BRICS summit and bypassing the US dollar
BRICS summit logo
The latest BRICS summit ended in Russia today. Reuters reported the following:
BRICS summit: Key takeaways from the Kazan declaration
Below are the key points from the Kazan declaration, opens new tab issued by the BRICS group after a summit in Russia. …
ON WESTERN SANCTIONS:
“We are deeply concerned about the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions, on the world economy, international trade, and the achievement of the sustainable development goals.”ON THE INTERNATIONAL FINANCIAL SYSTEM’S REFORM:
“We underscore the need to reform the current international financial architecture to meet the global financial challenges including global economic governance to make the international financial architecture more inclusive and just.” https://www.reuters.com/world/factobox-main-points-brics-declaration-2024-10-23/Oct 24 (Reuters) – Russia this week hosted the first summit of the newly expanded BRICS club of emerging economies, with leaders agreeing a set of common projects ranging from a grain exchange to a cross-border payments system. …
ING ANALYSTS DMITRY DOLGIN AND CHRIS TURNER
“President Putin seems to have kicked the idea of a single BRICS currency into the long grass. Instead, the focus is on decreasing the use of the dollar and, where possible, increasing the use of BRICS currencies.” https://www.reuters.com/world/reactions-first-expanded-brics-summit-2024-10-24/
Here is more on the summit:
Can BRICS reshape the financial world order?
October 24, 2024
BRICS’s first summit since its expansion in 2023 discussed proposals to reduce reliance on US dollar and SWIFT system.
BRICS has almost doubled in size in 2024 and its economic and political influence is growing.
The group of emerging economies now represents about half the world’s population and more than a quarter of global gross domestic product. …
BRICS largely wants to reduce global reliance on the US dollar. https://www.aljazeera.com/program/counting-the-cost/2024/10/24/can-brics-reshape-the-financial-world-order
De-dollarisation: More BRICS in the wall
This is the first BRICS summit since Egypt, Ethiopia, Iran, and the UAE joined the bloc earlier this year. Among many things on the agenda is the issue of reducing reliance on the US dollar in international activities. We think the bloc has the most potential to forward its de-dollarisation agenda in FX reserves and fuel trade …
BRICS+ is actively de-dollarising its financial flows from above-average levels, as seen through declining shares of US$ in their cross-border bank claims, international debt securities, and broader external debt. At the same time, BRICS+ has a much smaller global presence in those areas limiting the impact of its regional de-dollarisation for the global role of the US dollar.
Some have suggested central bank digital currency (CBDC) projects such as m-Bridge could be another channel through which the BRICS grouping could de-dollarise the global cross-border payments system. Our experts think this threat may be overestimated in the short term but underestimated in the long term.
BRICS+ countries have been relatively successful in converting their higher global role into a more active usage of their currencies worldwide. The most notable progress over the last four to eight years is seen in the higher share of core BRICS currencies in global payments via SWIFT (6.4% as of 2024) and in OTC FX derivatives (6.8% as of 2022). …
The distant second candidate for replacing the US dollar in the BRICS+ FX reserves is a pool of other DM reserve currencies, which have grown in popularity to a combined share of 35% of global FX reserves (see the table at the end of this article), while non-DM currencies have shown limited progress. We believe that a very modest external debt, 6% of the world’s total (vs. the US’s 21%) is one of the key obstacles to a wider global usage of BRICS+ FX as reserve currencies. 10/23/24 https://think.ing.com/articles/de-dollarisation-more-brics-in-the-wall/
Notice also the following from RT:
US making ‘big mistake’ by weaponizing dollar – Putin
24 October 2024
Weaponizing the US dollar is a big mistake, Russian President Vladimir Putin told a session at the BRICS Summit in Kazan on Wednesday. …
”Yes, indeed, we can see that this is true. In fact, I think it is a big mistake by those who do this. The dollar remains the most important instrument of world finance and using it as a means of achieving political goals undermines confidence in this currency and reduces its capabilities,” the Russian president said.
Russia does not seek to drop the dollar or defeat it, but instead is being “prevented from working with it,” Putin added. “Then we are forced to look for other alternatives, which is what is happening.”
Many Russian financial institutions were cut off from the Western financial system in 2022 in response to Russia’s military operation in Ukraine. As a result, Moscow has accelerated trade with international partners using their national currencies. The trend has been increasingly supported by BRICS members, which have shifted from using the dollar and euro for trade settlements. https://www.rt.com/news/606348-putin-dollar-political-gain/
As I have long warned, the use of financial pressures and sanctions has a cost to the US and its dollar (watch US Sanctions and Tariffs leading to New World Order?).
While the US continues to act like it can dictate financial and other terms on most nations in the world, there is growing resentment.
As various reports related to this BRICS summit confirms, that group continues to take steps to dethrone the US dollar.
Let me add that although the European Union is not part of BRICS+ at this time, part of the reason to develop the Euro was to bypass the need for the US dollar in trade. And that really did accomplish that across much of Europe.
Related to BRICS and the USA dollar, we put together the following video:
BRICS Push Aside USA Dollar
The BRICS nations (Brazil, Russia, India, China, and South Africa) have as one of their founding goals, to eliminate the need to use USA dollars in cross-border trade. Six additional nations have been invited to join BRICS in 2024, and India reports that six more are also being looked at. The BRICS nations have already begun to drop the USA dollar for some cross-border trading with Russia and China, indicating that they had almost done so completely in late 2023. What will happen to the economy and value of the USA dollar if more and more nations stop using it as a primary reserve and trading currency? What about hyperinflation? Does the Bible prophesy destruction for a highly indebted nation in the end time? Is the USA the most indebted nation of all time? What about the intent and use of the Euro? Will Europe and Asia cooperate to eliminate the USA and its British-descended allies?
Here is a link to our video: BRICS Push Aside USA Dollar.
The USA dollar will no longer remain “king.” This will greatly impact the economy of the USA.
As Jesus said: “And what I say to you, I say to all: Watch!” (Mark 13:37).
Some items of possibly related interest may include:
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? What about other peoples? Do you really know what will happen to Europe and the English-speaking peoples? What about Africa, Asia, South America, and the Islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold and silver? Two videos of related interest may be: Germany, Gold, and the US Dollar and Silver, Science, and Scripture.
Russia and Ukraine: Their Origins and Prophesied Future Russia in prophecy. Where do the Russians come from? What about those in the Ukraine? What is prophesied for Russia and its allies? What will they do to the Europeans that supported the Beast in the end? There is also a video sermon available: Russia in the Bible and in Prophecy as are two video sermonettes Russia, Ukraine, Babylonian Europe, and Prophecy and Ukraine in Prophecy?
Is Russia the King of the North? Some claim it is. But what does the Bible teach? Here is a link to a video, also titled Is Russia the King of the North?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is are links to related videos: European history and the Bible, Europe In Prophecy, The End of European Babylon, and Can You Prove that the Beast to Come is European?
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