Well it's time for the BRICS- New World Order to come up with a default reserve currency or simply go back to gold as the reserve. It will be too chaotic for each country to trade in their respective currencies with the daily change in exchange rates.
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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 everyone. 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 wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. 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 subiect to numerous economic, political, and logistical considerations.
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.
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I still wonder why the western narrative is all about the BRICS as a challenge to the US dominance. The BRICS countries also want to develop using their own model and characteristics, and withiout bullying by the USA(sanctions, regime changes, etc, etc).
@@ruvilakazi4237 it was brics. But since the south Africa lady said they would arrest Putin if he join the bric legend of doom. So I guess it would be bics like the lighter you use hey in America
bullying ??? Tell that to the graves of mothers and children who died in ukraine ,i hope your family never knows such sorrow, the world is not a good place and needs someone to keep the order or there is chaos, if not chaos then china ,russia would fillmthe void and those countries have no respect for human rights
It would be interesting, but Putin should also stop his war on Ukraine, it's more he is looking for an alternative way to make money and continue his war.
Because The Great USA, The Great Britain, La Grande Francaise and the 3rd Re1ch are our masters. Those countries are the creators and supporters of the world wars they have abundance of propagandas and experience in killings so you better serve!
Because you depend on the G7 heavily for everything from the planes you fly to the cars you drive to the ships you sail. Please remember you cannot have a smart phone even the internet with BRICS. They don't have the technology to make it themselves you must rely on the G7 for all of that .
A lot your technology and engineering for water, and water treatment plants are all G7 technologies. A lot of your big and advance mining equipment is from the G7. A lot your oil rigs off the coast in the sea is all come from America or Europe. Most vaccines and medical equipment all come from the G7.
Why I keep hearing news medias especially those from Anglo Saxon continue to describe moves by some countries trying to go their own way to do business or to cooperate among each other is termed as "Challenge".
The journalists refers to the brics statements and their brics own words about challenge are just repeated! Actually its not a big story in western medias at all. Most just see it as the same Dictators trying to fool their own people and give them fake hope so they dont riot about living in failed states with no freedom and no chance of improving their own lives...
Russia India and China are forming a new axis of evil, Brazil and SA are getting caught up in this mess. Plus China and India are implacable enemies so no, things aren't likely to end well for BRICS
Yes, something "The West" spent the last few hundred years trying to bring too the world. And you can clearly see all the thanks they get. The very idea of BRICS is born out of western innovations in trade and economics. Before the evil west brought the concepts of economics and trade to the world these countries were busy eating others citizens.😅
@@sunnyyande378 it will give Africa more wiggle room to go after their self interests. They can use their minerals to back their currencies and they can trade more with themselves and other nations around the world. So many trade offs.
@@faa9261, but they can do that with the current framework if they want to with AfCFTA. I don't see how BRICS is going to do this. It is true that Africa needs to look inward, but the current crop of leaders we have cannot do it. Let's be honest with ourself.
We Africans now have a worse problem my brother, our resources are now being stripped by a worse, cruel force, China. At least the west paid fair price and invested for us to employ local people. The Chinese don't pay fair prices, they bribe our politicians and smuggle our raw materials which does not our countries. They bring in their own labour from China, they don't employ local people. In short, the slavery we experienced in the 18th century, it's back now in the form of the Chinese. And we are applauding just because we want to spite the west whilst still gaining nothing. All the infrastructure the Chinese are building for us, they demanding our governments sign over mineral rights as collateral to these loans they are funding the infrastructure development. Our corrupt governments are mortgaging our children's future. Why do we as Africans need other countries (the west and the east) to come to us to validate our existence. Everyone wants our resources. The Chinese are worse slave drivers. There is nothing to be gained from joining these people.
@chilesauce7248 India won't succeed without Africa, just like other countries. So what are you talking about? Everything that the world needs including India is in Africa.
You mean 14 year old option! I salute anything that can bring prosperity and peace to africa and the world... But this will not remove corrupt dictators or much more peace. But lets hope for some changes
@@jacobjorgensen992214 yrs options is way better than 500 years of slavery, oppression, sanctions, destabilization, wars, puppet leaders and everything evil & demonic etc 💅🏽
@@jacobjorgensen9922 usa neither, dear. Actually, peacefull is something that we from the "thierd world"cannot associate with americans, if we anylise our experiences during all theses decades. Bye
Competition is competition and the game is the game. The BRICS will not win this game by talking loud and being mad. They have to produce results. After 14 years the BRICS have produced nothing of any real value. If the leaders of the BRICS want to compete then they should compete and stop making dull speeches. If they are as good as they say they are then the West and America shouldn't stand a chance of competing against BRICS. Knuckle up buttercup because you won't get this crown for free.
Under No Circumstances Should Any Former Colonial Countries be Allowed to Join BRICS, This Goes for Most European Countries, Especially Germany ,Brittan, Belgium, Dutch Speaking Countries, Portugal Spain ,and Especially the United States
A new BRICS currency is a future of world economy. Sanctions by US wouldn’t work any BRICS nation. Work unitedly and rule the world economy. Best wishes for BRICS
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@@jacobjorgensen9922 don't feel anything not my problem Ukraine could handle this problem through diplomacy after many warnings from Russia they neglected the warnings become pro west which is threat to Russia just like America donot want Cuba to be pro ussr in the past.
@@mohammadismailalam3245 exactly you support a Russian invasion and want Ukraine to just give up lol pathetic.. you see countries that ally with the west get help.. countries like Iraq Syria and Libya are stupid and get bombed instead for being stupid
@@mohammadismailalam3245Don't care about third world problems. They're self-inflicted and never end. Always blaming the First World and never running to BRICS countries as refugees.
Kenya, Ghana, Venezuela, libya, marroco, Pakistan, South and north Korea, veitnam, and Japan, Iraq, Afghanistan, tajikistan, azerbaijan, Uzbekistan, khazikstan, Syria.
I have observed my local currency depreciates usually after new elections . The new government often attributes this to previous Government as if they take with them all the records .Now i have realised that the almighty dollar is the cause . A new trading currency would be much welcome to bring some stability to the economy. In a nut shell, my observation is that the US dollar is manipulating other currencies. and not in good faith.
@@benshephard5573 for example: according to open data, china's manufacturer base is bigger than US, EU and japan combined; china's contribution to global economy growth is more than G7 combined, etc. all for many years now. regard to real economy, not only the US, the collective west lost their dominance already to china long ago. the dominance they have left now, are on currency, main stream media, and over sea military bases. basically they can't build, but they can lie and destroy.
Should strategise the “Made in BRICS” concept and brand this with rich market share driver.. the profit proceedings should be on minimum % share basis at end of year.. can this ?
Because the shares will have a minimum distribution plan, the work-load will be distributed that should serve the entire BRICS countries and more nations..
African are very hard working people Latinos are they worst man please European countries do not allow Dominican Venezuelan Cuban Haitian Peruvian Ecuador to your country especially Dominican Mexicans yes they work hard
Vivendo para ver os colonizados, os desprezados, os barrados nas fronteiras, mostrando seu poder diante dos imperialistas. Juntos somos mais fortes 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦
Many mis-characterization in the opening remarks. BRICK represents the fast growing economy than G7 which is declining, Expansion of the BRICS is due to many countries wanting to join not because it wants to increase the influence. The dedollarization is fueled by the US abuses its currency’s hegemony of sanction and endless money printing, not Russia.
Anything that is breaking the Anglo Saxon hegemony is a threat to it. Asking the obvious, is somewhat irritating, if not intellectually dishonest of historical facts.
He missed out on question which should be how India n China ll get along with eachother especially when 10000 troops standing on LAC face to face ! ☝️🤩✌
The dispute between India and China is more of a theatre. It's an leverage both sides use to counter each other. In reality it's such a minor issue that even if one side, China or India, loses the disputed territory completely, it will not impact the country's international standing at all.
India and China are matured nations with highly educated diplomats. They will solve it diplomatically like always. Both countries know their economy will take a hit if anyone escalates the border situation.. decades of economic growth will go down the drain.. both are aware of the risks and in order to avoid incidents, they also don't carry loaded weapons with their soldiers.. recently China's defence general visited India for talks and said the situation at the border is “generally stable” and both sides should put the boundary issue in an “appropriate position” and promote its transition to “normalised management”... In short, both countries know they should work together.. Historically, they had excellent relationship that benefited both parties when they work together...
Very interesting program Mohammed, and Shirley Yu proved to be the most articulated of your guests of the panel in this occasion. Now, there was a misunderstanding at the start assuming that BRICS intends to create a common currency such as the "Eurolemon", but I think he panel was very clear on the fact that every nation member will maintain their OWN currency and perhaps a PSEUDO CURRENCY will be created working as a virtual "CLEARING HOUSE" to encourage, facilitate and reduce the cost or financial transactions between the members. This also (in my view) will work around some of the "boobie traps" installed by USA et al to control and manipulate financial markets such as SWIFT and many others.
It is my hope the USA pulls the dollar as the global reserve currency. I also hope the IMF/WB are closed down. It would be beneficial if the US Navy stopped patrolling trade routes on the high seas.
The IMF offers loans at a lower rate than China. China also builds infrastructure in Africa and Asia by using Chinese workforce with minimal local workforce. In some cases even bring their own chefs
G7 has already lost. This grouping of the biggest debtor nations are bankrupt as the multipolar alliances, a grouping of richest creditor nations are turning to currency swap to fuel their economy. Dedollarizing all G7 currency is a unstoppable trend.
