Topic: The disappointing outcome of BRICS 2024 - page 5. (Read 1650 times)

If there are replacements, they can just say that they are doing the best they can. Like many believe, this doesn't have to work in a perfect way and make them all rich, economy all around the world is terrible, not like dollar is doing great, look at how much purchasing power a regular person lost in USA to see how dollar is losing value too, they printed more than 50% of the dollars in existence in the past five years, only reason why they are strong is because they spend a trillion dollars to military every year.

However, if we are talking about why these other nations (brics) is weaker, it is not just because of military power, obviously not, it's because they are not really ruled properly. USA may get some shit from people, but they are ruled properly, even a criminal got elected lol, the "freedom" they talk is real, and I mean very real, you can flip the bird to trump to his face, and nothing will happen. Try that in Russia or China, you will soon "disappear" without anyone knowing what happened to you.

I think there are a number of obstacles to the de-dollarization and BRICS currency ambition, 1 thing is that not all member countries, including India and Brazil, are fully on board with Russia's anti-Western stance, instead, they look to a far wider economic collaboration without directly opposing the dollar. It is also questionable how practical a single BRICS currency can be, considering the different economic goals and systems of its members, which make unified action rather difficult.

Besides that, economic integration within BRICS still remains limited, the internal trade constitutes but a tiny fraction of global trade, the lion's share of which is still performed using the dollar. That reliance on the global payment system represented by SWIFT and dollar based settlements implies that a clean break with the dollar is impossible in the near term. Particularly, attempts at creating an independent economic bloc are complicated by the fact that BRICS members remain deeply linked to the external markets of the US and Europe as a means of not undermining their own growth and stability.

I must commend your constructiveness and disposition in this article, it shows you understand the politics and economics around the BRICS of a thing and how they want to use it against the USD, and Western powers and their allies. But a "house built on a conspiracy will not stand."

Russia will also continue to prove the boss as every new development I see about BRICS is all about Russia. The latest one was the new BRICS Pay, and guess what again? The only version we saw was in Russian Ruppe.

This could be technically viewed as an alliance being forced on others due to political ties and respect for each other, but the real questions are; are they ready? Are they capable? I doubt that because the economic and political "might" of the USA and USD did not just happen today, and has been built on a solid foundation with huge branches across the globe.

Yeah, there is really not going to be something that will based on this at all. Think about this, if there is a BRICS method of moving money, then that would mean that it would only be between BRICS nations.

So what we are talking about here is the only downside would be BRICS nations which uses dollars to money to move money between other BRICS nations. That means, we are going to end up seeing only BRICS to BRICS that was done on Dollar to move to a new method. Does that really considered to be something high? I do not think that they were using all that much dollars anyway, and that is why I do not think that change would be anything all that complicated at all, we are not going to see Dollar be impacted.

In my opinion, in order to create a geopolitical union, there must be some factor that unites all the participants of this union.

What unites the BRICS countries? Geographical location? No. Single economic zone? No. Single currency? Also no.

Most of the countries that joined BRICS do not want to feud with the US and other Western countries, and do not want to give up the dollar as the world reserve currency. At the same time, these countries probably have a need to declare that the current world order is not entirely fair.

After all, almost all world trade is by sea and is controlled by English-speaking countries. That is, in my opinion, we are not talking about creating an effective and viable geopolitical union (too many different and dissimilar countries have joined this union).

Probably, we are talking about some message that developing countries want to convey to developed Western countries (which currently control all trade and financial flows of the world).

