I confess to very little understanding of finance and economics but this BRICS movement seems to me something that should be a major concern. It very much has to do with the U.S.
BRICS is something few Americans really know about, and it is a concerted effort to destroy the Dollar (especially) and the Euro, and replace it with a gold-based crypto currency. China has been slowly offloading their holdings in dollars, especially since they have moved the "takeover" date forward 25 years now. The sanctions placed on Russia by the West, i.e., the U.S. have made a lot of nations realize that the same can be done to them if they piss off Uncle Sam. Iran and Saudi Arabia have both signed on now, and it is interesting that the nations Trump separated such as Iran and Saudi Arabia, Biden has pushed together in an alliance against us. Iran now no longer cares about sanctions and is free to pursue nuclear development and Russia and China are supporting that effort. China is negotiating with OPEC and the other petroleum-producing countries to ignore the West and deal with the BRICS alliance instead. China and India particularly have an appetite for energy as they race to pass the U.S, economy as the #1 and # tow economic power, leaving America as #3.
I wish every American and European could view that video. I demonstrates how badly the U.S. has managed its foreign policy, especially under this administration. Trump was somewhat naïve in foreign policy, but he listened to foreign leaders and heard what they wanted and where they were coming from. That is why he scored so many successes and kept us out of the very problems that Biden as led us into. The abandonment of Afghanistan and the Ukraine war and sanctions on Russia being the worst errors. Biden acts as though he is a Russia and China agent; perhaps he is. Shutting down the pipelines and domestic oil production played into Russia's hands, and using the SWIFT system to sanction Russia is exactly what China wanted done, as it gave them the "trump" card to play against the West and expand BRICS to destroy the Dollar. The United States may be gone by the 2024 election, and the American people don't realize what danger we are in.
Mexico has officially applied to join BRICS. They were working well with Trump, but Biden has abandoned them, so they have signed with Russia and China, so we have an economic enemy to the south. Will the rest of Latin America go with Mexico and Brazil?
Prices keep rising every few weeks, it is just a matter of time and the second depression starts. I was shocked the other day while shopping at the local mafia store. I walked past the chip shelves and noticed that the potato chips in the tube which jumped a dollar and fifty cents in one year was like 2.19 there at the mafia store and I went next door to finish my shopping at the dollar store and their chips same brand were still like 2.50. There is no place to shop any longer that are not gouging shoppers. All this should have stopped last year when the covid attack was over with, the manufacturers and food suppliers are full out thieves now. Most of this is due to biden forcing people out of work and making living three times higher. I can't imagine anyone voting for someone so evil and inept. A hamburger flipper making all that money now is finding out about economics and how it works. Anyone over 20 knew when they jacked up the labor cost there was no end game and there is nothing for sale less than 5 bucks, that's a fact. If it continues a lot of us are going to need a community pot to eat. My favorite movie scene in the 70s was Oklahoma Crude George C Scott and Jack Palance, Opening scene was Scott as a hobo sitting around a hobo pot where everyone that wanted to eat had to throw in a vegetable of some kind. That must have been an insight to the future. Just imagine what it will be like 2 years from now, that little excuse of a raise on SS wasn't enough to buy bath soap.
BRICS+ is now getting large enough that they are contemplating pulling an unofficial "boycott" of the dollar. I don't know if they will manage to do this, but if they do, there will be hyperinflation such has never been seen. We have seen hyperinflation in Venezuela, Zimbabwe, Argentina, and, of course, the Weimar Republic prior to WWII, but we have never seen hyperinflation of a "reserve currency". All the dollars in the world could suddenly come home and there would be such a surplus of funds, that we wouldn't know what to do with it. Can you imagine if China decided to stop accepting dollars as payment for manufactured goods? We could be forced to convert dollars to Yuan or Renminbi at the rate determined either by the market or the Chinese government. That is what the U.S. has been forcing other nations to do for over 50 years, and the hen has perhaps come home to roost. Here is a thing on the Chinese currency. BRICS really wants to create a gold-backed crypto currency that would not be attached to any particular nation. This entire thing has been precipitated by the incompetence of the current U.S. administration. The abandonment of Afghanistan brought the idea that the U.S. would walk away not only form countries of "occupation" but from allies as well, for the allies were not apprised of what Biden planned to do there. The second step was removing Russia from the SWIFT system. That showed the world, especially third world nations, that America would weaponize the financial system if you didn't knuckle under to our wishes. It especially woke up India, while not really a third-world country, it has been largely ignored by the U.S. except Trump. Stand by for financial chaos, for Biden (in addition to joking about dead children) has assured us the banking system is as secure as the Afghan military who was among the best in the world and would never succumb to the rag-tag Taliban.
“In total, the BRICS grouping as it currently stands accounts for over 40% of the global population and nearly a quarter of the world’s GDP. The GDP figure is expected to double to 50% of global GDP by 2030. Expanding BRICS will immediately accelerate that process.” https://www.silkroadbriefing.com/news/2022/11/09/the-new-candidate-countries-for-brics-expansion/
Many have been added since November of last year. I know at least Mexico has applied for membership, and I think Venezuela and Kenya as well but not sure.
I think we err when we presume that the Biden Administration is inept. While Joe Biden, as a senile puppet, probably has very little to say about what his Administration does, those who are actually in charge, I think, are doing just what they intended to do, which is to turn the United States into a third-world nation, without global power, placing the reigns of the new world order in someone else's hands. Since the plan is to force rather than persuade, this makes sense.