Instead of creating common currency, they need to trade in mutual countries’ currencies for any trade. For example Russia buys from India, they should pay in rupee and if india buys from Russia, the payment should be made in Rubble rather than US Dollar. That is the only way to pull off reducing dominance and weaponization of dollar. BRICS countries should not do any transactions in dollar, euro or British pound when trading with each other.
BRICS WILL DO SOMETHING TO REMOVE DEPENDENCE ON US DOLLAR. N BRITISH POUND. THE EXPANDED BRICS WILL HAVE A MUCH BIGGER GROSS NATIONAL PRODUCT THAN G7. SO THIS MAKES THE G7 LESS RELEVANT ON WORLD ECONOMY.
It's about time someone put an end to imperial america dominance. Soon everyone will used BRICS currency which is back by gold, oil, minerals etc. Us dollars is back by printing machines.
This stuff cracks me up. With recent talk that China, India and Russia are settling purchases of oil in non-dollar denominations has generated speculation that the dollar’s days as the world’s reserve currency are ending. The recent discussion around the end of the dollar’s dominance is bereft of any linkage to the reality of international finance. This is nothing new. There were similar discussion during the financial crisis 15 years ago and, more recently, during the cryptocurrency bubble. Now, most measures of dollar valuation suggest continued dollar strength. The dollar accounted for roughly 60% of global currency reserves at the end of last year, which is down from its recent peak of just above 70% in the first part of this century but well above the 50% of 30 years ago. We find the recent discussion around the end of the dollar dominance bereft of any linkage to the reality of international finance and understanding of the dollar’s role as the anchor of the rules-based order that governs global economics. Economies like China that run surpluses need dollar-based demand from the United States to make up for their own weak consumption and high savings rates. Rather, the recent conversation is stoked by global grievances about the relative disparity of economic power and the dead end in which some economies find themselves. While these economies may desire an end to the dollar’s dominance, they are experiencing major setbacks on their own. Calling for an end to dollar preeminence is premature at best. The global financial system rests upon the stability of the dollar and the large trade deficit the U.S. runs. In essence, the United States exports dollar stability for goods and services at a cheaper price and enhances the welfare of its citizens. In return, the major trading economies get to hold a currency that is sounder than they possess-think of the Chinese yuan, which relies upon the depth of global liquidity markets based on the dollar to maintain that country’s currency regime. That reliance, in turn, reinforces the dollar’s hegemony. In short, the economies that run surpluses need that dollar-based demand from the United States to make up for their own weak consumption and high savings rates. China is a case in point. For China, which accounts for 2.7% of global reserves, to become a true reserve currency, it would have to liberalize the yuan. Such a loosening would result in a decline in the ability of the regulatory authority to control credit, relinquishing any control of its capital account and current account. China would have to be willing to alter its economic framework so that its economy plays the same role as that of the United States. Given China’s current political arrangements, that will not happen. And the dollar will remain dominant. Moreover, the soft power of the United States is too often discounted. The rule of law, foreign direct investment-with the notable exception of China and Russia-as well as the dollar’s support of the rules-based order all reinforce U.S. economic and financial power. The vast majority of international trades, almost 90%, are invoiced in U.S. dollars or euros, according to a recent analysis by the Federal Reserve Bank of New York. As of the end of last year, the U.S. dollar accounted for 60% of total allocated currency reserves held by central banks. That corresponds to the 80% of total foreign exchange reserves allocated to the dollar and euro held by central banks at the end of last year. The dollar accounted for 60% and the euro 20%. China, Russia, India and Saudi Arabia are not in any economic shape to support such a change in the rules-based order. Despite the global economic growth over the past three decades, the current order is simply not going to change at the scale necessary to supplant the American dollar and the global order that rests upon its foundation. There are only three other economies that have some the qualities needed to support a reserve currency: the euro area, Japan and the United Kingdom. But none of those have financial markets with the depth and liquidity to form the backbone of international finance and trade. In the early 2000s, the percentage of dollar and euro reserves was as high as 90%, with the gradual decline since then most likely because of increased trade among smaller economies and, more important, their reduced reliance on the foreign issuance of debt. The IMF also notes that as stockpiles of foreign currency reserves grow, the case for portfolio diversification has grown as well. Currencies of smaller economies that have not traditionally figured prominently in reserve portfolios but offer high returns and stability- like the Australian and Canadian dollars, Swedish krona and South Korean won-account for three quarters of the shift from dollars. Other IMF analysis notes that the dollar is the dominant reserve currency by default. The absence of an alternatives to the safety of dollar-trade invoicing, international funding markets, and the large supply of guaranteed Treasury bonds suggests that the dollar’s role in the global economy is secure. A reserve currency needs to be stable and safe, a store of value and a medium of exchange, and widely accepted and trusted. Additional societal and economic criteria for a global reserve currency. These include: The stability of the political system of the issuing country. The size and prospects of the economy. Global integration of its markets and economy. A transparent and open system A credible legal system. The quality of its sovereign debt. The ability to bear costs associated with a reserve currency. The size, depth and liquidity of financial markets. There is good reason for the shared dominance of the dollar and the euro, and, to a lesser extent, the Japanese yen and the British pound. They represent the major economic centers of the world and operate within the rule of law. There is good reason that other currencies do not yet qualify. They are either too small (Switzerland), operate under totalitarian regimes (Russia and China), or allow for protectionism (India). Finally, a reserve currency needs to be market-based, free-floating and, most important, stable. That rules out cryptocurrencies that are prone to wild swings and live outside the regulatory system. There have been two major reserve currencies in modern times: the British pound until World War II, and the American dollar for the past 75 years. The traditional U.S. dollar index is the weighted average of the exchange rates of six developed economies: the euro area, Japan, the United Kingdom, Canada, Sweden and Switzerland. The euro has a weight of 58% in the dollar index and a correlation coefficient of 0.98 based on monthly values of the dollar index and the euro since 1980s. And there will be differences in the transaction demand for currencies, with the currencies of economies dependent on resource extraction (see Canada and Australia) more affected by trends in economic growth and in particular the price of energy (see Japan again). Still, we need to recognize that there have been large jumps in the dollar’s value that we attribute to innovation breakthroughs or to financial busts or to consequential policy changes that have affected the demand for U.S. assets. While crypto advocates can explain away the instability as growing pains, and yes, traditional currencies fluctuate according to their demand, that demand is based on economic and societal factors underlying the currency and not purely on speculative. The use by the United States, European Union and Japan of its prodigious financial and economic power to address the Russian invasion of Ukraine has rekindled the ideal of de-dollarization. This is not exactly a new phenomenon. Latin American and Middle Eastern economies have attempted to exit the dollar-based system. Since the 1970’s Latin American nations like Chile and Venezuela have tried to exit the dollar-based global financial order. Venezuela has for some time attempted to purchase oil in Chinese yuan. During that past half century, Iraq and Libya attempted to find a solution through the euro and a pan-African solution. And we should all remember the entreaties by Japan in the late 1980’s for the United States to consider a broader role for the yen before the bursting of the Japanese financial bubble
How are things in Germany ? How's the recession ? Where's the Nord Stream 2 ? Why would those countries be members of the UN which is driven by NATO which is driven by America ?
Actually there shouldn't be any concept of permanent member in the security council and therefore this undemocratic council should be abolished before this issue raise the question about the creditiblity of UN which may arise the question to abolish the UN itself.
Like the EU? hard to see that working...read a bit and you will see why Brexit happened...and this was the UK escaping European countries that are quite similar, don't see how Brazil and China can share the same currency, let alone China and India who have been nearly at war since the 1950s...if it works its a big win but really hard to see it working. China and Russia can share a currency, that could work...
@@keshi5541 100% agree with you but being in an economic union like that is very difficult especially if the countries involved are not aligned, but it would be good to see how BRICS workout these issues...if it works it would be a total WIN
@@MrBomuch I just hope every underdeveloped country could be developed one day where we all just strike to just focus on other things rather than keeping people alive/happy. It might be optimistic but even the possibility of a day when poverty and hunger become a rarity globally. This would be better for everyone and our growth as humanity as a whole. But instead every country would rather prefer to keep others poor as to reduce potential competitors and extract resources from them. Competitiveness is good drive but right now its turned into a cesspool of exploitation and corruption to achieve better results. I see BRICs as something better. Though not the best really however. Its not BRICs itself I'm looking forward too but rather a more multipolar world where everyone is on a even plane field without economic extorted abuse by select few powers.
"Who needs superheroes when you have the BRICS countries? They'll build bridges, ride unicorns, invent time machines, and conquer the world economy with their superpowers!"
Sure you can jest as much as you want but the hegemon is feeling the heat and the BRICKS are riding along with their movement attracting more and more countries to join the organization so it’s been a great success and it’s only the beginning surely the world is paying attention to what happens within the organization
BRICS is a league of nation known to balance the standards of currencies, it also aims to create and establish GDP, while being efficient in managing its investments and Inventories reports for the years ahead, the U.S Dollar is there as a reference, of realization, similar to GREAT BRITAIN, where GB SOVEREIGNITY was exemplified to U.S, in such manner that U.S is a former colony, nothing special or confusing to both, since it has the Commonwealth standards that describes, treats the details of nationalism amongst its people and the rest. The Economies are to exemplify the standards of restoration as well as remove the imbalance of nature, as countries knows its significance and that it is DOABLE be it at EUZONE. One world government is not possible, only identification and nationalism as rewards of courage, industrialism and TRUTH in each government. Its good to exemplify nationalism, genuine approach amongst countries and that INDEPENDENCE and FREEDOM are registrations as they are identified as a NATION and the citizens that consists each country. ∆
@@NinoValendez-kf7og Very dark and cold but we are rewarded with no power outages if we lower our usage. Then outages resume a fews hours later because of breakdowns 😖
@@NinoValendez-kf7og They are so indebted to the 2 big dictators in BRICS, they will go along with everything. Without their financial aid, their political party is finished. So they're really in survival mode.
