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faab64@diasp.org
Farhad A

BRICS Dropping US Dollar, Working on New Reserve Currency: #Brazil's Lula | August 24, 2023:

"The #BRICS economic alliance plans to abandon the U.S. dollar in trade settlements and develop a new reserve currency while promoting the use of local currencies, Brazil's president said at the bloc's 15th annual summit in #Johannesburg, #SouthAfrica.

Brazilian President Luiz Inacio #Lula da Silva championed a medium- to long-term objective of creating a new reserve currency to fight against the U.S. dollar hegemony. Until then, the coalition will encourage the further utilization of members' national currencies in bilateral trade.

"The creation of a currency for commercial transactions and investments between BRICS members increases our payment conditions and reduces our vulnerabilities," Mr. Lula stated before the summit audience, adding that developing nations should be hit with higher interest rates than what affluent countries experience.

The best mechanism, he noted, is to bolster liquidity, increase favorable financing terms, and abolish conditionalities, suggesting that the “structural readjustment” is an indictment of the policies presented by the International Monetary Fund ( #IMF) and the #WorldBank.

"The multilateral trading system must be revitalized so that it returns to acting as a tool for fair, predictable, equitable, and non-discriminatory trade," he said."

#Geoeconomics #Economy #Dedollarization #Politics

https://www.theepochtimes.com/article/brazils-lula-confirms-brics-dumping-us-dollar-as-bloc-expands-5480132?utm_medium=Social&utm_source=telegram

BRICS Dropping US Dollar, Working on New Reserve Currency: Brazil's Lula

The BRICS bloc will dump the U.S. dollar in trade settlements and bolster the use of local currencies in bilateral trade.

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theaitetos@diaspora.psyco.fr
theaitetos

BRICS Gets Bigger

The anti-Western economic alliance just expanded by 383 million people:

Six nations will become full-fledged members of the #BRICS group of nations starting January 2024, after their candidacies were approved by leaders of the current member states, South African President Cyril Ramaphosa has announced. The expansion topped the agenda of the summit in #Johannesburg this week.

#Argentina, #Egypt, #Ethiopia, #Iran, #SaudiArabia, and the #UnitedArabEmirates were welcomed as new members on Thursday. The bloc currently consists of #Brazil, #Russia, #India, #China, and #SouthAfrica.

Ethiopia really stands out as a rather bizarre choice, until one takes into account that it is the 14th most populous state on Earth, ahead of both #Vietnam and #Turkey, two states that I was expecting to join BRICS. Argentina is also a little odd, as I would have expected #Venezuela, with its #oil riches, to join first, but it’s possible that its problems with #foreign #interference into its elections and its government might have prevented it from applying to the new organization.

Anyhow, what this indicates is that BRICS is as interested in raw numbers as it is in oil or technological advancement. So #Pakistan, #Indonesia, #Nigeria, and perhaps even #Bangladesh would appear to be on the short list, although conflict with India might keep Pakistan out and Nigeria appears to be among the #African nations most firmly attached to the #G7 states.

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