BRICS plans to problem US greenback dominance and rework the worldwide financial and monetary system by growing infrastructure for cross-border funds utilizing native currencies. Russia made an in depth proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the US-dominated monetary system advantages wealthy Western nations on the expense of the World South — which is why BRICS is pushing to alter it.
Sources and hyperlinks right here: https://geopoliticaleconomy.com/2024/10/19/brics-russia-multi-currency-system-us-dollar/
Matters
0:00 US greenback hegemony
3:57 BRICS plan to rework worldwide financial & monetary system
10:39 What are BRICS’ objectives?
13:22 New Worldwide Financial Order (NIEO) & G77
15:32 Dedollarization
20:02 Abstract of BRICS report on monetary system
31:59 West controls IMF & World Financial institution
36:34 World economic system has modified, however monetary system hasn’t
42:07 How wealthy nations drain capital from poor ones
45:16 Difficult the US greenback monopoly
47:29 Correspondent banks & SWIFT system
51:10 Central financial institution reserves & US Treasury securities
55:50 Triffin’s Dilemma
57:54 Sanctions & US freezing nations’ property
1:00:18 Proposals for brand spanking new cross-border cost structure
1:03:15 Blockchain, DLT, & CBDCs (mBridge & Challenge Dunbar)
1:10:01 BRICS Cross-Border Fee Initiative (BCBPI) & BRICS Clear Platform
1:15:54 Dedollarizing overseas trade reserves
1:18:22 New Growth Financial institution (NDB) & BRICS Digital Funding Asset
1:20:10 Overview of Russian proposal
1:21:58 Will there be a BRICS forex? SDR (Particular Drawing Rights) is a begin
1:30:59 Conclusion
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