So who did he actually impose sanctions on ? Against the citizens of his country, who now will not receive products from Kazakhstan, and what is the most subtle - and Russia has nothing to replace it ! I.e. Putin has simply punished his citizens, he has never cared about them - they are only obedient labor force and expendable material for him ...
And Kazakhstan will find markets outside of Russia and will not return to them again. It's like the EU scare - “we'll be left without gas”. EU almost 90% refused from Russian gas, EU solved its problem by finding alternative suppliers, Russia lost this market forever, and has to either burn gas or sell it to China for pennies )

By the way, China has a strong enough influence on Kazakhstan, that's why Russia squeals when Kazakhstan makes decisions that Russia didn't expect, because it understands perfectly well - China is behind Kazakhstan, and you can't behave aggressively with Kazakhstan, you can “get a slap on the head from the master”

That didn't stop Russia from sanctioning others.

https://www.politico.eu/article/russia-bans-vegetables-from-kazakhstan-after-country-refuses-to-join-brics/

That demonstrates how a homogeneous a country acts in many ways.
It shows that there is little symmetry between ministers and Putin himself

The fact is that they will not be able to replace SWIFT (international payment system). What they will be able to do is a mimish SWIFT “on minimal”, for a small group of countries, for internal mutual settlements, and to a large extent - afraid of sanctions for violations they plan to make:)
But the essence of the key mistake of the “BRICS joy” is that they will be forced to interact with the rest of the world, because the BRICS will not be able to “close themselves in the BRICS shell” - it is absolutely not a self-sufficient union.

This is a result of the weaponization of the US Dollar. The Biden administration is to blame for this. Fortunately, Trump won the presidency again. So BRICS will no longer have a reason to exist. Or at least, it won't have a need to make an international monetary system of its own. Trump is known to be a staunch ally of Putin. I'm certain things will go well between the US and Russia within the next 4 years.

It's likely countries that once rejected the USD because of sanctions, will start using it again. A win-win for both the US and foreign countries. In the worse case scenario, BRICS can use an existing Blockchain network instead of making one from scratch. It could either use Bitcoin, XRP, Ethereum, or any of the many public blockchain networks (cryptocurrencies) we know and love today. Bitcoin seems to be the most likely option due to its store of value properties just like Gold. Some countries outside the bloc already made it legal tender, so adding a BTC reserve should be a no-brainer. If BRICS adopts Bitcoin, it will usher a new era in decentralized economics. It's an uncertain future. Therefore, I'd hope for the best.

BRICS is nothing more than a replacement of SWIFT.
It's hard to imagine that it goes further as Russia would like it.
I wonder how the BRICS nations wish to make a unique currency where the two factor they have in common, lack of their citizens purchase powers plus currencies not internationally accepted.

It seems that the joy of some people regarding the results of the US elections was ill-considered and now BRICS will face difficult times

The first problem is Trump's tough policy on China. China, with its economy in the state it is in now, receiving “gifts from Trump” may be if not fatal, but such that it will set China back for many years, with no prospects for quick fixes.  And this is after a blow from the EU, with their decision to raise duties on Chinese cars. You have to realize that in quantitative terms, the EU buys 40% of the Chinese car industry. In monetary terms, that's almost 60% of the car industry's profits.
But this is only the beginning of the problems. Further we will observe even faster degradation of economy of Chinese raw material appendage - Russia (terrorist country) ! The decline in production in China will definitely reduce the demand for resources that Russia supplies to its master for a penny.... Falling demand for resources means falling incomes and markets inside Russia (terrorist country).

And that's not all - it was Trump who stated that his goal is to reduce the price of oil to 50 dollars.... In a word it will be interesting !

PS At the same time, as part of the fight against terrorism, as Trump promised, all rogue countries and terrorists - Iran North Korea and ... again Russia

I highly recommend studying the financial interaction between russia and China. since 2022, when russia started a new stage of war against Ukraine, and started a large-scale terrorist war against Ukraine, russia has had problems with oil and gas sales. This accounts for half of Russia's total income (selling raw materials, in fact). Most of the oil, the terrorist countries, now actively 2 countries China and India. So find out how is the mutual settlement in rubles, yuan and rupee ? You will be surprised, but India simply blocked all the funds of Russia, for the sold oil, promising to return them later, somehow, in the form of dividends, from ... and China, paying for oil with yuan, simply does not allow to buy anything worthwhile in China for “dirty” yuan (dirty with Russia). It is “Russia's best friend” and “partner” in BRICS  

Let me remind you once again: BRICS is not a union of partners, it is a union of competitors, where the smartest are trying to maximize their profits by destroying some countries without the slightest hesitation. Or do the latest examples tell a different story ?

