BRICS Summit Hints at Future Gold-Backed World Currency Alternative to Dollar

The BRICS coalition of nations, which started out as a 5-nation coalition, expanded to include 4 new countries (Egypt, Ethiopia, Iran, UAE), and now includes a couple dozen more countries wanting in to the club, met again this year, with the prevailing theme being the urgency of creating a world financial alternative to the western-dominated one. Russia is leading the charge, with China right beside, and both are now pushing for a gold-backed BRICS currency.

Russia’s Finance Minister Anton Siluanov declared,” The IMF and the World Bank are not performing their roles. They are not working in the interests of BRICS countries. It is necessary to form new conditions or even new institutions, similar to the Bretton Woods institutions, but within the framework of our community, within the framework of BRICS.”

The BRICS Coalition, with some exceptions, seems to be forming a Global South Coalition rather than an Eastern one, meaning the polarity of world power is starting to form around northern and southern powers (with some notable exceptions, such as Russia) rather than Eastern and Western ones (which also includes exceptions).

Anti-West BRICS Summit Unites Biggest U.S. Enemies – PJ Media– pjmedia.com
Source Link
Excerpt:

The BRICS coalition of nations, which last year touted its expansion and determination to undermine U.S. currency’s global status, is once again bringing together powerful dictatorships to challenge the West, especially America.

As the world’s greatest mass murderer, the Chinese Communist Party (CCP), dictatorial Russia, jihad-sponsoring Iran, and the other regime leaders of the BRICS nations gather in Russia for the BRICS Summit, the CCP has made it clear that the nations’ coalition is a rival to the West. “Unlike the ideological offensive and defensive alliances formed by some Western countries, the BRICS cooperation mechanism embraces diverse political systems and economic development models,” CCP outlet Global Times babbled. It’s propaganda but still worth noting, especially in light of last year‘s BRICS goal of de-dollarization — a move away from the U.S. dollar as world reserve currency. That’s a goal the CCP highlighted again this year.

This comes as an unknown number of Chinese spies infiltrate through our southern border as illegal aliens. Indeed, The Federalist covered a Congressional report last week that Chinese Communist spying has increased across 20 states since pro-China Joe Biden and Kamala Harris took office. The CCP wants to prevent a Trump presidency, undermine the U.S. dollar, and keep the U.S. weak — which is exactly what Russia and Iran want, too. These countries are spying on the U.S. and funding our politicians. Yes, BRICS is a threat, but that is why we need new leadership in America from the White House on down.

In the article I cited above, CCP’s Global Times used a lot of nonsense words to emphasize its ambitious goals for BRICS.

From the Middle East to Africa, from Asia to Latin America, the expansion of BRICS is an inevitable result of aligning with globalization trends to promote win-win cooperation. The expanded “Greater BRICS” now accounts for nearly half of the world’s population, with greater strength and broader representation…the economic output of the “Greater BRICS,” calculated by purchasing power parity, has already surpassed that of the G7…joining BRICS helps promote economic development, improve trade levels, attract more investment, reduce reliance on the US dollar, and enhance their country’s international standing…

Additionally, the charm of the “Greater BRICS” lies in that in an increasingly fragmented world, it allows the Global South, which lags behind the West in economic development, to see the power of unity and collaboration, as well as the hope of catching up

In another article, Global Times pontificated, “While organizations such as the United Nations and the World Bank remain crucial, BRICS brings new energy and perspectives by prioritizing the needs and aspirations of the Global South.” The CCP outlet added:

A key contribution of BRICS lies in its efforts to advance inclusive economic globalization. For decades, the benefits of global economic growth have disproportionately flowed to the West, leaving much of the developing world on the margins. Closer and enlarged BRICS cooperation promises to rebalance this dynamic by promoting investment, infrastructure development, and trade that align with the specific priorities of the Global South.

BRICS aims to rival and eventually usurp the power of corrupt globalist organizations like the UN. Of course, the Islamic jihadis backed by Iran and the CCP already seem to dominate the UN. Yes, this is what it looks like when genocidal dictatorships try to take over the world. That’s not Sci-fi or comic book exaggeration; it’s reality.