BRICS is 40℅ IMF is 60% so both are actually helping each other. Nothing to worry. Competetion is good . It will make global economy bigger and there will be more opportunities for USA as well .
BRICS has been an Advocacy group which was a great idea, but if they decide that they are going to be come a confrontational group, good luck to them. Us Vs them mentality of BRICS is the biggest disadvantage to BRICS.
Firstly, the why is simple, STABILITY, large and POSITIVE economic outlook, rules based order. Secondly, the dollar isn't meddling, it's requested by these countries and for a VERY GOOD reason. Do some research. With recent talk that China, India and Russia are settling purchases of oil in non-dollar denominations has generated speculation that the dollar’s days as the world’s reserve currency are ending. The recent discussion around the end of the dollar’s dominance is bereft of any linkage to the reality of international finance. This is nothing new. There were similar discussion during the financial crisis 15 years ago and, more recently, during the cryptocurrency bubble. Now, most measures of dollar valuation suggest continued dollar strength. The dollar accounted for roughly 60% of global currency reserves at the end of last year, which is down from its recent peak of just above 70% in the first part of this century but well above the 50% of 30 years ago. We find the recent discussion around the end of the dollar dominance bereft of any linkage to the reality of international finance and understanding of the dollar’s role as the anchor of the rules-based order that governs global economics. Economies like China that run surpluses need dollar-based demand from the United States to make up for their own weak consumption and high savings rates. Rather, the recent conversation is stoked by global grievances about the relative disparity of economic power and the dead end in which some economies find themselves. While these economies may desire an end to the dollar’s dominance, they are experiencing major setbacks on their own. Calling for an end to dollar preeminence is premature at best. The global financial system rests upon the stability of the dollar and the large trade deficit the U.S. runs. In essence, the United States exports dollar stability for goods and services at a cheaper price and enhances the welfare of its citizens. In return, the major trading economies get to hold a currency that is sounder than they possess-think of the Chinese yuan, which relies upon the depth of global liquidity markets based on the dollar to maintain that country’s currency regime. That reliance, in turn, reinforces the dollar’s hegemony. In short, the economies that run surpluses need that dollar-based demand from the United States to make up for their own weak consumption and high savings rates. China is a case in point. For China, which accounts for 2.7% of global reserves, to become a true reserve currency, it would have to liberalize the yuan. Such a loosening would result in a decline in the ability of the regulatory authority to control credit, relinquishing any control of its capital account and current account. China would have to be willing to alter its economic framework so that its economy plays the same role as that of the United States. Given China’s current political arrangements, that will not happen. And the dollar will remain dominant. Moreover, the soft power of the United States is too often discounted. The rule of law, foreign direct investment-with the notable exception of China and Russia-as well as the dollar’s support of the rules-based order all reinforce U.S. economic and financial power. The vast majority of international trades, almost 90%, are invoiced in U.S. dollars or euros, according to a recent analysis by the Federal Reserve Bank of New York. As of the end of last year, the U.S. dollar accounted for 60% of total allocated currency reserves held by central banks. That corresponds to the 80% of total foreign exchange reserves allocated to the dollar and euro held by central banks at the end of last year. The dollar accounted for 60% and the euro 20%. China, Russia, India and Saudi Arabia are not in any economic shape to support such a change in the rules-based order. Despite the global economic growth over the past three decades, the current order is simply not going to change at the scale necessary to supplant the American dollar and the global order that rests upon its foundation. There are only three other economies that have some the qualities needed to support a reserve currency: the euro area, Japan and the United Kingdom. But none of those have financial markets with the depth and liquidity to form the backbone of international finance and trade. In the early 2000s, the percentage of dollar and euro reserves was as high as 90%, with the gradual decline since then most likely because of increased trade among smaller economies and, more important, their reduced reliance on the foreign issuance of debt. The IMF also notes that as stockpiles of foreign currency reserves grow, the case for portfolio diversification has grown as well. Currencies of smaller economies that have not traditionally figured prominently in reserve portfolios but offer high returns and stability- like the Australian and Canadian dollars, Swedish krona and South Korean won-account for three quarters of the shift from dollars. Other IMF analysis notes that the dollar is the dominant reserve currency by default. The absence of an alternatives to the safety of dollar-trade invoicing, international funding markets, and the large supply of guaranteed Treasury bonds suggests that the dollar’s role in the global economy is secure. A reserve currency needs to be stable and safe, a store of value and a medium of exchange, and widely accepted and trusted. Additional societal and economic criteria for a global reserve currency. These include: The stability of the political system of the issuing country. The size and prospects of the economy. Global integration of its markets and economy. A transparent and open system A credible legal system. The quality of its sovereign debt. The ability to bear costs associated with a reserve currency. The size, depth and liquidity of financial markets. There is good reason for the shared dominance of the dollar and the euro, and, to a lesser extent, the Japanese yen and the British pound. They represent the major economic centers of the world and operate within the rule of law. There is good reason that other currencies do not yet qualify. They are either too small (Switzerland), operate under totalitarian regimes (Russia and China), or allow for protectionism (India). Finally, a reserve currency needs to be market-based, free-floating and, most important, stable. That rules out cryptocurrencies that are prone to wild swings and live outside the regulatory system. There have been two major reserve currencies in modern times: the British pound until World War II, and the American dollar for the past 75 years. The traditional U.S. dollar index is the weighted average of the exchange rates of six developed economies: the euro area, Japan, the United Kingdom, Canada, Sweden and Switzerland. The euro has a weight of 58% in the dollar index and a correlation coefficient of 0.98 based on monthly values of the dollar index and the euro since 1980s. And there will be differences in the transaction demand for currencies, with the currencies of economies dependent on resource extraction (see Canada and Australia) more affected by trends in economic growth and in particular the price of energy (see Japan again). Still, we need to recognize that there have been large jumps in the dollar’s value that we attribute to innovation breakthroughs or to financial busts or to consequential policy changes that have affected the demand for U.S. assets. While crypto advocates can explain away the instability as growing pains, and yes, traditional currencies fluctuate according to their demand, that demand is based on economic and societal factors underlying the currency and not purely on speculative. The use by the United States, European Union and Japan of its prodigious financial and economic power to address the Russian invasion of Ukraine has rekindled the ideal of de-dollarization. This is not exactly a new phenomenon. Latin American and Middle Eastern economies have attempted to exit the dollar-based system. Since the 1970’s Latin American nations like Chile and Venezuela have tried to exit the dollar-based global financial order. Venezuela has for some time attempted to purchase oil in Chinese yuan. During that past half century, Iraq and Libya attempted to find a solution through the euro and a pan-African solution. And we should all remember the entreaties by Japan in the late 1980’s for the United States to consider a broader role for the yen before the bursting of the Japanese financial bubble
The BRICS countries could both protect themselves from sanctions and the freezing of their dollars by the US by agreeing to ignore the freezing of their dollar holdings and trade down those holdings (whether they have been froozen or not) with each other and informing the US the froozen dollars have now been spent, as they do so.
BRICS ❤❤❤ YEEEESSS💪💪💪 Mereka mencintai muslim Palestina. I LOVE Brics❤❤ AKU BERDOA SEMOGA NEGARA YANG MEMBANTU MUSLIM PALESTINA MENJADI PENGUASA DUNIA. AMEEN.. YES YES 🤗🤗🤗
As a American I hope to see brics take off because the greed of America is its downfall. I’m ashamed of the greed we’ve seen in America over the last 3 years and a new currency like brics would in fact help to crash the US dollar which is needed for us to fight inflation. It’s a necessity at this point. No one is winning. Team Brics from Chicago.
Indians should ween themselves of migrating to the West and so should African and Asian nations. Many developing nations choose to migrate to the West seeking political and economic freedom. Tell the people smugglers about BRICS
China doesn't want that either. Have you literally ever heard any Chinese politician ever say that, literally ever? No. You've heard dumbass Americans say dumb stuff to you. The BRICS block is interested in, as a first option, denominating bilateral trade in their own respective currencies -- but more importantly, and as a preferable option, adopting a new currency that is denominated in a basket of goods (presumably a basket of goods that the BRICS bloc has a sizeable economic output of) for multilateral trade that can facilitate an increase in inter-state commerce between these nations. The last thing China wants is loss of control of it's domestic currency, so any use of renmimbi for bilateral trade is functionally a short-stop whose primary goal is simply to accelerate the rate at which the Global South can afford to reorient away from the West and toward China, and why China is only doing so with partners that are substantially economically inferior to it (but who have growth potential that the Chinese investments can profit off of mid to long term). The goal is new common currency for international trade among developing members of the global south, which is used primarily for international trade. TL;DR: Power structures are what matters most. For the time being, China is benefiting from America pantsing itself and humiliating itself in front of the world continuously for the past ~2 decades, especially since Trump. Everybody is willing to start reorienting trade relationships. The consequences will be borne out over a 30 year period, particularly if the reality of questioning America's supremacy continues unabated, which it almost certainly will, because America stopped being a real country and became a handful of corporations in a trench coat in the 70s-80s.