No sooner had I said that the presence of some countries in the BRICS is just a ploy to get additional benefits from the “suffering” pariah countries than some surprising news appeared:

Russia has started emergency purchases of butter from the UAE.
For those who did not understand the news - I explain.
There is a Vologda region in Russia. It is famous for its butter.
So the UAE is almost half the size of the Vologda region.
In addition, the UAE is a country created entirely in the desert. There is nothing but desert there. There are regular sandstorms there. In the summer, it's +50 in the shade.
And now huge Russia (the largest country by territory, 40% of the world's natural resources, ....) has rushed to buy butter from these tiny desert Emirates.
Boundless Russia. With all its endless flooded meadows and generous fields, with all its centuries-old praised cows, with all the “rich traditions of agriculture”.
Russia just doesn't care about oil. Russia is busy making cannons.
But cannons are good at killing people, but cannons are not good at feeding people.
That's why we need to ask for oil from the Emirates. But at the same time you must continue to shout about the greatness of Russia.

PS And “the cherry on the cake” - do you know for what currency the UAE sells its oil to “the richest Russia”? Yes, you guessed it - for US DOLLARS 

I never knew if Brics would have a single currency, I don't think they would do that. BRICS countries are examining various alternatives including digital currencies.
For example, countries like China and Russia have made great progress in the field of central bank digital currencies CBDC, so issuing a digital currency under the BRICS umbrella is also among the options.
Or they could issue a common currency in the future, but I don't think they would force any BRICS member to do so.
Not a disappointment, they are slowly expanding and getting more participation.

You are misunderstanding the nature of this process They don't refuse to accept them they can't service them. And whatever China has - China has it, and the “great Russia which fights the US and the dollar” strongly recommended everyone to bring with them ... dollars, which Russia will gladly accept ! Don't you think it is comical and pathetic against the background of statements of Russian President Putin (international criminal) that the dollar is worthless and should be gotten rid of ?

UnionPay is a good Chinese payment system, but it is centrally managed by the Chinese government with all the possible peculiarities, which is also worth paying attention to. It works in my country and payments are accepted.

Regarding Turkey - I will say at once that this is my personal opinion, to me today's steps of Turkey seem to be just a game to get more profit. Turkey is not making an unambiguous choice to one side or the other, Turkey is trying to maneuver, extracting maximum benefits for itself from today's “dynamic situation”. But here is what I support - it is better for Turkey to choose the vector of the EU and the Western market than to “tight embrace” with the pariah countries or criminal countries.
Although Turkey can use these countries for its current benefit, like China made Russia its slave and raw materials appendage

PS Turkey is a beautiful country, I used to vacation there every year and traveled the country from Istambul to Mersin. Culture, history, nature, national cuisine - everything deserves attention !

If they refuse to accept Visa or MasterCard, that's not a problem because China has UnionPay and that's very good too. I have been using UnionPay for years and can't find a difference between it and Visa or Mastercard. I was always able to pay everywhere with it. So if they ban Visa and Mastercard, they have UnionPay. This is not their weak point.

Btw I don't like the idea of joining BRICS and I hope my country won't join it. What's on the table for any country to join BRICS? Dedolarisation? Isn't it better to join the EU? Not every country can join EU because of their location but I think Turkey will do better in the EU than in BRICS. The problem is that the EU takes too long to accept countries and that's what makes BRICS stronger with the help of corrupt politicians. Russian FSB is doing a great job.

