Topic: The disappointing outcome of BRICS 2024 - page 3. (Read 1420 times)

All this shows that the US administration does not adhere to fair competition.

Why can't BRICS create their own currency? Is this prohibited by some international agreements? Why are the US threatening BRICS countries with high tariffs? Is America against free trade? The US is constantly increasing its external debt, and not only does it not want to pay it off (i.e. solve the problem that it created itself), but at the same time it threatens other countries? This is a very strange economic policy.

Maybe, all countries (including the European Union) need to unite and create a new currency, despite the blackmail of the US. Perhaps this currency should be created on the basis of Bitcoin (using the first cryptocurrency as the basic asset).

I didn't understand the reason for the creation of BRICS at all before. On what basis did such different countries decide to unite? But Trump's threats explain a lot. The countries are simply under enormous pressure from a superpower that does not believe that perfect competition has any meaning or value.

I don’t want to justify or blame anyone, but it seems that reform of the global economy is long overdue.

It's quite an expected reaction, of course 100% of the time he probably said it “in the heat of the moment”, but.... For example, China's policy of subsidizing (often hidden) its producers makes market participants uncompetitive. China has already been given more than one warning, but there was no reaction because the Chinese authorities “turned on the fool mode”, saying “we don't know anything, we don't do anything like that”.... And this happened many times, but there was no reaction..... And negativity tends to accumulate and then look for a “way out”. It seems that this time has come... But whatever it is - without drastic and tough steps, it is impossible to realize what Trump promised and what his voters and, more importantly, his sponsors expect from him....

Placing 100% of tariffs onto BRICS Members is not positve. It creates adversity and pushes the US into the known Bully position. Who likes to do business with a Bully? That apart no one in BRICS wishes to replace the $.

BRICS knows that the carrot method works best. There is a BRICS Credit house  


Source: https://en.wikipedia.org/wiki/BRICS

In Size the lending capabilities of BRICS are not that huge compared to Worldbank and IMF.

BRICS is a lot of wishful thinking. 

In order to understand the history of the joyful squeals and subsequent disappointment of the Russians, it is worth looking at their propaganda in recent years.  Democrats have always been outright “enemies” for Russia, because according to the propaganda, it is the Democrats who are to blame for the sanctions, the collapse of the economy of the standard of living in Russia, and the status of a pariah country for Russia, as well as for helping Ukraine in the fight against Russian terrorists.
The truth propaganda omits that it was thanks to Trump's efforts that Ukraine managed to prepare its army for a Russian attack in 2022, to give a serious response and defeat the advanced units that were rushing to Kiev.

Now there is howling and hysteria on russia, Trump, because Trump promised to stop the war and stop russian aggression. I think it is precisely because he is more traditional and does not support LGBT

Also Trump promises to put China in its place, as well as a group of rogue countries - Iran, North Korea and similar regimes, which again applies to Russia as a rogue and terrorist country. China is already starting to “drain” Russia, because China needs good relations with the U.S. and Russia, a raw material, submissive appendage, will do whatever China tells it to do. 

Is there any Russian who thinks that Trump is theirs? I think they love Trump because he is more traditional and doesn't support LGBT. I can't think of any other reason to love Trump because it doesn't matter who is the president of the United States, their foreign policy doesn't change and their aim is to be the most powerful nation in the world.

Btw I think we all agree that dollar is bad for many nations, the USA exports its inflation in other countries and it's logical that there is a formation called BRICS that wants to get rid of the US dollar but the real question is, will they be able to create a currency better than Dollar?
It's not a good example but overall, every slave wants to become free but when they become free, they have no idea how to live, end up in worse conditions and dream about the time when they were slaves. This isn't about Russia or BRICS, it's just an example to show you that freedom is not easy to keep.