India wont let China dominate BRICS. So Yuan is out of the question. They are working on creating a global curruncy together without one country dominating it.
This is Global south trading and full cooperation, even in financial settlements, it is clear no need Swift and no need in USD currency. USD is good for trading between US and buyers.
@@1001Balance Look at you. Your King doesn't wear pants and you have to import Prime Ministers. You can't run businesses, you can't innovate, you can't lead. I feel your pain. Piracy doesn't work so well these days
BRIC'S isn't helping matters. According to some analysis, the United States and other regions of Europe may have a recession in 2023. Because China and emerging countries frequently grow faster than more developed economies, a global recession, which is defined as a decline in annual global per Capita GDP, is more uncommon. Fundamentally, if economic growth lags behind population growth, the global economy is said to be in recession.
Let the average common man attend this meeting with support fron politics..the solutions will never fail as ends-meet sustainably.. i promise for multiple centuries..
In the BRICS group, which country will be the "US"? Is it India or China? Both of them? By simply replacing one (potential) bully with another, we won't address the issue effectively. The proper way to address this is through a reformed United Nations and UN currency.
None of them because none among the BRICs has an invasive foreign policy. On the whole planet, no other country is as addicted to imperialism like the US. So really no one could replace the US.
In BRICS, few countries like India are playing on both sides of the field, and it is very hard to compete with the USA. As everyone knows, India is a proxy player of the USA in the Asia Pacific to keep check on China and now imagine how BRICS could develop and achieve its goals. It's just a futile exercise.
The world doesn’t need a proxy player. Modi is fairly an opportunist taking advantage of US-China tension. The world needs a new ruler with wisdom, compassionateness, to unite the majority world to break down US hegemony.
Hi I'm Ariful Islam leeton im software engineer and members of the international organization and investors public and private Sector and students Harvard Business School
@@jacobjorgensen9922 Well this is a trade organization , not a military "defensive alliance" with 900 military bases around the world , and i dont think Putin needs any help whatsoever
@@jacobjorgensen9922 Maybe not for the west , but the west are not the world anyway , and the world need trade in order to develop , because majority are under development nations.
I fear the Anglosphere and EU nations will make an example out of South Africa for not towing the line and obeying their commands. Ultimately BRICS movement was inevitable.
@@zrusit9640 I have no doubts Putin will go and not be arrested. I'm talking about setting up an institution that basically challenges Western dominance and hegemony. When BRICS becomes a direct threat to the states and it's inner circle, that's when we'll start seeing economic sanctions and maybe even military intervention.
They deeply embedded in the South African political system and judiciary. So expert a lot of drama from mostly whites who probably benefited from apartheid and ANC which enjoyed Soviet/Russian support during the struggle
@@eagle_eye7734 Yeah. I agree. At this stage alot of Western media outlets aren't taking it seriously, some are even mocking the whole idea of BRICS rivalling the G7 and talk of introducing a new currency etc. Bottom line is the west doesn't like to have their spremacy challenged. When this gathers pace expect to see anti BRIC propaganda spouted. It'll be South Africa that gets it the worse as they have been the most vocal. Respect to Naledi Pandor for saying it like it is 👍
No telling what effect it will have on the global economy including americas or what will become of trade globally, food shortages? Shortages on most all consumer goods? I guess we will find out at the same time
Only Brazil is responsible for feeding a large part of the world's population! Everything that is planted here is harvested! The world needs raw materials from "emerging" countries
Well it's time for the BRICS- New World Order to come up with a default reserve currency or simply go back to gold as the reserve. It will be too chaotic for each country to trade in their respective currencies with the daily change in exchange rates.
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Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $280k in the last 14 months by investing through my FA.
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I personally work with Margaret Johnson Arndt she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
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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 everyone. 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.
Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you..
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Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. “Catherine Morrison Evans is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
BRICS wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. 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 subiect to numerous economic, political, and logistical considerations.
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.
Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with Catherine Morrison Evans, a financial consultant regulated by the SEC, and started small, but eventually accumulated almost $820K.
@@martingiavarini How can i reach her, because I’m seeking for a more effective investment approach on my saving.
Catherine Morrison Evans ’’ maintains an online presence. just make a simple search for her name online.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing..This information is really helpful.
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones.
Investing in stocks can be a wise decision, especially if you have a dependable trading system that can lead to successful outcomes. Personally, I've been working with a financial advisor for about a year now. Starting with less than $200K and I'm now just $19,000 away from making half a million in profit.
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@@martingiavarini my advisor is ‘’Catherine Morrison Evans ’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@hermanramos7092 I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
I still wonder why the western narrative is all about the BRICS as a challenge to the US dominance. The BRICS countries also want to develop using their own model and characteristics, and withiout bullying by the USA(sanctions, regime changes, etc, etc).
I am for bics. A Russia would lose it mind. Then America can stop paying bics and partner ship. Which is sad to the immigration rush going on.
@@kinddave27 what is "bics"?
@@ruvilakazi4237 it was brics. But since the south Africa lady said they would arrest Putin if he join the bric legend of doom. So I guess it would be bics like the lighter you use hey in America
You are so misinformed
bullying ??? Tell that to the graves of mothers and children who died in ukraine ,i hope your family never knows such sorrow, the world is not a good place and needs someone to keep the order or there is chaos, if not chaos then china ,russia would fillmthe void and those countries have no respect for human rights
SIMPLE .. As a Brazilian, I see G7 as a small group that works HEAVILY to benefit themselves... Why we should not create our OWN cooperation?
It would be interesting, but Putin should also stop his war on Ukraine, it's more he is looking for an alternative way to make money and continue his war.
Because The Great USA, The Great Britain, La Grande Francaise and the 3rd Re1ch are our masters. Those countries are the creators and supporters of the world wars they have abundance of propagandas and experience in killings so you better serve!
Who’s stopping you?
Because you depend on the G7 heavily for everything from the planes you fly to the cars you drive to the ships you sail. Please remember you cannot have a smart phone even the internet with BRICS. They don't have the technology to make it themselves you must rely on the G7 for all of that .
A lot your technology and engineering for water, and water treatment plants are all G7 technologies. A lot of your big and advance mining equipment is from the G7. A lot your oil rigs off the coast in the sea is all come from America or Europe. Most vaccines and medical equipment all come from the G7.
Why I keep hearing news medias especially those from Anglo Saxon continue to describe moves by some countries trying to go their own way to do business or to cooperate among each other is termed as "Challenge".
It's an imperial mindset, the assumption being that everyone's resources must be managed with some level of West input or direction
Yall must a pea for brain
The journalists refers to the brics statements and their brics own words about challenge are just repeated! Actually its not a big story in western medias at all. Most just see it as the same Dictators trying to fool their own people and give them fake hope so they dont riot about living in failed states with no freedom and no chance of improving their own lives...
BTW, Al Jazeera is not your typical anglo-saxon media, so it is just that any media loves one against the other so that they attract a larger audience
I pray to see BRICS grow and taking charge of the world economy.I pray to see this world being a happy place to live in and being free economically
Russia India and China are forming a new axis of evil, Brazil and SA are getting caught up in this mess. Plus China and India are implacable enemies so no, things aren't likely to end well for BRICS
Yes, something "The West" spent the last few hundred years trying to bring too the world. And you can clearly see all the thanks they get. The very idea of BRICS is born out of western innovations in trade and economics. Before the evil west brought the concepts of economics and trade to the world these countries were busy eating others citizens.😅
They can challenge for sure, but not right now. Putin has weakened BRICS 😂
Remember what you're wishing for it also means war with evil Uncle Sam 😢😢😢😢😢
Your prayer is not answered. Your deity is busy with something else and you are just insignificant.
The initiative is great more especially for we the Africans.
@Musa M Kalamu, how could you explain?
@@sunnyyande378 it will give Africa more wiggle room to go after their self interests. They can use their minerals to back their currencies and they can trade more with themselves and other nations around the world. So many trade offs.
@@faa9261, but they can do that with the current framework if they want to with AfCFTA. I don't see how BRICS is going to do this. It is true that Africa needs to look inward, but the current crop of leaders we have cannot do it. Let's be honest with ourself.
Ofcourse because you will go back to the bush to hunt these criminals will loot and rape .
We Africans now have a worse problem my brother, our resources are now being stripped by a worse, cruel force, China. At least the west paid fair price and invested for us to employ local people. The Chinese don't pay fair prices, they bribe our politicians and smuggle our raw materials which does not our countries. They bring in their own labour from China, they don't employ local people. In short, the slavery we experienced in the 18th century, it's back now in the form of the Chinese. And we are applauding just because we want to spite the west whilst still gaining nothing. All the infrastructure the Chinese are building for us, they demanding our governments sign over mineral rights as collateral to these loans they are funding the infrastructure development. Our corrupt governments are mortgaging our children's future. Why do we as Africans need other countries (the west and the east) to come to us to validate our existence. Everyone wants our resources. The Chinese are worse slave drivers. There is nothing to be gained from joining these people.
BRICS is more than what the Western thinks it is.
As an African, all I wish you are More success BRICS❤
Brics... broken, ridiculous, investment, clepocractic system.
The countries in it, only 1 is decent and has a bright future,
India.