For Our VIPs: IDF Affirms Hamas-Issued Gaza Casualties Are Exaggerated as Westerners Bewail Gaza

The CCP is extremely open about its goal of being the “Middle Kingdom,” by which it means the center of the world, the sun around which all other nations revolve. The Iranian regime has affirmed that “Death to America” is one of its main slogans, and it has threatened to assassinate Donald Trump and other U.S. politicians. Russia hates the Biden-Harris administration for funding Ukrainian oligarchs. The other BRICS nations, including Brazil, also resent U.S. influence.

All of which is to say that when you vote this year, don’t just vote for Republicans who will take on domestic problems, but for leaders like Donald Trump who will challenge and contain the dictators desperate to destroy us.

Russia urges BRICS to create global financial alternative to Western-controlled IMF – Firstpost
Source Link
Excerpt:

…. Russia as the current chair of the BRICS group has urged the member countries to form an alternative to the International Monetary Fund (IMF) in a bid to counterbalance the political influence exerted by Western nations ahead of the upcoming BRICS summit this month.,,

Russian Finance Minister Anton Siluanov, who is hosting the meeting, said the global financial system is controlled by Western countries and that the group, which represents 37% of the global economy, needs to create an alternative.

”The IMF and the World Bank are not performing their roles. They are not working in the interests of BRICS countries,” Siluanov said at an event on the first day of the meeting.

”It is necessary to form new conditions or even new institutions, similar to the Bretton Woods institutions, but within the framework of our community, within the framework of BRICS,” Siluanov added.

BRICS Summit Kicks Off With Welcome To “Record Gold Prices”– wltreport.com
Source Link
Excerpt:

An expanding group of nations are backing a new form of money aimed at disrupting the Western status quo and dethroning the U.S. dollar as the world’s reserve currency.

At a meeting this week, representatives from these BRICS nations met to discuss their strategy at a summit that coincided with an all-time record-high price for gold.

BRICS kicking off their summit by welcoming Record Gold Prices to the table …pic.twitter.com/jHyaki3F9a

— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) October 22, 2024

 

That “new world order” involves a gold-back currency that could become an existential threat to the U.S. dollar and, as nations around the world invest in gold as a hedge, the precious metal’s price continues to soar.

Russia hosts BRICS summit, pushes new world order agenda to rival West – cnbc
Source Link
Excerpt:

Russia is rolling out the red carpet to its geopolitical allies as it hosts the latest BRICS summit on Tuesday, pushing its agenda to create a “new world order” that challenges the West.

The group was initially comprised of Brazil, Russia, India and China before South Africa joined in 2010, giving the organization of rapidly economically-developing nations its current name. It has since morphed into a geopolitical forum for the world’s most powerful nations outside of the West.

The BRICS now have additional clout after Egypt, Ethiopia, Iran and the United Arab Emirates joined the group in January, with membership to the bloc becoming an attractive prospect for countries looking to boost trade, investment and economic development.

Russia has been trying to woo what’s collectively known as the “Global South” — or economically-developing countries in Asia, Africa, the Middle East and Latin America — and contrast to the “Global North” of industrialized nations, traditionally led by the U.S.

Russian President Vladimir Putin frequently comments on his ambition to establish what he calls a “new world order” to rival and usurp the geopolitical and economic pre-eminence enjoyed by the U.S.-led West.

Russia, holder of the rotating BRICS presidency and economically isolated and heavily sanctioned by the West, can also turn to this year’s summit to demonstrate that it still commands respect on the global stage and has powerful allies willing to turn a blind eye to its ongoing war in Ukraine.

Putin has described the beefed-up BRICS group as a “strong indication of the growing authority of the association and its role in international affairs” and signaled on Friday that he intends for the so-called “BRICS +” format to challenge the West on both a geopolitical and economic front.

“The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will generate the main increase in global GDP,” Putin told officials and businessmen last Friday at the BRICS business forum in Moscow, which precedes the group’s summit, in comments translated by Reuters.

“The economic growth of BRICS members will increasingly depend less on external influence or interference. This is essentially economic sovereignty,” Putin added.

Earlier in October, Putin said Moscow was open to using the summit for discussions with its allies on the “the parameters of interaction in the emerging multipolar world, and is open to discussing the issues of building a new world order with all our friends, partners and like-minded people,” he said, according to Russian state-owned news agency Tass.

