold-backed currency in the current global financial system are uncertain. Creating a new currency requires careful consideration of economic, political, and logistical factors.
The discussions and proposals surrounding BRICS nations' potential use of gold are intriguing. People choose to buy gold for various reasons, such as its historical role as a store of value and medium of exchange, its potential as a hedge against inflation or currency devaluation, and its relative scarcity compared to other commodities. Gold also offers diversification benefits to investment portfolios due to its low correlation with stocks and bonds. However, investing in gold carries risks and may not be suitable for everyone. Investors should carefully evaluate their objectives, risk tolerance, and financial situation before deciding.
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Brics are NOT trying to challenge or counter western dominance but be an alternative, as a Brazilian I can say we are concerned with our financial, trading, social and cultural interests rather than the so called West or G7's interests, we are not neutral, for or against the West...
Basically, Brazil wants to trade with human rights violators without worrying about sanctions.
Russia war crimes and Chinese putting Muslims in camps shouldn't get in the way of Brazil trade. I guess....
@@badluck5647if anyone was truly consern about that no one would trade with USA.
a@@badluck5647 and US did more terrible things than China and Russia combined hipocrisy? hahahaha US loves war around the world to gain more power and money, give me a break
@@gabrieldiasmelo perfect
@@gabrieldiasmelo Nailed it!
I hope they succeed because the IMF and World Bank are the WORST thing to happen to developing countries.
I think the Chinese debt traps are worse.
Putin is literally destroying or holding back food supplies to developing countries, and you guys want him in your alliance?
IMF and World Bank: actual debt trap diplomacy. "Western" people never seem to ask why developing countries are asking for loan after loan after loan after loan.
Only half literate people make this claim, world bank provides cheap loans but demands clarity and auditing of said projects. IMF is an emergency loan provider, don't go to them if you don't like them.
@Western_Decline "western decline". Well there's no burying the lead with you. You troll out in the open.
BRICS not only are huge Commodity countries, but they also have HUGE Populations. They will be able to produce their own products, trade amongst each other, and no longer rely on Western "consumers."
These are dictatorship countries cannot work together for long
This whole thing is a joke of a concept. The two major economies China and India have a robust hate for each other. Russia has a ruined economy for the next 30 years. Brazil and South Africa have zip to do with the other countries. This is a cruel joke that won't work. Brics was only invented by a Goldman Sachs economist as a way to rapidly refer to a group of countries.
Yes, imagine BRICS just 6 countries are 50% of the world's population 😳 China and India are 3 Billion...lol
And get rid of western sanctions.
G7, former colonial imperialist countries, or former fascist countries during WW2.
I would be more hesitant of my words if I were a large news organisation like the WSJ. I would state clearly that China and Russia wish for BRICS to be antithetical to the G7 and NATO. But India and Brazil mainly, wish for BRICS to be a foundation for economic growth rather than a cause of global political insecurity.
Brazil India South Africa need to be replaced by Venezuela, Iran, and Syria…and I throw in North Korea for fun!
I will give my vision as a Brazilian and I imagine that India is the same. The vast majority of the government and population, I guess 95%, do not trust the US and Europe at all, but accept it out of necessity. But the dream is not to depend anymore, so if there is any hope of going somewhere else, we will.
Bingo, further South Africa is recently siding more with the former.
same with g20 are usseles they focus on politic not economy, west country try so hard to push idea agenda politic in g20
the only cause of global political insecurity IS the collective "West" with its' imperialistic warmongering policies.
It's basically the growing Global South versus the Imperialist Core.
Non-Democracies vs Democracies
@@mbarrela 3 out of 5 BRICS nations are democracies. Try harder.
Precisely
While they have Russia as the imperialist/aggressor.
you mean the imperilaists of the 19th century vs the imperialists of the 21st? Or what would you call China and Russia?
Good luck to them. We definitely need more diverse options like this available.
Iran definitely.
[QUOTE]
BRICS will successfully expand (as it should); as it is essentially an alternative globalisation ecosystem, - and one that is not reliant on the "Western" [continent] (humanities shared, colonial foe) industries.
A predominant and powerful advantage in joining the non-western, "ecosystem of globalization"[BRICS] _(largely consisting of "developing" nations/"non-whites")_ is the obsolescence of 'sanctions'. Sanctions will no longer be an effective and viable tool to shackle, coerce, or parasite on non-western nations. The [narcissitic] West will not be able to readily exploit that political option as they eager have been able to... They will need to exercise their supposed intelligence in order to survive the slight inconvenience.
As the BRICS globalization-ecosystem [diligently] continues to grow and expand, geopolitical power will shift away from the West and towards the rest of the world instead...