Can you elaborate and explain
@@chilesauce7248And why do you think so?
@chilesauce7248
India won't succeed without Africa, just like other countries. So what are you talking about? Everything that the world needs including India is in Africa.
@@chilesauce7248g7 broken, ridiculous, investment cleptocratic system. The countries in it... only 0 is decent and have the bright future
" "
No one is challenging US dominance, we just need options. BRICS is a new option for us.
You mean 14 year old option! I salute anything that can bring prosperity and peace to africa and the world... But this will not remove corrupt dictators or much more peace. But lets hope for some changes
@@jacobjorgensen992214 yrs options is way better than 500 years of slavery, oppression, sanctions, destabilization, wars, puppet leaders and everything evil & demonic etc 💅🏽
@@jacobjorgensen9922 usa neither, dear. Actually, peacefull is something that we from the "thierd world"cannot associate with americans, if we anylise our experiences during all theses decades. Bye
Isn't give options the same as challenge us dominance?
Competition is competition and the game is the game. The BRICS will not win this game by talking loud and being mad. They have to produce results. After 14 years the BRICS have produced nothing of any real value. If the leaders of the BRICS want to compete then they should compete and stop making dull speeches. If they are as good as they say they are then the West and America shouldn't stand a chance of competing against BRICS. Knuckle up buttercup because you won't get this crown for free.
We are the future BRICS+
Putin is safe in RSA
@@senantiasa NATO+ = LGBTQ+
Under No Circumstances Should Any Former Colonial Countries be Allowed to Join BRICS, This Goes for Most European Countries, Especially Germany ,Brittan, Belgium, Dutch Speaking Countries, Portugal Spain ,and Especially the United States
A new BRICS currency is a future of world economy. Sanctions by US wouldn’t work any BRICS nation. Work unitedly and rule the world economy. Best wishes for BRICS
Dream on. India and Brazil are democracies.
That’s because your a moron
And what currency would that be. China and India are basically at war, they will never agree to the same currency.
Lmao nice joke 😂
Autocratic China with it's debt trap loans is grinning from ear to ear. Come here my dumb victims let me be your new master. 😂😂
Thank you Shirley for checking that comparison about EU monetary union and BRICS common currency.
BRICS sempre avante e com espaço para crescer!
Fron Brasil 🇧🇷
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I'm laughing to think that which boot Japan is gonna lick when their boss collapes😂
I hope The USA, UK and EU27 face the music for their war crimes in Iraq, Syria and Libya.😊
The real war criminals in all those situation are Arabs, like the genocidal Assad.
All war crimes should be punished - so true! How do you feel about Russia invading Ukraine?
@@jacobjorgensen9922 don't feel anything not my problem Ukraine could handle this problem through diplomacy after many warnings from Russia they neglected the warnings become pro west which is threat to Russia just like America donot want Cuba to be pro ussr in the past.
@@mohammadismailalam3245 exactly you support a Russian invasion and want Ukraine to just give up lol pathetic.. you see countries that ally with the west get help.. countries like Iraq Syria and Libya are stupid and get bombed instead for being stupid
@@mohammadismailalam3245Don't care about third world problems. They're self-inflicted and never end. Always blaming the First World and never running to BRICS countries as refugees.
Best wishes to 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 and new new members( 🇸🇦🇹🇷🇮🇷 🇪🇬🇳🇬🇲🇾 etc) that seeks membership to BRICS ❤
Not Malaysia, it's Indonesia that's seeking to join.
@@elsagelympne7943 also Argentina
Muslim countries must not be allowed
@@gingergrantnews
We don't want Islamic countries in BRICS. Because BRICS have a reputation and brand.
Kenya, Ghana, Venezuela, libya, marroco, Pakistan, South and north Korea, veitnam, and Japan, Iraq, Afghanistan, tajikistan, azerbaijan, Uzbekistan, khazikstan, Syria.
I have observed my local currency depreciates usually after new elections . The new government often attributes this to previous Government as if they take with them all the records .Now i have realised that the almighty dollar is the cause . A new trading currency would be much welcome to bring some stability to the economy. In a nut shell, my observation is that the US dollar is manipulating other currencies. and not in good faith.
headline should be: "could G7 sabotage BRICS's driving role in the global development?"
That's a interesting post. Would you mind elaborating
@@benshephard5573 for example: according to open data, china's manufacturer base is bigger than US, EU and japan combined; china's contribution to global economy growth is more than G7 combined, etc. all for many years now.
regard to real economy, not only the US, the collective west lost their dominance already to china long ago. the dominance they have left now, are on currency, main stream media, and over sea military bases. basically they can't build, but they can lie and destroy.
@@noneone3310 US' only stronghold now is in culture (music, film, basically all of entertainment). Hope that changes soon.
Worst Health Organization is already planning to release another deadly virus, they are hopefully planning to release it in a BRICS country😢
@@thunderous-applause57 yeah and that culture Woolf to be nothing without African Americans
It's time for them to stick together and do more business their own way and methods.
Good Luck
Good luck it’ll never happen
@@rmf9567we are watching the roman empire falling
Tired of white people running everything. The jig is up🎉
@@rmf9567 I just like to see the outcome
Should strategise the “Made in BRICS” concept and brand this with rich market share driver.. the profit proceedings should be on minimum % share basis at end of year.. can this ?
I think that would basically mean made in China. India is no longer using made in china goods
Because the shares will have a minimum distribution plan, the work-load will be distributed that should serve the entire BRICS countries and more nations..
They can challenge for sure, but not right now. Putin has weakened BRICS 😂
all countries are super power. not just US. keep moving forward BRICS
No
@@MagicMike_101but you can't refuse their influence on world specially china, India, russia
@@SanatanDharmaOnly108 Oh, profile on the internet. I can't refuse, ohhh. Plz, BRICS, forgive me.
Its good to see our african brothers standing up for what is their right after so many years of plunder by the colonial powers. Love from India.
African are very hard working people Latinos are they worst man please European countries do not allow Dominican Venezuelan Cuban Haitian Peruvian Ecuador to your country especially Dominican Mexicans yes they work hard
Thanks
The US should be humbled in all departments
By these broke countries that depend on US IP on almost every thing ???
Wow, you really are misinformed to hold that opinion
BRICS; a platform for united peaceful economic growth and development...
I hope they become economically strong enough to get things done.
Vivendo para ver os colonizados, os desprezados, os barrados nas fronteiras, mostrando seu poder diante dos imperialistas. Juntos somos mais fortes 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦
Its interesting how they're all speaking to each other in english
Many mis-characterization in the opening remarks. BRICK represents the fast growing economy than G7 which is declining, Expansion of the BRICS is due to many countries wanting to join not because it wants to increase the influence. The dedollarization is fueled by the US abuses its currency’s hegemony of sanction and endless money printing, not Russia.
🧂
Anything that is breaking the Anglo Saxon hegemony is a threat to it. Asking the obvious, is somewhat irritating, if not intellectually dishonest of historical facts.
Exactly. They are playing dumb.
He missed out on question which should be how India n China ll get along with eachother especially when 10000 troops standing on LAC face to face ! ☝️🤩✌
There are more pressing issues. Not everything is about India. 🙄
@@bartsimpson1161 but it should be considered - its the elephant in the room. greetings from germany
The dispute between India and China is more of a theatre. It's an leverage both sides use to counter each other. In reality it's such a minor issue that even if one side, China or India, loses the disputed territory completely, it will not impact the country's international standing at all.
@@sp7873 Yes n u can't ignore big animal like that because of the size ! 😉
India and China are matured nations with highly educated diplomats. They will solve it diplomatically like always. Both countries know their economy will take a hit if anyone escalates the border situation.. decades of economic growth will go down the drain.. both are aware of the risks and in order to avoid incidents, they also don't carry loaded weapons with their soldiers.. recently China's defence general visited India for talks and said the situation at the border is “generally stable” and both sides should put the boundary issue in an “appropriate position” and promote its transition to “normalised management”... In short, both countries know they should work together.. Historically, they had excellent relationship that benefited both parties when they work together...
Very interesting program Mohammed, and Shirley Yu proved to be the most articulated of your guests of the panel in this occasion.
Now, there was a misunderstanding at the start assuming that BRICS intends to create a common currency such as the "Eurolemon", but I think he panel was very clear on the fact that every nation member will maintain their OWN currency and perhaps a PSEUDO CURRENCY will be created working as a virtual "CLEARING HOUSE" to encourage, facilitate and reduce the cost or financial transactions between the members. This also (in my view) will work around some of the "boobie traps" installed by USA et al to control and manipulate financial markets such as SWIFT and many others.
The discussion by the guy from Britain us clearly show the difficulties in the west to accept that they are being dropped
I came in to make this comment.
It is my hope the USA pulls the dollar as the global reserve currency. I also hope the IMF/WB are closed down. It would be beneficial if the US Navy stopped patrolling trade routes on the high seas.
The IMF offers loans at a lower rate than China. China also builds infrastructure in Africa and Asia by using Chinese workforce with minimal local workforce. In some cases even bring their own chefs
@@agnescraig2912 True.
@@blafonovision4342 - Bye, Felicia!!!👋👋👋
@@aao449 Sadly, we can’t extricate ourselves overnight.
G7 has already lost. This grouping of the biggest debtor nations are bankrupt as the multipolar alliances, a grouping of richest creditor nations are turning to currency swap to fuel their economy. Dedollarizing all G7 currency is a unstoppable trend.