Putin added that “it is in this spirit that we are preparing the BRICS and Outreach/BRICS Plus summit,” referring to the last day of the three-day summit when officials from almost 40 Asian, African, Middle Eastern and Latin American countries are attending as part of the group’s bid to expand ties with the “Global South.”

PM’s Modi Full Speech At 16th BRICS Summit In Russia– www.ndtv.com
Source Link
Excerpt:

Prime Minister Narendra Modi today strongly pitched for “single-minded” focus and “firm support” of all in combating terrorism, asserting that there is no place for “double standards” to deal with the challenge. In an address at the 16th BRICS Summit, PM Modi also underlined the need to take “active steps” to stop the radicalisation of young people.

Here’s PM Modi’s full speech at the BRICS Summit.

Your Highness,

Excellencies,

Ladies and Gentlemen,

Congratulations to President Putin for the excellent organisation of the 16th BRICS Summit.

And, once again, a warm welcome to all the new friends who have joined BRICS. In its new avatar, BRICS accounts for 40 per cent of the world’s humanity and about 30 per cent of the global economy.

In the last nearly two decades, BRICS has achieved many milestones.I am confident that in the times to come, this organisation will emerge as a more effective medium to face global challenges.

I would also like to convey warm greetings to Her Excellency Dilma Rousseff, President of the New Development Bank.

Friends,

In the last 10 years, this bank has emerged as an important option for the development needs of the countries of the Global South. The opening of GIFT or Gujarat International Finance Tech City in India as well as regional centres in Africa and Russia has boosted the activities of this bank. And, development projects worth about $35 billion have been sanctioned. NDB should continue to work on the basis of the demand driven principle. And, while expanding the bank, ensuring long-term financial sustainability, healthy credit rating and market access should remain a priority.

Friends,

In its new expanded avatar, BRICS has emerged as an economy of more than $30 trillion. The BRICS Business Council and the BRICS Women Business Alliance have played a special role in increasing our economic cooperation.

This year, the consensus reached within BRICS on WTO reforms, trade facilitation in agriculture, resilient supply chains, e-commerce and Special Economic Zones will strengthen our economic cooperation. Amidst all these initiatives, we should also focus on the interests of small and medium scale industries.

I am pleased that the BRICS Startup Forum proposed during India’s presidency in 2021 will be launched this year. The Railway Research Network initiative taken by India is also playing an important role in increasing logistics and supply chain connectivity among BRICS countries. This year, the consensus reached by BRICS countries, in collaboration with UNIDO, to prepare a skilled workforce for Industry 4.0 is quite significant.

The BRICS Vaccine R&D Centre launched in 2022 is helping increase health security in all the countries. We would be happy to share India’s successful experience in Digital Health with BRICS partners.

Friends,

Climate change has been a subject of our common priority. The consensus reached for the BRICS Open Carbon Market Partnership under Russia’s presidency is welcome. In India too, special emphasis is being laid on green growth, climate resilient infrastructure and green transition. Indeed, India has taken up several initiatives like the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE i.e. Lifestyle for Environment, Ek Ped Maa Ke Naam.

Last year, during COP-28, we started an important initiative called Green Credit. I invite BRICS partners to join these initiatives.

Special emphasis is being laid on the construction of infrastructure in all BRICS countries. We have established a digital platform called the Gati-Shakti portal to rapidly expand multi-modal connectivity in India. This has helped in integrated infrastructure development planning and implementation and has reduced logistics costs.

We will be happy to share our experiences with all of you.

Friends,

We welcome efforts to increase financial integration among BRICS countries.

Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries.

Last year, together with His Highness Sheikh Mohamed, it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area.

Friends,

India is fully committed to increasing cooperation under BRICS. Our strong belief in our diversity and multipolarity is our strength. This strength of ours, and our shared belief in humanity, will help in giving a meaningful shape to a prosperous and a bright future for the generations to come.

I thank everyone for today’s very important and valuable discussions. As the next President of BRICS, I extend my heartfelt best wishes to President Lula. India will give its full support for the success of your BRICS presidency.

Once again, many thanks to President Putin and all the leaders.

(This is the approximate translation of the Prime Minister’s remarks. Original remarks were delivered in Hindi.)

Xi and Putin vow stronger China-Russia cooperation for ‘fair world order’ at Brics summit – scmp.com

Ukraine Blasts U.N.’s Guterres Over Invitation to BRICS Summit in Russia  U.S. News & World Report