Resultantly, the West will lose political power, influence, and relevance on a global scale. Like France, this will make the West increasingly desperate and eager to generate "excuses", - that will be primed to invent and facilitate spontaneous [foreign] disputes and terrorism overseas. This predictable, repetitive [Western] crime and act will be a covert attempt by colonisers to once again become relevant, and stand center-stage [geopolitically] globally. Their war-machine will grow hungry, as it is their "trump-card" and 'go-to'. This would inconvenience and endanger the rest of the world, one way or another _(e.g. [geo]politically, interrupt globalisation, trigger chaotic migration, threaten the friendship and ties between foreign nations [except for the West/former colonial powers, as usual; they stay bound together in peace, while the rest of the world remains at friction and at odds with each other]_ .
To that end, countermeasures will need to be set in place to counteract or stall the west's desperation, aggression, and the effectiveness of western 'media-propaganda' (it needs to be made obsolete).
/End.
Ex pats Future domicile mass emigration
@@ciaronsmith4995 Since the 1970's, now Iran made partnership, given them room to grow. Watch !!!
@@betweenyellowan_dred This is actually anti migration due to development of local economies.
This is what happens when you squeeze and squeeze others and use your currency as a weapon. An alternative to the dollar will provide some balance in the world.
Well I hate to break it to you, its not happening. The dollar isn't going anywhere. A month ago, India's foreign minister said "Theres no idea of a Brics currency. We are focused on bolstering our own currency". The boss of Brics bank last week said " Than Bank operates in Dollars for a specific reason. Dollars are where the most liquidity are" He also said "Theres no parallel universe to the dollar"
@@KCKnowsBest And my prediction is that it is not a matter of IF but WHEN, unless there are some course corrections.
A balanced world is a very violent world. The dollar keeps people who want to trade globally from easily funding war machines. That comes back without the dollar.
@@Bavafa1 But the course correcting cant be on the US end. If they stop prevent people from funding a war machine then global trade ends immediately
@@Bavafa1 I would say NEVER. US dollar cannot be replaced by any currency. No country is as economically stable. A war against Taiwan and Chinese Yaun goes down the drain. Any war that India has will result in similar currency devaluation. America just fought over 20 year long war and still is fighting proxy war in Ukraine and its currency is as strong as ever. US dollar is well tested currency and no country will ever come anywhere close to it.
The volatile India-China relationship might make it particularly challenging to achieve a clear vision of BRICS future.
still they have been in this group from last 20 years
India should be out and iran or indonesia should take their place.
they are losing
1. India is decreasing its imports from around the world and trying to be self-reliant.
2. Refined medicines are already being made here. So, no need of China here again.
3. We don't need China for tools for making infrastructure. Idk who is saying rubbish to you. Have you heard of make in India scheme?
4. We can heavily afford Japan, German and America if we need. We are not just 5th largest economy in paper. Even we are buying bullet trains from Japan. We are buying German tech for making submarines. Tesla is opening its manufacturing factory here.
5. We aren't jealous of China. China is doing good, and we appreciate that. If you don't know about our border tension, I don't think someone who does not stays in India is someone to say. Because you can't get correct information on the web every time.
6. Even companies like Apple, Tesla are starting to move away from China slowly because CCP is not giving them incentives. Yeah, sure many companies left India, but I just laugh how people really likes to downgrade India because few companies left lol. As if we don't have unicorn companies. You need to get out of what the West shows and portrays about India and actually need to go to the place and see it for yourself. Some people really are uneducated.@@freeworld88888
South Africa being a failed state? By how much your country's GDP is growing?@@ILoveMonorails96
LONG LIVE BRICS 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦
they are miles behind the west
Well said.
Long life to stable sane marketplace. A place to raise a family.
May be true but the west has no resources, they get it from us, how many of these countries people are in the "west" because of our skills but lack of opportunity or unfavorable living conditions, we can now all go home and build our home lands with our resources and thrive on that. Also the US isn't all moon shine and roses, we have strength in numbers and very costly resources that were taken from the "west" for next to nothing - if Brics does create their own currency for global trade, which is supposedly supposed to weaken the dollar in order to strengthen our economies, America might just end up living like we used to all along...
Also in the Christian Bible the First World Order has been prophesied - we can't deny our breakthrough 🎉❤
BRICS currency for trade must be main agenda
Not happening.
Will happen. Enough of one country dominance. This is not how the world should work. Who is even the U.S. to decide by itself?@@osvaldotobon3675
Mean china money. Never happened
Lol, no. All of these countries have capital markets controls.
The USD will be King 🤴 for another 50+ years according to Warren Buffet on Bloomberg News.
Indonesia (from Asia), Turkey (from Europe), Algeria (from Africa), Venezuela and/or Chile (S. America) are waiting in line to join BRICS in 2024. The momentum to grow is tremendous.
turkey moved to Europe? Is an immigrant country?
Turkey in Europe?
Europe is not just west Europe@@pauloferreira1319
40+ countries have applied to join BRICS + . They have just included 5 countries . They may include some more during next meeting in Russia. It’s a very detailed qualification process .
@@AsitdyaDsr nope. they only included 4, but saudi arabia and argentina are still waiting.
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why? america and europe's trade monopolies and sanctions
[QUOTE]
BRICS will successfully expand (as it should); as it is essentially an alternative globalisation ecosystem, - and one that is not reliant on the "Western" [continent] (humanities shared, colonial foe) industries.