China is the most indebted nation on the planet and its currency is the most manipulated on the planet.
The autocracy isn’t the way.
@@stefanrz_ Isolation isn't the way
@@logician3641 actually USA is the most indebted one.
@@logician3641 get your facts straight, have you seen the US debt?
The world is big enough for two trade blocs
Instead of creating common currency, they need to trade in mutual countries’ currencies for any trade. For example Russia buys from India, they should pay in rupee and if india buys from Russia, the payment should be made in Rubble rather than US Dollar. That is the only way to pull off reducing dominance and weaponization of dollar. BRICS countries should not do any transactions in dollar, euro or British pound when trading with each other.
True
BRICS WILL DO SOMETHING TO REMOVE DEPENDENCE ON US DOLLAR. N BRITISH POUND. THE EXPANDED BRICS WILL HAVE A MUCH BIGGER GROSS NATIONAL PRODUCT THAN G7. SO THIS MAKES THE G7 LESS RELEVANT ON WORLD ECONOMY.
if it was so simple it would have already been done. Why don't you convert your savings to Ruble and see how that works for you, as a test.
You simply don't understand the economics of international trade
But rupee is useless for Russia. It still has trillions of those currencies in their coffers and no ways to use.
Hopefully (for mankind's sake) they will find success.
Thank you BRICS❤👋🙏
It's about time someone put an end to imperial america dominance. Soon everyone will used BRICS currency which is back by gold, oil, minerals etc. Us dollars is back by printing machines.
支持你。是时候结束可恶的美国和西方时代了😂😂 加油 👍👍
This stuff cracks me up.
With recent talk that China, India and Russia are settling purchases of oil in non-dollar denominations has generated speculation that the dollar’s days as the world’s reserve currency are ending.
The recent discussion around the end of the dollar’s dominance is bereft of any linkage to the reality of international finance.
This is nothing new. There were similar discussion during the financial crisis 15 years ago and, more recently, during the cryptocurrency bubble.
Now, most measures of dollar valuation suggest continued dollar strength.
The dollar accounted for roughly 60% of global currency reserves at the end of last year, which is down from its recent peak of just above 70% in the first part of this century but well above the 50% of 30 years ago.
We find the recent discussion around the end of the dollar dominance bereft of any linkage to the reality of international finance and understanding of the dollar’s role as the anchor of the rules-based order that governs global economics.
Economies like China that run surpluses need dollar-based demand from the United States to make up for their own weak consumption and high savings rates.
Rather, the recent conversation is stoked by global grievances about the relative disparity of economic power and the dead end in which some economies find themselves.
While these economies may desire an end to the dollar’s dominance, they are experiencing major setbacks on their own. Calling for an end to dollar preeminence is premature at best.
The global financial system rests upon the stability of the dollar and the large trade deficit the U.S. runs.
In essence, the United States exports dollar stability for goods and services at a cheaper price and enhances the welfare of its citizens.
In return, the major trading economies get to hold a currency that is sounder than they possess-think of the Chinese yuan, which relies upon the depth of global liquidity markets based on the dollar to maintain that country’s currency regime. That reliance, in turn, reinforces the dollar’s hegemony.
In short, the economies that run surpluses need that dollar-based demand from the United States to make up for their own weak consumption and high savings rates.
China is a case in point. For China, which accounts for 2.7% of global reserves, to become a true reserve currency, it would have to liberalize the yuan. Such a loosening would result in a decline in the ability of the regulatory authority to control credit, relinquishing any control of its capital account and current account.
China would have to be willing to alter its economic framework so that its economy plays the same role as that of the United States.
Given China’s current political arrangements, that will not happen. And the dollar will remain dominant.
Moreover, the soft power of the United States is too often discounted. The rule of law, foreign direct investment-with the notable exception of China and Russia-as well as the dollar’s support of the rules-based order all reinforce U.S. economic and financial power.
The vast majority of international trades, almost 90%, are invoiced in U.S. dollars or euros, according to a recent analysis by the Federal Reserve Bank of New York.
As of the end of last year, the U.S. dollar accounted for 60% of total allocated currency reserves held by central banks.
That corresponds to the 80% of total foreign exchange reserves allocated to the dollar and euro held by central banks at the end of last year. The dollar accounted for 60% and the euro 20%.
China, Russia, India and Saudi Arabia are not in any economic shape to support such a change in the rules-based order. Despite the global economic growth over the past three decades, the current order is simply not going to change at the scale necessary to supplant the American dollar and the global order that rests upon its foundation.
There are only three other economies that have some the qualities needed to support a reserve currency: the euro area, Japan and the United Kingdom.
But none of those have financial markets with the depth and liquidity to form the backbone of international finance and trade.
In the early 2000s, the percentage of dollar and euro reserves was as high as 90%, with the gradual decline since then most likely because of increased trade among smaller economies and, more important, their reduced reliance on the foreign issuance of debt.
The IMF also notes that as stockpiles of foreign currency reserves grow, the case for portfolio diversification has grown as well.
Currencies of smaller economies that have not traditionally figured prominently in reserve portfolios but offer high returns and stability- like the Australian and Canadian dollars, Swedish krona and South Korean won-account for three quarters of the shift from dollars.
Other IMF analysis notes that the dollar is the dominant reserve currency by default. The absence of an alternatives to the safety of dollar-trade invoicing, international funding markets, and the large supply of guaranteed Treasury bonds suggests that the dollar’s role in the global economy is secure.
A reserve currency needs to be stable and safe, a store of value and a medium of exchange, and widely accepted and trusted.
Additional societal and economic criteria for a global reserve currency. These include:
The stability of the political system of the issuing country.
The size and prospects of the economy.
Global integration of its markets and economy.
A transparent and open system
A credible legal system.
The quality of its sovereign debt.
The ability to bear costs associated with a reserve currency.
The size, depth and liquidity of financial markets.
There is good reason for the shared dominance of the dollar and the euro, and, to a lesser extent, the Japanese yen and the British pound.
They represent the major economic centers of the world and operate within the rule of law.
There is good reason that other currencies do not yet qualify. They are either too small (Switzerland), operate under totalitarian regimes (Russia and China), or allow for protectionism (India).
Finally, a reserve currency needs to be market-based, free-floating and, most important, stable. That rules out cryptocurrencies that are prone to wild swings and live outside the regulatory system.
There have been two major reserve currencies in modern times: the British pound until World War II, and the American dollar for the past 75 years.
The traditional U.S. dollar index is the weighted average of the exchange rates of six developed economies: the euro area, Japan, the United Kingdom, Canada, Sweden and Switzerland.
The euro has a weight of 58% in the dollar index and a correlation coefficient of 0.98 based on monthly values of the dollar index and the euro since 1980s.
And there will be differences in the transaction demand for currencies, with the currencies of economies dependent on resource extraction (see Canada and Australia) more affected by trends in economic growth and in particular the price of energy (see Japan again).
Still, we need to recognize that there have been large jumps in the dollar’s value that we attribute to innovation breakthroughs or to financial busts or to consequential policy changes that have affected the demand for U.S. assets.
While crypto advocates can explain away the instability as growing pains, and yes, traditional currencies fluctuate according to their demand, that demand is based on economic and societal factors underlying the currency and not purely on speculative.
The use by the United States, European Union and Japan of its prodigious financial and economic power to address the Russian invasion of Ukraine has rekindled the ideal of de-dollarization.
This is not exactly a new phenomenon. Latin American and Middle Eastern economies have attempted to exit the dollar-based system.
Since the 1970’s Latin American nations like Chile and Venezuela have tried to exit the dollar-based global financial order. Venezuela has for some time attempted to purchase oil in Chinese yuan.
During that past half century, Iraq and Libya attempted to find a solution through the euro and a pan-African solution.
And we should all remember the entreaties by Japan in the late 1980’s for the United States to consider a broader role for the yen before the bursting of the Japanese financial bubble
🙈⌚️
Too much crying of Anglo cuck
You got to the wrong channel, we only want nationalistic oneliners 😂
is there an update here now as the summit occurred in August already? Cannot seem to find a lot of new content after the new meeting.
INDIA and BRASIL must be permanent members of the UN... !! from Germany
How are things in Germany ? How's the recession ? Where's the Nord Stream 2 ? Why would those countries be members of the UN which is driven by NATO which is driven by America ?
INDIA N BRAZIL BEING BIG COUNTRIES N ECONOMICALLY SIGNIFICANT TO THE WORLD, THEY CERTAINLY DESERVE TO BE PERMANENT MEMBERS OF THE UN SECURITY COUNCIL.
Why? Due to what credentials?
Actually there shouldn't be any concept of permanent member in the security council and therefore this undemocratic council should be abolished before this issue raise the question about the creditiblity of UN which may arise the question to abolish the UN itself.
Germany and Japan should be as well. Love from Brazil.
Initially BRICS currency only going to be used for internal trade settlement with each other
Like the EU? hard to see that working...read a bit and you will see why Brexit happened...and this was the UK escaping European countries that are quite similar, don't see how Brazil and China can share the same currency, let alone China and India who have been nearly at war since the 1950s...if it works its a big win but really hard to see it working. China and Russia can share a currency, that could work...
@@MrBomuch Brexit was a complete joke. British people are regretting it now 53% people feel this way (from polls).