Looks like the “heroic fighters against the dollar” have an unexpected problem on the horizon

Trump threatened BRICS countries with 100 percent duties if they create a new currency to replace the U.S. dollar.
“We demand a commitment from these countries that they will not create a new BRICS currency or support any other currency to replace the mighty US dollar, or they will face 100 percent tariffs and must say goodbye to sales to the wonderful US economy (...) They can go out and find another “sucker.” There is no chance that the BRICS will replace the US dollar in international trade and any country that tries to do so should say goodbye to America,” Trump wrote on his Truth Social platform.

PS And how the russians yelled “Trump is ours!” ))

Our fates are decided. We will all be dead in under 125 years from now.

Yep in enough time the human race will be dead and buried. Maybe AI 🤖 will be the boss much like matrix.

It sounds easy, but why has there been no movement so far to show that US companies will do it? If I remember correctly, the idea of ​​​​relocating factories of Apple and many other companies has been reported in the press since 2017. But I have not seen any progress other than the press constantly talking about it in a meaningless way.
Even Apple and Facebook have had to give in every time the Chinese government introduced harsh policies to limit their operations in China. That shows how much they depend on this country of billion people.

Despite being dubbed the world's factory, but China's goal is to be able to create products that can compete with top American brands. Their ambition is to go global, which is why they have focused on promoting domestic brands in recent years. Don't be naive to think that they create their own products because they are afraid other countries will stop using their manpower.

Do you remember the US ban on HUAWEI? The only reason they did that was because the US was afraid of the rise of China.
As for Europe, they are too dependent on the US and without the US support, they would be nothing more than a dead continent. They are not worth discussing because they do not even have the right to decide their own fate.

The difference is that USA (and rest of the west) could put their manufacturing somewhere else too, they could make them done in India, they could make them done in Bangladesh, Indonesia, whatever place they see fit, they could even spread it to few different nations this time to not give power to a single one, so that it would not be a problem for them later on.

This is the exact reason why China started to make their own product instead of making product for others, because they know that they have a huge manufacturing power, but they also know that maybe one day that will not be used by others, so they are trying to use some of that for their own products to sell all over the world, even if west do not buy it, other parts could, and that's what they are trying to achieve here. I am not saying there isn't a mutual benefit here, but West definitely has the power to change that dynamic quickly if they move their manufacturing to another nation together.

China is considered the world's factory and trade cooperation with the United States and other Western countries is creating benefits for both sides. This means that both are interdependent for survival, not that China is dependent on those countries and they are the weaker party in those relationships. Don't overestimate or exaggerate Western countries and underestimate the world's second largest economy.

Not only Apple but most other corporations will never stop depending on China because no country has a workforce as abundant and cheap as China. Not to mention this is the most populous country in the world, so it is also one of the top consumer markets that any product wants to reach.
According to Apple's report, their total revenue in the third quarter reached 94 billion dollars and the Chinese market contributed 15 billion dollars, this is not a small number and shows how great the influence of the Chinese market on Apple is.

^They are aware that the biggest income for them is the west, it's USA and EU, so if China sides with Russia for too long, what stops them from getting sanctions as well? And while their entire economy is already hanging by a thread because of their idiotic real estate expansion idea, with tens of thousands of empty houses nobody can afford, they will not also want the west to stop putting money into them neither. We are seeing even Apple moving some manufacturing to other nations.

Also think about it, China may have some cheap alternatives to everything, they have cheap electric cars, they have cheap phones, cheap fridges, cheap tv's, basically they are working towards covering the entire poor nations with Chinese products, not "made in China" alone, not west company but manufactured in China, no, I mean Chinese owned companies, like BYD cars, or Huwai phones etc etc, and if sanctions hit, they are going to be hurt a lot. So they need to look nice to west, they have to.

It's a beautiful environment inside BRICS
China is doing the right thing - why should it get dirty with pariah countries, now it needs to make a “good face” and show diligent behavior in front of the US:

Chinese banks have started blocking payments to Russian companies via India, the UAE and Hong Kong

Chinese banks have tightened their checks on payments from India, the UAE and Hong Kong in an attempt to detect a “Russian trace” in them, business representatives told Izvestia.