A predominant and powerful advantage in joining the non-western, "ecosystem of globalization"[BRICS] _(largely consisting of "developing" nations/"non-whites")_ is the obsolescence of 'sanctions'. Sanctions will no longer be an effective and viable tool to shackle, coerce, or parasite on non-western nations. The [narcissitic] West will not be able to readily exploit that political option as they eager have been able to... They will need to exercise their supposed intelligence in order to survive the slight inconvenience.
As the BRICS globalization-ecosystem [diligently] continues to grow and expand, geopolitical power will shift away from the West and towards the rest of the world instead...
Resultantly, the West will lose political power, influence, and relevance on a global scale. Like France, this will make the West increasingly desperate and eager to generate "excuses", - that will be primed to invent and facilitate spontaneous [foreign] disputes and terrorism overseas. This predictable, repetitive [Western] crime and act will be a covert attempt by colonisers to once again become relevant, and stand center-stage [geopolitically] globally. Their war-machine will grow hungry, as it is their "trump-card" and 'go-to'. This would inconvenience and endanger the rest of the world, one way or another _(e.g. [geo]politically, interrupt globalisation, trigger chaotic migration, threaten the friendship and ties between foreign nations [except for the West/former colonial powers, as usual; they stay bound together in peace, while the rest of the world remains at friction and at odds with each other]_ .
To that end, countermeasures will need to be set in place to counteract or stall the west's desperation, aggression, and the effectiveness of western 'media-propaganda' (it needs to be made obsolete).
/End.
Jim O'Neill coinned this term. May be not the first time, but on a economist suggestion a block is formed. And finally we again following his advice and expanding it. It's a amazing group in which India and China, so is Saudi and Iran are together. I truly wish we progress together.
or sink together
lndia is dumping US dollar for Chinese Yuan in purchasing Russian oil. There's great amount of synergy within BRICS nations
@@__daddy__ That was just a temporary settlement. Otherwise, Indians aren't using Yuan/RMB for making payments. The case of Indian payments to Russia for oil imports in Yuan, is an exception and a temporary aka short term solution. BTW, India also used UAE's currency to pay Russians for oil imports. Russians have also accepted lots of Indian Rupees and have invested some of their earned Rupees in India.
BRICS + wants to develop an alternate finance system in addition to SWIFT so countries can select which system is better for themselves. Furthermore, I believe transaction fees will be much cheaper than SWIFT.
@@sih9696 there are already SWIFT alternatives that has been around for some time & still cannot challenge SWIFT. China already has the CIPS & russia the SPFS. Your RBI has developed the SFMS since 2001 that no one bothers. Many indians don’t even know about it. haha
The BRICKS dont want to be the next G7 or another G7 alternative they are just trying to improve their respective economies with cooperation which is different than declaring rules like the G7 does
But but but.. That's not what CNN says 😅
Yeah, those annoying human rights rules, who needs those, am I right
Source: trust me bro. When xi literally said it was a G7 alternative he was lying according to you.
You never know when we have money then policy can change
@@ccc3 G7 and human rights? Yeah totally. Let's forget the past and present actions of G7 nations but only dictate others about "human rights". Bravo
It cannot be denied that the economy has shifted from West to East. Countries in Southeast Asia that are members of ASEAN are predicted to be the European of the future. Indonesia is needed and invited to join BRICS as a representative for ASEAN countries, where the EV industry is developing very fast in Indonesia.
Possibly, but believe it or not, going from poor to middle income is the "easy" part. Going from middle income to highly developed like US or Europe is the hard part. There's a thing called "middle income trap" in economics where countries who developed thanks to cheap labor find their development because of their very success, their labor is now expensive, the factories move out and the country had failed to develop their own economic engines. Brazil, Argentina, South Africa, Russia, Mexico are notable examples of this.
Going beyond middle income sustainably (aka not a oil rich kingdom) has been achieved by Japan, South Korea, Singapore, Taiwan.
This is terrible for America. We need to stop them.
you can not even compare the state of life in india to europe mate, but try as hard as you want.
@@lvdv4645 China is superior to Europe. Look at how they live.
@@lvdv4645 Although there's poverty in India, millions of Indians live better lives than in EU
I am writing from Russia. Welcome to new allies, BRICS is the embodiment of the fact that Slavs and Arabs, Africans and Latin America, Chinese and Indians can become one, something that was once impossible due to cultural, historical and national contradictions. Could our ancestors have imagined it? In our country, since the times of the USSR, they have been teaching that there can be one race and nationality - a person. 2024, we will be one step closer to this imminent reality.
Fyi Chinese and Indians, arabs and Indians, Russians and Indians had been peacefully coexisting and trading for thousands of years until certain western nations decided to put it all upside down
👏👏
Become one … haha good luck with that.
Certainly Primacov had no problem to forsee that happens and that is the triadic relations between Russia, India and China in the greater BRICS formation and one day, outside that greater formation will be just the G7+/-. That is the G7+/- will be surrounded with no chance to escape.