@@keshi5541 100% agree with you but being in an economic union like that is very difficult especially if the countries involved are not aligned, but it would be good to see how BRICS workout these issues...if it works it would be a total WIN
@@MrBomuch I just hope every underdeveloped country could be developed one day where we all just strike to just focus on other things rather than keeping people alive/happy. It might be optimistic but even the possibility of a day when poverty and hunger become a rarity globally.
This would be better for everyone and our growth as humanity as a whole. But instead every country would rather prefer to keep others poor as to reduce potential competitors and extract resources from them. Competitiveness is good drive but right now its turned into a cesspool of exploitation and corruption to achieve better results.
I see BRICs as something better. Though not the best really however. Its not BRICs itself I'm looking forward too but rather a more multipolar world where everyone is on a even plane field without economic extorted abuse by select few powers.
ABSOLUTELY, ABSOLUTELY BRICKS IS THE FUTURE MOVING FORWARD.
Thank you. Very interesting.
W i BRICS saluti dall’Italia, spero che si riesca ad avere un mondo multipolare . 🤝
"Who needs superheroes when you have the BRICS countries? They'll build bridges, ride unicorns, invent time machines, and conquer the world economy with their superpowers!"
Sure you can jest as much as you want but the hegemon is feeling the heat and the BRICKS are riding along with their movement attracting more and more countries to join the organization so it’s been a great success and it’s only the beginning surely the world is paying attention to what happens within the organization
Actually yes china and India combined makes more unicorns than usa
I am sure that I have read this headline 50 times or so
Brics ❤❤❤❤❤
BRICS is a league of nation known to balance the standards of currencies, it also aims to create and establish GDP, while being efficient in managing its investments and Inventories reports for the years ahead, the U.S Dollar is there as a reference, of realization, similar to GREAT BRITAIN, where GB SOVEREIGNITY was exemplified to U.S, in such manner that U.S is a former colony, nothing special or confusing to both, since it has the Commonwealth standards that describes, treats the details of nationalism amongst its people and the rest. The Economies are to exemplify the standards of restoration as well as remove the imbalance of nature, as countries knows its significance and that it is DOABLE be it at EUZONE. One world government is not possible, only identification and nationalism as rewards of courage, industrialism and TRUTH in each government. Its good to exemplify nationalism, genuine approach amongst countries and that INDEPENDENCE and FREEDOM are registrations as they are identified as a NATION and the citizens that consists each country. ∆
Can anyone tell me where I can find statistics on exports and imports of industrial and agricultural countries, and their main economic partners?
Searching on Google. 😂
Lead brics lead🇿🇦🇿🇦
The country with the failing economy that can't keep their electricity supply going. 😂😂😂
Is it dark in south Africa right now?
@@NinoValendez-kf7og Very dark and cold but we are rewarded with no power outages if we lower our usage. Then outages resume a fews hours later because of breakdowns 😖
@@jonye7511 and thats the nation that wants to challenge the West?
@@NinoValendez-kf7og They are so indebted to the 2 big dictators in BRICS, they will go along with everything. Without their financial aid, their political party is finished. So they're really in survival mode.
BRICS is 40℅ IMF is 60% so both are actually helping each other. Nothing to worry. Competetion is good . It will make global economy bigger and there will be more opportunities for USA as well .
5:09 lady believe it or not,
We are rival of G7....
DIFFERENCE IS,WE DONT SAY IT OPENLY,WE PLAY DIPLOMATICALLY.
By killing people
I mean G7 decide on killing people
BRICS Currency ✅️ Should be use by Brazilian and Argentina 🇦🇷 too the same Year as BRICS Currency come out ✅️
The world has had a gut full of USA arrogance , falsehoods, Narrative & hegemony !👍👍👍👍👍👍👍👍
And yet you adore a big mac
BRICS has been an Advocacy group which was a great idea, but if they decide that they are going to be come a confrontational group, good luck to them. Us Vs them mentality of BRICS is the biggest disadvantage to BRICS.
No it is not. That’s the West narrative
And alll the brothers and sisters in Africa Urasia and the global south will benefit greatly fr bicks
I would love to hear how you think you will benefit?
Yes please, absolutely. Many happy returns from Australia 🤘
Why must use US dollar? why must let US meddle in other countries internal affair?
Firstly, the why is simple, STABILITY, large and POSITIVE economic outlook, rules based order. Secondly, the dollar isn't meddling, it's requested by these countries and for a VERY GOOD reason. Do some research.
With recent talk that China, India and Russia are settling purchases of oil in non-dollar denominations has generated speculation that the dollar’s days as the world’s reserve currency are ending.
The recent discussion around the end of the dollar’s dominance is bereft of any linkage to the reality of international finance.
This is nothing new. There were similar discussion during the financial crisis 15 years ago and, more recently, during the cryptocurrency bubble.
Now, most measures of dollar valuation suggest continued dollar strength.
The dollar accounted for roughly 60% of global currency reserves at the end of last year, which is down from its recent peak of just above 70% in the first part of this century but well above the 50% of 30 years ago.
We find the recent discussion around the end of the dollar dominance bereft of any linkage to the reality of international finance and understanding of the dollar’s role as the anchor of the rules-based order that governs global economics.
Economies like China that run surpluses need dollar-based demand from the United States to make up for their own weak consumption and high savings rates.
Rather, the recent conversation is stoked by global grievances about the relative disparity of economic power and the dead end in which some economies find themselves.
While these economies may desire an end to the dollar’s dominance, they are experiencing major setbacks on their own. Calling for an end to dollar preeminence is premature at best.
The global financial system rests upon the stability of the dollar and the large trade deficit the U.S. runs.
In essence, the United States exports dollar stability for goods and services at a cheaper price and enhances the welfare of its citizens.
In return, the major trading economies get to hold a currency that is sounder than they possess-think of the Chinese yuan, which relies upon the depth of global liquidity markets based on the dollar to maintain that country’s currency regime. That reliance, in turn, reinforces the dollar’s hegemony.
In short, the economies that run surpluses need that dollar-based demand from the United States to make up for their own weak consumption and high savings rates.
China is a case in point. For China, which accounts for 2.7% of global reserves, to become a true reserve currency, it would have to liberalize the yuan. Such a loosening would result in a decline in the ability of the regulatory authority to control credit, relinquishing any control of its capital account and current account.
China would have to be willing to alter its economic framework so that its economy plays the same role as that of the United States.
Given China’s current political arrangements, that will not happen. And the dollar will remain dominant.
Moreover, the soft power of the United States is too often discounted. The rule of law, foreign direct investment-with the notable exception of China and Russia-as well as the dollar’s support of the rules-based order all reinforce U.S. economic and financial power.
The vast majority of international trades, almost 90%, are invoiced in U.S. dollars or euros, according to a recent analysis by the Federal Reserve Bank of New York.
As of the end of last year, the U.S. dollar accounted for 60% of total allocated currency reserves held by central banks.
That corresponds to the 80% of total foreign exchange reserves allocated to the dollar and euro held by central banks at the end of last year. The dollar accounted for 60% and the euro 20%.
China, Russia, India and Saudi Arabia are not in any economic shape to support such a change in the rules-based order. Despite the global economic growth over the past three decades, the current order is simply not going to change at the scale necessary to supplant the American dollar and the global order that rests upon its foundation.
There are only three other economies that have some the qualities needed to support a reserve currency: the euro area, Japan and the United Kingdom.
But none of those have financial markets with the depth and liquidity to form the backbone of international finance and trade.
In the early 2000s, the percentage of dollar and euro reserves was as high as 90%, with the gradual decline since then most likely because of increased trade among smaller economies and, more important, their reduced reliance on the foreign issuance of debt.
The IMF also notes that as stockpiles of foreign currency reserves grow, the case for portfolio diversification has grown as well.
Currencies of smaller economies that have not traditionally figured prominently in reserve portfolios but offer high returns and stability- like the Australian and Canadian dollars, Swedish krona and South Korean won-account for three quarters of the shift from dollars.
Other IMF analysis notes that the dollar is the dominant reserve currency by default. The absence of an alternatives to the safety of dollar-trade invoicing, international funding markets, and the large supply of guaranteed Treasury bonds suggests that the dollar’s role in the global economy is secure.
A reserve currency needs to be stable and safe, a store of value and a medium of exchange, and widely accepted and trusted.
Additional societal and economic criteria for a global reserve currency. These include:
The stability of the political system of the issuing country.
The size and prospects of the economy.
Global integration of its markets and economy.
A transparent and open system
A credible legal system.
The quality of its sovereign debt.
The ability to bear costs associated with a reserve currency.
The size, depth and liquidity of financial markets.
There is good reason for the shared dominance of the dollar and the euro, and, to a lesser extent, the Japanese yen and the British pound.
They represent the major economic centers of the world and operate within the rule of law.
There is good reason that other currencies do not yet qualify. They are either too small (Switzerland), operate under totalitarian regimes (Russia and China), or allow for protectionism (India).
Finally, a reserve currency needs to be market-based, free-floating and, most important, stable. That rules out cryptocurrencies that are prone to wild swings and live outside the regulatory system.
There have been two major reserve currencies in modern times: the British pound until World War II, and the American dollar for the past 75 years.
The traditional U.S. dollar index is the weighted average of the exchange rates of six developed economies: the euro area, Japan, the United Kingdom, Canada, Sweden and Switzerland.
The euro has a weight of 58% in the dollar index and a correlation coefficient of 0.98 based on monthly values of the dollar index and the euro since 1980s.
And there will be differences in the transaction demand for currencies, with the currencies of economies dependent on resource extraction (see Canada and Australia) more affected by trends in economic growth and in particular the price of energy (see Japan again).
