I see that many are now predicting that BRICS will outperform the G7 this year as a portion of the world economy. It bodes very ill for the U.S. Dollar and its power on world markets. China has been trying for years to find an opening, and Biden provided that when he weaponized the SWIFT system and Russia defeated it and went around the sanctions. Other countries saw what the U.S. had done, and how they were powerless to stop Putin from going around the sanctions. What we are being fed in this country and much of the West is just a total lie to prevent panic. It appears that even France is about to join the BRICS alliance and perhaps leave the G7-G6.
No big fan of Lula, but he certainly has a right to negotiate his own foreign relationships. The U.S. has been the bully of the world, but especially in the Western Hemisphere, and it feels it has the right to do whatever it wants in this hemisphere. Portugal is a little country that has managed to be independent despite it powerful neighbors, and also has the right to conduct its own affairs.
The BRICS meeting in South Africa begins today. This is expected to be the biggest attack on American currency in history. We'll see what our future brings by the end of the week I suspect, and I think we will see how many nations are aligned against us. The markets are uneasy, but Fed Chairman Powell is in Jackson Hole attempting to quiet things as much as he can.
Seems like there’s been little attention given to it. CBS appears to have some interest. https://www.cbsnews.com/news/brics-summit-four-biggest-moments-why-they-matter/
I think the Administration and their minions in the media would like to keep BRICS away form the American public if they can. The new currency was not announced, but it was sent as a "mission" to the members to take back for their respective governments to ponder at next year's meeting. Trade until then will be conducted in local currencies. Saudi Arabia has now officially abandoned the U.S. and joined Russia and China, as has the UAE. Of course Iran has not been our friend for quite some time and Egypt, who has ben on the fence and was our friend under Trump, has now left us under Biden. Argentina and Ethiopia are a mystery to me. If they wanted to injure the U.S. globally, I don't think those would be the nations they would choose. Mexico would have been much more significant, and they applied for membership as well. Ethiopia might have some value to control the Horn of Africa and Argentina can be used to add support to Brazil. The control of most of the world's oil and natural gas supply is now under BRICS control and trades in local currency rather than the Petrodollar, so much of U.S. economic power is now gone.
Putin's current post-inaugural visit to China is now sealing the alliance between the largest resource exporter and the largest nuclear arsenal with the largest manufacturing nation with the world's largest military. This is a result of Biden's crazy foreign policy. The worst imaginable situation has resulted from Biden and NATO's sanctioning of Russia and support for Ukraine and Taiwan, especially the use of SWIFT financial system as a weapon. BRICS is now united around the most powerful political and potentially the most powerful economic alliance ever constructed. Things don't look good for our future.