Take it easy bro. This is just a financial group, nothing to do with cultures.
Go brics ❤
BRICS+6
Long Live BRICS I'm From Iran
Our Economy Will Rise Again 🏅🇮🇷
Never Give up your dreams, even if you will never reach them!
seja bem vindo. Acho que em breve vcs farão parte também
Should allow your women to choose what they want to wear
@@Hmonks
First We Need a Good Economy
Our GDP Must be 1/5 Trillion not 300 billions
Привет из России
They need to focus more on economic restructuring and strengthening their militaries.
No, they need to focus on getting rid of corruption in their own countries. Most of the wannabe BRICS nations are basket cases. No wonder they want to join. The IMF and World Bank are fed up with loaning them money and not getting paid back. China is a Ponzi country, made wealthy by the West. Now that the West is moving away from China to cheaper jurisdictions, and with the West raising interest rates to kill inflation, that is killing many nation’s economies as well. I can see the interest in a BRICS organization, but it’s not going to supplant the USD anytime soon.
BRICS is a good counterweight to Western hegemony. However as was said it should get a headstart in defining its values so as not to be roped into future conflicts between the West and China and Russia. Addition of countries like Saudi Arabia, Iran, Argentina, Indonesia, Egypt, Ethiopia, etc. will make it very attractive, especially the Development Bank and the dedollarization push.
Dude, you're the real scholar👍
That's the thing, replacing the US hedgemony with the Chinese isn't a smart idea. But using their rivalry take any benefits you can is fair game.
@@yomamasohot6411
Euro's global payments usage via the SWIFT system plummets, favoring the US dollar and Chinese yuan, with the Euro at a historic low of 24.4%.
G7, former colonial imperialist countries, or former fascist countries during WW2.
The middle-income trap in developing countries is caused by Wall Street in the United States. The United States sacrifices human rights and natural resources in developing countries, then creates economic crises and steals the fruits of labor from developing countries.
Solid content here.
Add of now six countries are accepted.
Argentina, Egypt, Saudi Arabia, iran, UAE and Ethiopia
Well, India & Brazil’s desire for “slow development “ of rules for new members certainly folded like a bad suit under the pressure of China….
Indonesia and Saudi could be good candidates indeed
many people in Indonesia like Europe and America, we love football European and European country, for old people Indonesia like Russia but they hate China😂
Makes sense for the Saudis and Indonesia to join, as it will still be BRIICSS
BRICS +
and Iran... BRIIICSS
Yeah!
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👎🏿
️
+1
55131
BRICS becoming ointment for nations wounded by WEST ❤
They all have conflicting interests and won't really accomplish much of anything.
They won’t be any different.
@@LambertBowden56brics living rent free in your head , they must be doing something right .
@@LambertBowden56Classic Western angle....😂😂😂.... The BRICS has been together for about 2 decades BTW.....😉😏😏
@@LambertBowden56of course they have, because they all lave voices and are free to speak. Compared to any western economic or military block where it's basically US and it's henchmen.
Nice analysis 😊
G7 - former colonisers club
Yes..so what?
These former colonisers are currently very advanced countries and they showed the way, to be advanced u have to colonise others. Exploiting ur own wont bring u far.
Canada was a coloniser ???
@@nukiolbartes6279they they are advanced that they create rainpow warriors who will destroy them soon😂
BRICS is the great hope for respect and peace on the planet.
China has uyghur concentration camps, struck Hong Kongers, and wants to take Taiwan, meanwhile Russia's literally killing Ukrainians. ReSpEcT and PeACe. sure...
You don't understand what BRICS is do you?
Peace and respect they surely have that. China and India have a territorial dispute, Russia invaded a country and they are currently losing that, China doesn't even have an ally in western Pacific because of aggression.
The difference between the West and Russia/China is that the West only defend human rights when it is conveniant for them, while ignoring or openly supporting its violation when they can profit from it. Russia and China don't waste their time being so hypocritical they just openly renounce or ignore human rights all together.
ironically large number of BRICS citizens immigrated to the West because of human rights and future, so its clear Russia and China and BRICS are hypocritical.
They are driven by economic opportunities not human rights. More than anything else people migrate from developing countries to the western seeking for better opportunities. Don't confuse the two
@@nkosinathingcobo6051 ain't developing world has more opportunities and potential than developed world? I think you are confused. And if humans rights and freedom are not important, what are you expressing your views in youtube? But of course, if you are from Africa, which has no human rights, immigration to China makes no difference.
what a demented comment
@@fourpawsaudiovisualproduct1557you didn't get the message. Western countries respect human rights of their own citizens. But they are ready to actively trample on other countries human rights when it suits their interests. Making them very attractive for immigration but not popular as international players.
It's about time.
The issue involving the positioning of Brazil and India has nothing to do with the candidates' form of government. BRICS has been attractive precisely because it does not seek to interfere in the local administration of countries as the United States and Europe do, respect for cultural diversity and the history of each people is one of the attractions in opposition to the Euro-American bloc that dictates how the form of government, laws, and religion in other countries. The historical process of each people must be respected, as well as their own beliefs and values, and it is the responsibility of the people and local governments to solve their problems, if applicable.