Still, we need to recognize that there have been large jumps in the dollar’s value that we attribute to innovation breakthroughs or to financial busts or to consequential policy changes that have affected the demand for U.S. assets.
While crypto advocates can explain away the instability as growing pains, and yes, traditional currencies fluctuate according to their demand, that demand is based on economic and societal factors underlying the currency and not purely on speculative.
The use by the United States, European Union and Japan of its prodigious financial and economic power to address the Russian invasion of Ukraine has rekindled the ideal of de-dollarization.
This is not exactly a new phenomenon. Latin American and Middle Eastern economies have attempted to exit the dollar-based system.
Since the 1970’s Latin American nations like Chile and Venezuela have tried to exit the dollar-based global financial order. Venezuela has for some time attempted to purchase oil in Chinese yuan.
During that past half century, Iraq and Libya attempted to find a solution through the euro and a pan-African solution.
And we should all remember the entreaties by Japan in the late 1980’s for the United States to consider a broader role for the yen before the bursting of the Japanese financial bubble
The BRICS countries could both protect themselves from sanctions and the freezing of their dollars by the US by agreeing to ignore the freezing of their dollar holdings and trade down those holdings (whether they have been froozen or not) with each other and informing the US the froozen dollars have now been spent, as they do so.
on whose ships does cargo get to your nation? Google it.
BRICS ❤❤❤ YEEEESSS💪💪💪
Mereka mencintai muslim Palestina.
I LOVE Brics❤❤
AKU BERDOA SEMOGA NEGARA YANG MEMBANTU MUSLIM PALESTINA MENJADI PENGUASA DUNIA.
AMEEN..
YES YES 🤗🤗🤗
Hahah it’s already causing panic
As a American I hope to see brics take off because the greed of America is its downfall. I’m ashamed of the greed we’ve seen in America over the last 3 years and a new currency like brics would in fact help to crash the US dollar which is needed for us to fight inflation. It’s a necessity at this point. No one is winning. Team Brics from Chicago.
Brics 💪💪💪💪💪💪💪👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍
is not a question, is happening quickly😎
Amazing information!
Strong India Independent World.
Indians should ween themselves of migrating to the West and so should African and Asian nations. Many developing nations choose to migrate to the West seeking political and economic freedom. Tell the people smugglers about BRICS
Strong India Best Scammers.
Convincing other countries to trade in yuan is extremely unlikely.
I agree, considering USA will most likely invade and deliver freedom to such countries.
China doesn't want that either. Have you literally ever heard any Chinese politician ever say that, literally ever? No. You've heard dumbass Americans say dumb stuff to you. The BRICS block is interested in, as a first option, denominating bilateral trade in their own respective currencies -- but more importantly, and as a preferable option, adopting a new currency that is denominated in a basket of goods (presumably a basket of goods that the BRICS bloc has a sizeable economic output of) for multilateral trade that can facilitate an increase in inter-state commerce between these nations. The last thing China wants is loss of control of it's domestic currency, so any use of renmimbi for bilateral trade is functionally a short-stop whose primary goal is simply to accelerate the rate at which the Global South can afford to reorient away from the West and toward China, and why China is only doing so with partners that are substantially economically inferior to it (but who have growth potential that the Chinese investments can profit off of mid to long term). The goal is new common currency for international trade among developing members of the global south, which is used primarily for international trade.
TL;DR: Power structures are what matters most. For the time being, China is benefiting from America pantsing itself and humiliating itself in front of the world continuously for the past ~2 decades, especially since Trump. Everybody is willing to start reorienting trade relationships. The consequences will be borne out over a 30 year period, particularly if the reality of questioning America's supremacy continues unabated, which it almost certainly will, because America stopped being a real country and became a handful of corporations in a trench coat in the 70s-80s.
China doesn't need to convince anybody when China became number one in the world!
Its already being used in that way so your comment is like saying airplanes is unlikely to fly after the Wright brothers have already landed.
India wont let China dominate BRICS. So Yuan is out of the question. They are working on creating a global curruncy together without one country dominating it.
BRING. IT. ON.
This is Global south trading and full cooperation, even in financial settlements, it is clear no need Swift and no need in USD currency. USD is good for trading between US and buyers.
Alternative view to Western media perspectives.
It's definitely not a pipe dream
we are not witnessing the history and end of an empire and the beginning of a new world order
There always has to be an alternate. If all power is vested with one bloc to which there's no challenger they would cross limits
Good job❤❤
SA✊🏿❤️STAND FIRM ❤
Dollar is dead.
Last I checked USD and EURO represent 90% of all international payments. Yeah dead 😂
Thank you Al Jazeera justice for Shireen ❤🙏💯
Thank you
An end to colonialism, finally !!
You strike me as the person who when spilling soup on your best pants starts cursing it is because of colonialism 😂🎉
@@1001Balance Look at you. Your King doesn't wear pants and you have to import Prime Ministers. You can't run businesses, you can't innovate, you can't lead. I feel your pain. Piracy doesn't work so well these days
@@demonridera just to be clear, I am no Chinese 🤣
It will come down to the strongest workers
BRIC'S isn't helping matters. According to some analysis, the United States and other regions of Europe may have a recession in 2023. Because China and emerging countries frequently grow faster than more developed economies, a global recession, which is defined as a decline in annual global per Capita GDP, is more uncommon. Fundamentally, if economic growth lags behind population growth, the global economy is said to be in recession.
I have no issue with arresting Putin, assuming we also arrest Bush, Blair, Obama, Kissinger etc…
Let the average common man attend this meeting with support fron politics..the solutions will never fail as ends-meet sustainably.. i promise for multiple centuries..
In the BRICS group, which country will be the "US"?
Is it India or China? Both of them?
By simply replacing one (potential) bully with another, we won't address the issue effectively.
The proper way to address this is through a reformed United Nations and UN currency.
How's India a bully?..it's probably the least one to infere in others problems
None of them because none among the BRICs has an invasive foreign policy. On the whole planet, no other country is as addicted to imperialism like the US. So really no one could replace the US.
中國熱愛和平,中國對其他的領土和主權沒有想法,更不會干涉,我們知道現在的中國還很窮,所以只希望和諧的發展
Settlement of international payments in 50/50 ratio using both buyer and seller currencies
Also backing all currencies with gold
Yes BRICS can challenge but Chaina is the main issue
In BRICS, few countries like India are playing on both sides of the field, and it is very hard to compete with the USA. As everyone knows, India is a proxy player of the USA in the Asia Pacific to keep check on China and now imagine how BRICS could develop and achieve its goals. It's just a futile exercise.
The world doesn’t need a proxy player. Modi is fairly an opportunist taking advantage of US-China tension. The world needs a new ruler with wisdom, compassionateness, to unite the majority world to break down US hegemony.
Ondia keeps check on China for its own reasons, aside of any U.S. interests.
@janewu3178 you want a "world ruler"
Your crazy.
@@secretsquirrel6718 there's already one world ruler or bully that's USA 🇺🇸
Its not a political pipe dream its the new reality spukuspuku.
true
Hehe yess💯
Hi I'm Ariful Islam leeton im software engineer and members of the international organization and investors public and private Sector and students Harvard Business School
The best that can happen to the world
Yes, we need more colonisation in this world! Let us all help Putin to colonize in 2023
@@jacobjorgensen9922 Well this is a trade organization , not a military "defensive alliance" with 900 military bases around the world , and i dont think Putin needs any help whatsoever
It was sarcasm, my friend! But I get your view on war and humans
And a trade union is not the best that can happen to the world😉
@@jacobjorgensen9922 Maybe not for the west , but the west are not the world anyway , and the world need trade in order to develop , because majority are under development nations.
My vote is for moving the summit for leaders in August to China since China only hosted BRICS virtually last year.
No
😂
The world must come together to remove evil endmerica crooked hagemony .
I think it'll depend on how BRICS reacts under internal stress.
I fear the Anglosphere and EU nations will make an example out of South Africa for not towing the line and obeying their commands.
Ultimately BRICS movement was inevitable.
Like they did when in 2015 South Africa failed to arrest Al-Bashir?
@@zrusit9640 I have no doubts Putin will go and not be arrested.
I'm talking about setting up an institution that basically challenges Western dominance and hegemony. When BRICS becomes a direct threat to the states and it's inner circle, that's when we'll start seeing economic sanctions and maybe even military intervention.
They deeply embedded in the South African political system and judiciary. So expert a lot of drama from mostly whites who probably benefited from apartheid and ANC which enjoyed Soviet/Russian support during the struggle
@@eagle_eye7734 Yeah. I agree. At this stage alot of Western media outlets aren't taking it seriously, some are even mocking the whole idea of BRICS rivalling the G7 and talk of introducing a new currency etc.
Bottom line is the west doesn't like to have their spremacy challenged.
When this gathers pace expect to see anti BRIC propaganda spouted. It'll be South Africa that gets it the worse as they have been the most vocal.
Respect to Naledi Pandor for saying it like it is 👍
So far south africa can perfectly shoot itself in the foot with their eskom/electricity crisis. No need of the west for that
nice go ahead make it happen
No telling what effect it will have on the global economy including americas or what will become of trade globally, food shortages? Shortages on most all consumer goods? I guess we will find out at the same time
Only Brazil is responsible for feeding a large part of the world's population! Everything that is planted here is harvested! The world needs raw materials from "emerging" countries