It seems that the de-dollarization of BRICS also went down the drain, “thanks to the efforts” of President Putin (an international criminal). As it turned out, as a result of the BRICS2024 summit, India, UAE, Brazil, Egypt, and to a large extent China, abandoned the path of dedollarization. They were smart enough to understand that dedollarization, in today's situation, is the loss of world markets.  This is coming from the countries that make up 75%+ of the BRICS economy. The rest of the “fighters against the dollar” look like bums (although from the point of view of economic solvency they look like that), who tell everyone that they “will not pay attention to the flirtations of Miss World” 

PS And what is very indicative - if you compare the results of the summit in the Western media and the Kremlin media, you will see a surprising, almost diametrical difference in information. Therefore, I recommend to use adequate media as sources of information, not “manual media” of dictators/criminals like Russian, Iranian and similar.

A few observations after the summit.
One of the goals of the summit was for the Russian dictator (and international criminal) to show that he is not an outcast and has some importance.
What really happened in Kazan ?
To understand whether Putin's “Russia is the leader of BRICS” narrative is working or not ?   The answer is very simple - no, Russia is not a leader in BRICS. The leader of BRICS from an economic point of view is China, and China's competitor in the organization is India, not Russia.
It goes without saying that in Russia, propaganda channels were going around talking about the “huge importance” of Putin's meeting with Chinese President Xi Jinping.
But if you read the media of the free and adequate world, the main event for them was the first meeting between Xi Jinping and Narendra Modi, Prime Minister of India, in five years.
Well, and the classic question that has been worrying many people for the last few years - the members of the BRICS alliance - are they allies and partners or ... ? ?
As practice and the summit have shown, at the moment, they are rather competitors fighting for personal gains. And even the huge expectations of the Russian dictator to unite the “global south” under the idea of “anti-American union and the fight against the dollar” failed, because most of the BRICS countries are interested in cooperation with Western countries.

Clearly the disadvantages are much higher than the advantages.
Those ministers don't have companies which buy at the international markets. The US Dollar is accepted in most parts of the world. Not much goods are needed from the non Dollar community.

Both ministers not coming from the economical sphere of a country does not help. Both are career politician. Politics went haywire since no skilled people are at the helm of a country.  


https://en.wikipedia.org/wiki/Ned_Nwoko


https://en.wikipedia.org/wiki/Mohammed_Ali_Ndume

What I absolutely agree with is that there should always be an alternative and healthy competition ! It would be foolish to support alternative-free monopolization. But as always, there are nuances
1. The dollar model of international settlements is convenient, familiar, and integrated into many world processes.
2. YES, it brings additional “bonuses” to the USA, it is also stupid to deny. And it makes some less successful people wildly jealous. Yes, the U.S. was once smarter, more nimble and cunning.
3. Yes, they allow to punish some regimes and countries. And this also does not like it, and first of all the countries that are criminals or playing on the edge of legality and lawlessness. And TODAY this is the main reason why the BRICS, Russia in the first place, tells tales about “useless dollar”, an alliance against the US and the dollar. I remember from all the time of the USSR as from all TV, radio in schools and factories, we were told from morning till night that “the dollar will soon die”, “the Western world will collapse”, and other propaganda nonsense. Question - where is the USSR with its “strong ruble and beautiful socialism”? ))
4. BRICS was and hopefully will remain an economic union. And a union for the sake of IMPROVEMENTS, not a union against someone/something.   And its results have shown that adequate and powerful BRICS participants realize where they want to be pushed, and therefore they refuse from an alliance “against someone”, especially when they are pushed to “oppose” those with whom BRICS benefits - the Western markets. That is why the BRICS said: we are not fighting the dollar, we are creating a convenient mechanism of mutual settlements within the BRICS. WE will not oppose the US, we will build mutually beneficial conditions for all, including mutually beneficial interaction with other unions, payment systems and countries. BRICS is not a self-isolated union from the whole world, it is an economic union of countries that have common interests and want to establish more comfortable economic relations between them.