Yeah, BRICS definitely respects the lack of human rights. The weighted (by population) average human rights index of BRICS is 39/100. G7 stands at 93/100. You want to live in a world dominated by autocrats with limited human rights?
@@ccc3 não tem país que mais violou os direitos humanos e incentivou as guerras que os EUA.
if tthat so why alot of barisilain move out to US last few year domass\@@ailtonsribeiro
@@ccc3if I may ask...from which holy country are you.
What? How do the US and Europe dictate what religion should a country follow?
The declaration of human rights was signed by the BRICS.
G7 is just USA calling the shots, while BRICS nobody has the upper hand, this explains why G7 on the surface seems like a more cohesive block, while BRICS has controversies between members. In a true democracy there will be different opinions, in the Empire + vassals (USA and Co.) everything seems in unison.
非常赞赏你的看法。
In the BRICS+, China does have sort of an upper hand - plus, the strongest military.
This is what makes BRICS a special project, and such a refreshing breathe of fresh air to the world order. The world is sick and tired of US domination. For example, what gave the US the right to use its CAATSA to impose secondary sanctions on countries who traded with a country (e.g., Iran) the US decided for the rest of the world it can't trade with? The world is tired of the weaponisation of Western financial systems, technology, not to mention all the wars, proxy wars, coups, colour revolutions. A huge shakeup of the international order is long overdue. Putin is correct that the end of the USSR was a geopolitical disaster - it was a huge geopolitical disaster for most of the world while the West went 30 years unchallenged. BRICS has finally changed all that. There is no one dominating BRICS (certainly not China). No one is imposing anything on anyone. No one is demanding some other country has to practice a prescribed political system (liberal democracy) or economic system (capitalism), and if they dared do otherwise they get crushing sanctions. Instead, countries that are vastly different in values, religions, ethnicities have come together as equals to work for the common good. This is how international relations is supposed to work. It is long overdue that the Global South pulled its collective weight and end the era of US domination of world affairs.
That's what happens when you have the world's largest economy. You don't expect your broke friends to take everyone out to dinner.
BRICS is no democracy friend in any format
Indonesian politics tends to rely on the United States, not an independent country. Therefore, it is inevitable that the BRICS countries will lose this time. If Indonesia wants to join the BRICS countries, it must find a way to make itself more independent, rather than being influenced by the outside world.
Best wishes to BRICKS i will be mord happy if all East & Middle East countries come together to form strong group.
China India Russia and now Saudi Arabia ...wow ...now thats a super strong grouping...a shift towards currency backed by gold seems a big possibility now to challenge the dollar hegemony and realted American arm twisting ...
The US weaponized the dollar to oblivion...😂😂😂
LOL 😊 Your too late "fool"! President Joe Biden has separated India from Russia and China. Their will be no BRICS currency. India, China, and Russia will block it, in favor of their own currency.
I wish our countries border disputes could be resolved, Asia would be so powerful, i don't understand why the politicians don't hold serious talks to resolve it once and for all with written accords. Just like how European continent is.
If a new currency would depend on gold reserve, the demand on gold would rise, hence its price, I guess.
Indonesia gona be representatif ASEAN in brics
by bombs itself , OMA
@@zoho6992 Yes, US is bombing Indonesia for allowing China to build HSR.
Good luck, BRICS. You're going to need it.
It was in the 90's that a currency analyst in Goldman Sachs coined the term BRICS for him to comment on these countries' currency, interest rate and general economic conditions as a group. At that time, it seemed to make sense because these countries were in similar economic development stage, and the cold war just finished. Fast forward to today, it's no longer applicable as the countries' are vastly different in industrial, agricultural, commercial capacity, and their geo political ambitions. To speculate that there is a chance for a common currency is just lunacy or intellectual challenging. They may share a common dislike of US, and US dollar, but asking them to give up part of their sovereignty, decision making capability in order to form a currency bloc, that won't happen nor does it make sense for each country.
That is true what you have said, but as NDB develop, this BRICS+6 vehicle can help members to take part on putting up share of another bank who can issue it's own Corporate Common Currency, back by metal, energy.
US Dollar is back by "Trust". but US has use that trust as a weapon against other nations aka Sanction. There is a point when no one believe in the trust of the US value. It happen to Rome coin, British Stealer, it will happen again.
Definitely it'll be hard for them to form a common currency.
It will be primarily a trading partnership, like the European Economic Community of old, and I suspect that their talk about a common currency will initially be limited to a basket currency will be limited initially to a trading currency unit, much like the ecu of old.
Even they trade partially using their local currency.. Its a huge blow to USD, based on which US & European Riches wealth were built
It is easy to make common currency blud wake up!
Every empire falls eventually. I just want to see how everything plays out.
This is going to play out as it always does. A massive War as one world order challenges another.