It is becoming more and more difficult to make payments: credit organizations are analyzing shipping documents - who the goods are going to, where they are going and why, says Alexei Razumovsky, commercial director of Impaya Rus. According to him, such enhanced checks were previously introduced for transfers through Turkey and CIS countries, but now they have spread to other countries.

Chinese banks are “tightening the screws” before Donald Trump comes to power, so the situation will not improve in 2025, warned Alexei Poroshin, CEO of First Group. He recalled that Trump has long ago declared a trade war on China and local banks will not take risks in order not to give an excuse to the new U.S. administration for sanctions.

The difference between the dollar and the US and what you describe is that there are clear boundaries when the dollar can become a “weapon” against someone - as soon as someone violates international agreements or laws, he becomes a criminal to be punished. Neither I nor you can give any other examples, when the USA would impose sanctions and blocking of funds in banks for a harmless and honest country. If I don't know something - give me an example, let's discuss it ?

“.The world's overdependence on the US dollar gives the US too much power.” - the world does not depend on it, it is symbiosis and mutually beneficial work. You don't need to make settlements in 200 currencies, with unstable rates to your currency, any bank accepts the dollar, a huge number of mechanisms for vaimoroschetta, mechanisms for control and resolution of disputes and much more that simplifies life for your economy and other countries. Talking about “dependence” is like saying that trees and plankton have worked us and we depend on them for the oxygen they produce )

PS By the way, and tell me - who forbids your country to pay for imports with your currency ? Tell me please ?

BRICS was born as an economic union, but some toxic members, who have gained “fame” as rogue countries in recent years, are trying to drag all BRICS members into the political mud, only to save the rogue countries themselves by pitting BRICS against the world economy through the political complexes of a few countries.
Until BRICS gets rid of these “toxic friends”, expecting economic success is foolish.

By the way about “strong countries” - objectively there are a couple of them there, and one of them is now experiencing very big difficulties in the economy, and is trying to “export” its problems to other members, and solutions to the problems of the Chinese economy without the restoration of good relations with the West by China are not to be expected.....

Alas,the energy they inputed when they initiated this whole BRICS campaigning has depreciated and that implies and means that  there is low co-operation for expansion amongst themselves.Initially,there ambitions to create a currency that'll overshadow the Dollar currency is currently out of proportion but let's see how all of these would transpire and transverse.

Quite interesting!

It seems that BRICS is mostly hype right now. People talk about it and about wanting to participate, but nobody is willing to put in the effort required.

No one wants to put their own economies on the line in order to contributed to the shared goal.

It reminds me of the Prisoner's Dillema, except all of them would happily take the bribe or walk-out for snitching if they could.

The goal of BRICS is not to replace or eliminate the US dollar from the world, their goal is to reduce dependence on this currency .  The world's over-reliance on the US dollar is giving the US too much power and they are abusing that power for their national interests and using it as a weapon to attack and oppress anyone they deem wrong. While there is no guarantee that BRICS will be better than what the United States is doing , it will at least make the world more balanced and give countries more choices rather than no choices .

A multipolar world with many choices is certainly good for the world but it is puzzling that some people do not like it and they accept dependence and submission to a single power .

The BRICS will undoubtedly be a strong connection as protection for the economy, they are very strong countries, but this is if the dominance of the Dollar ends, I see that it is difficult for that to happen, I know that for now the US economy is decadent, the debt that this Buiden government has left has been very strong and this is a silent bomb, but come on, a generation of politicians is coming in who are knowledgeable on the subject and who know how to get it forward, however the BRICS can become a very great force to support those who do not want to depend on the dollar, knowing that there are also the options of Bitcoin, gold.

BRICS can still work and develop effectively as an economic union, as a part of the world economy, for this purpose it is enough just to throw out of BRICS toxic participants who cannot live according to the laws, with respect for other countries and moreover push other countries to do so. The problem is that, for example, the terrorist country Russia is very profitable for China and partly for India as a submissive raw material appendage. And until a new “iron curtain” falls around Russia, they will receive cheap natural resources from Russia in exchange for “glass beads”....