For some reasons, the said Indonesia has not officially applied to join the alliance yet, or perhaps ..... never.
G7 was more West centric and not had India or China even though both of them are largest exonomies !!
BRICS provides a good balance of power and benefits those who were historically left out !!
The G7 was formed in 1975!!!! Those were the 7 largest economies in the world at the time.
This is why the G20 was formed, in order to reflect the wider world. It's not some big Western conspiracy, it's just that those 7 were the 7 largest economies at the time of formation.
China and India are all interested in developing their economy have more say in global governance. There are some issues in border security but these two arenot enemies.
Great news
Market - growing, flexible, safe, likely fair, diverse, inclusive, equalized
G7 is past, G20 is present and BRICS is future
These steps of BRICS countries are commendable, but any money transfer will work in exchange of dollar, but China Yuan should not become a global currency, it will prove fatal for the world and neighboring countries.
how so?
In 1972, Bruce Lee made a movie called "The Way of The Dragon", the very last commentary at the end of the movie, after uprooting the Italian mafia in the final showdown at the Collesium, was: 「 In this world of guns and knives, Tang Long (Bruce Lee) will continue go his own way！ 」
Which full scale envesion
@1:00 BRICS isn't really an "alliance". They won't come to each other's aid militarily for example. It's more of loose a trade bloc.
Its economic blocks they not military alliance but nobody really want to go war now because you gain nothing out from its. US, Japan so called western powers won't dare to attack China like did in the 19th century.
[QUOTE]
BRICS will successfully expand (as it should); as it is essentially an alternative globalisation ecosystem, - and one that is not reliant on the "Western" [continent] (humanities shared, colonial foe) industries.
A predominant and powerful advantage in joining the non-western, "ecosystem of globalization"[BRICS] _(largely consisting of "developing" nations/"non-whites")_ is the obsolescence of 'sanctions'. Sanctions will no longer be an effective and viable tool to shackle, coerce, or parasite on non-western nations. The [narcissitic] West will not be able to readily exploit that political option as they eager have been able to... They will need to exercise their supposed intelligence in order to survive the slight inconvenience.
As the BRICS globalization-ecosystem [diligently] continues to grow and expand, geopolitical power will shift away from the West and towards the rest of the world instead...
Resultantly, the West will lose political power, influence, and relevance on a global scale. Like France, this will make the West increasingly desperate and eager to generate "excuses", - that will be primed to invent and facilitate spontaneous [foreign] disputes and terrorism overseas. This predictable, repetitive [Western] crime and act will be a covert attempt by colonisers to once again become relevant, and stand center-stage [geopolitically] globally. Their war-machine will grow hungry, as it is their "trump-card" and 'go-to'. This would inconvenience and endanger the rest of the world, one way or another _(e.g. [geo]politically, interrupt globalisation, trigger chaotic migration, threaten the friendship and ties between foreign nations [except for the West/former colonial powers, as usual; they stay bound together in peace, while the rest of the world remains at friction and at odds with each other]_ .
To that end, countermeasures will need to be set in place to counteract or stall the west's desperation, aggression, and the effectiveness of western 'media-propaganda' (it needs to be made obsolete).
/End.
@@Human_01I don’t think you understand how sanctions work
@@DT-tp6vm Please explain it to me then. Start with how China and India are in an "Alliance" with each other.
apparently the shanghai cooperation pact doesn’t exist to this guy lol
I hope they succeed.
Personally, I feel tired of the current status quo.
It gas robbed us of a lot.
Like BRICS really has the interest of the common man in mind? None of these groups care about individual human beings.
Then move there, traitor 😂
Sir where is my praize for bricks is biggest cause of emmision factor globally.
the exclusive international community 1.3 billion people and the rest the excluded community
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.
The stock market rally run is gone, but I'm not
sure if equities will swiftly recover, keep falling, or fluctuate in a narrow range for a few weeks, or if things will quickly get worse. I'm under pressure to increase my $300k reserve.
@@nicolasadrien5100the market is profiting if you are using a good broker or account manager to help out with trades or provide signals
Her strategy trade EUR/USD is quite impressive and her currency pairs are 100% beneficial. With her help I've been able to leave my 9-5
Her success story is everywhere. I keep on hearing expert Mrs Kimberly's name being mentioned here and other platforms, Does she really worth the credits and reviews?
can we please talk about the political and economic state of the world right now
What has g7 done recently for the world?
Not a moment to late! If this goes through, hopefully it will balance the world economy!
MORE important, it will give the developing World a better chance to do better for their people.
There should always counter powers to shape and change economy not lead to monopoly governed by one single currency or body , 2050 will be interesting
I do not see aesthetic in the G7 photography. I do see aesthetic in the BRICS+ photography.
Great content !!! Very engaging right from the beginning These are tough times and frankly I appreciate how you discuss global finances in such a delicate way.
Business and investment are the best way to make money even under the nose off
Stocks are falling and bond yields are rising, but markets still don't seem convinced the Federal Reserve will pursue plans to keep increasing interest rates until inflation is under control. I'm still at a crossroads deciding if to liquidate my $150,000 stock portfolio, what's the best way to take advantage of this bear market?
Don't be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you're investing in great companies. kudos to Cioffibrown Alison
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That’s great, are you giving him your monev or it stays in your portfolio?
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Because the US constantly bashes other countries with economic methods.
How so?
@@chechnyasanctions reserved currency abuse .
We don’t care we are a independent country at this point. Americans realized we don’t need anyone’s help and that we can beat any country that comes at us at this point
US bashes nobody with economic methods, except a few vicious dicatatorships that are the threat to the global order.
@@MikeT-in1eg yea and now you are going down, cry
BRICS will help many countries to develop compared to G7 a group promoting Colonialism, Globalism, Wars makers, Enslaving and keep nations in a poor state role, Punishing, Sanctioning, Staving nations not obeying within their G7 rules to lead and rule the world. G7 did not help any country to come out of poverty, but BRICS already working hard to do so by helping African countries.
It was serious until they decided to accept Ethiopia into BRICS.
CHANGE IS THE ONLY CONSTANT IN LIFE. WE AMERICANS NEED TO ADAPT TO A MULTIPOLAR WORLD WE NEED TO BE READY FOR THE DAY DAY WHEN WE ARE NOT NUMBER 1 ANY MORE. THE BRICS DO NEED A NEW CURRENCY, ALL THEY NEED TO DO IS BILATERAL TRADE AGREEMENTS BYPASSING THE DOLLAR. INDIAN AND THE UAE ARE NOW TRADING IN LOCAL CURRENCIES. INDIA BOUGHT OIL FROM THE UAE WITHOUT THE DOLLAR. THE WORLD IS CHANGING AND WE AMERICANS NEED TO ACCEPT AND ADAPT.
If you understood anything you would know this has been orchestrated by the west. The west has been pulling out from the world stage slowly for awhile now purposely.
Diverse people unite, we don't have to agree with all global issues. As long as we agree on what matters most
As long as we agree that making a partnership with russia while they are terrorists makes other countries look like they approve their actions
@@rxvnn13 Yeah, USA allies agree with their terrorism abroad, what's new?
@@alessandrozetticciwhat terrorism?’
Surreal, this WSJ report❗❗❗
why is that ? explain thank you
Times up for BRICS+ to change for good for humanity and world peace!
It just sounds like the U.S. is scared of losing its grip over third-world countries. Those countries deserve to chart their own course.
Lamo 😂 there is Pakistan name in 2075 world's top economy
😂😂😂
😂 not laughing at Pakistanis
but pakistan is broke
This video misses the point. Framing BRICS as a "challenge" and "counter" to G7 is a red herring. BRICS purpose is not to challenge, it simply wants to develop and provide for it's people, it needs capital investments without predatory conditions. G7 represents only 12% of world population - it's a rich man's club.
Im actually looking foward to the future. i feel the powerhouses of today will be the the lesser favorable ones of tomorrow and the least favorable of today will be holding the house cards of tomorrow
As an Indian I want BRICS to focus on the economy, India already has quad for military need
Edit:India has a territorial dispute with China, remember that before replying to this comment
India is not in the Quad Military group too. India hasn't joined any military bloc.
The quad isn’t a military alliance, nor any form of agreement for that matter
Have you read what QUAD is ? Try this: The enemy of my enemy is my friend
If not helpful, here is a US citizen & leader: Henry Kissinger Quote:
“To be an enemy of America can be dangerous, but to be a friend is fatal.”
I am sure, there is other old saying from India that mention India direction...
@@manishkaushik4595 Correction, India is in the QUAD with USA as their master and Australia, India, Japan as its Lapdog. Look what USA has done, Nuclear Military missiles in Japan, Nuclear Sub in Australia, soon USA will demand order be made to India. Note: both Japan & Australia was once anti-nuclear weapon Nations, before US
@@chriswong9158 China already dominated brics, China is worse
The idea of currency based on a scarce resource such as gold or energy and global acceptance sounds really good. China already has digital credit score and the world seems to want WEF, NWO etc. This could be really good or really bad.
Mythology: "China already has digital credit score"....
The western world seems to want WEF NWO etc.: Why human microchipping is so popular in Sweden - ITV, June 2019.
Your Credit Score Should Be Based on Your Web History, IMF Says, December 2020, Gizmodo.
Legal trouble for Amazon Go and others?, RetailDetail EU, February 2019 (discriminate against poorer consumers who do not have access to credit cards or bank accounts)
China says rejecting physical cash is illegal amid e-payments popularity December 2018, Reuters.
More really GOOD... for it offer chance those Nations to trade in own currency and by past SWIFT as well US Sanction on the US $$$. The nail that make BRICS a good option is Russia last straw, Sanctioning US $$$ held by Russian
Honestly, I don't think that any currency backed by gold could function for long - this would hinder accountingwise development.
Backed by a basket of goods' values (rare earths, gold, etc) would make more sense.
USA is a dumpster fire anyway why not
@@apostolosvranas4499It wouldn't in the long run when you run out of those resources. There isn't not enough gold for example available, at current prices, to cover the increasing demand for goods and services around the globe, the countries’ national debt, and all the paper and electronic currencies circulated in the world. You will just run into the same problem with other resources, then what?
How does Bricks help member countries
Better trade deals , investments and options other then the IMF or America. It's about having more options.
Great!! All nice people in same club
India is currently opposed to more members joining BRICS FYI, until a peaceful solution for the border dispute can be reached with PRC.
That is misinformation. India has categorically denied opposing new members joining BRICS
please update yourself no such request from india
@@AdityaJape india wants to leave brics as china is on decline and russia is failed. No brics currency coming google it.
Reuters spread fake news, India did not make such a claim.
@@AdityaJapeexactly. Border dispute is internal matterbeqywwen India and China. Cannot prevent expansion of Brics
Traditional African dancers in Johannesburg gave Lavrov a welcome he won't soon forget.
super !!!!!
For peace and justice to prevail in this world, there must be a balance of power
how does pakistan get to #5 in 2075? thought they are bankrupt
pakistan army works for Usa. Pakistan has no future
They are just guessing. Economists cannot predict what is going to happen next year let' s imagine in 2075 lol. Brics empty shell
Don't worry, Not gonna happen.😂
2075!!! any one can become #5.
@@WhatAmI-JBno offense but Pakistan is not just anyone
Sure Bangladesh developed but Pakistan with its milutary and islamist elite just can't
I'm not sure Indonesia will join BRICS because Indonesia is very close to the USA and Japan unless BRICS only focuses on economic development programs
Just waiting for Finland, Ukraine, Cambodia and Korea to form an alliance..
After adding Uruguay, Argentina, Libya and Lebanon it will be member only club.
Then Yemen, Oman and Ukraine
If Indonesia , Saudi Arabia , Iran , Egypt , Nigeria , Argentina Joined BRICS as New Member...
and BRICS make New Currency...
Dollar will Collaps...
Quick maths
Officially six countries are part of the expansion.
Argentina
Egypt
Saudi Arabia
Iran
UAE
Ethiopia
They don't need to make another currency all they need to do is trade in their own currency and by pass the USD.
Simple
What kind of technology value or value they bring to the world 😂
Actually formed by Brazil,Russia,India and China.
South Africa joined later.
It doesn't matter we inside brics oksalayo
0:39 Holy vocal fry, Batman!
Places join BRICS because of Amplifyerica has become traditional enough to get in the way of modernization. Now traditional means patent and media based progress.
You say silly things while using American inventions
@@JaysLife78 Dude America didn't even know about steel until around the 16th century
1:50 "China is expected to overtake U.S. economy by 2050" I've heard that it will happen by 2020 in 2010, by 2030 in 2020 and now by 2050 in 2023. Please do an update on the Chinese economic situation
Remember when Japan was gonna overtake the US economy in the 90s? Then it had the house market bubble and demographic collapse. It's the same with China but way worse.
But the CCP is very astute they already solved the unemployed problem in young adults: they stopped reporting it, so, we'll see what goes on. History is marvelously unpredictable.
And China already surpassed US in ppp. Whats your point?
And I've heard that china would go under by 2000, 2005, 2010 by key scholars and publications from the west... but I don't hear that very much anymore. they now study the case of its rise.
China is already larger economy than usa. if you understand term GDP meaning then u know ppp is right approach
It already happened Americans are blind in their own shopping hauls to realize what the rest of the world is doing besides a little news.
While in this topic let’s be realistic, the G7 is basically the USA and its 6 obedient lackies. That’s how the world order was set up after WWII.
Hope they suceed!
Heard they were thinking of switching Brazil with Pakistan, adding South Africa and calling it the CRIPS.
“Autocratic G7”. Which one of these countries has bombed small villages and ravaged nations?
All of them? Ok, sure, WW2 aside the US and France still come to mind but pretty much all of them are still involved direct or indirectly in wars.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
That’s crazy, I’m just doing everything wrong with my portfolio.
The US-Stock Mrkt had been on it’s longest bull-run in history, so the mass hysteria and panic is relatable considering we’re not accustomed to such troubled mrkts, but there are avenues lurking around if you know where to look. My wife and I are retiring this year with over $7,000,000 in tax deferred investments. up until 3 years ago we were 100% in the S&P. During bear markets we had a perfect plan. We got an investment manager in our corner and didn’t look at our portfolio for nearly a year.
Same here, 75% of my portfolio is in the red and I really don’t know how long I can stomach the losses. I’m beginning to reach a breaking point.
Patience patience patience. It's a cycle.... a sucky point in the cycle, but a cycle nonetheless...
Hello, I am new when it comes to investing and i would really appreciate if I could get some tips about where it is worth to invest in (ETFs, Stocks, Growth stocks, Dividend stock etc.)
why did not mention iran&tyrky but etioupia
Cause turkey is a NATO