BRICS Economic Block

[GURPS]

BRICS: Acronym for Brazil, Russia, India, China, and South Africa​

What Is BRICS?​

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy. South Africa was added to the list in 2010.1

This thesis became conventional market wisdom in the aughts. But there were always skeptics, including some who claimed the phrase was Goldman marketing hype. Goldman closed its BRICS-focused investment fund in 2015, merging it with a broader emerging markets fund.2

The countries in BRICS operate as a loose organization that seeks to further economic cooperation amongst member nations and increase their economic and political standing in the world.

 

[GURPS]

BRICS Economic Bloc Expands Adding Iran, Argentina, UAE, Saudi Arabia, Egypt and Ethiopia During Summit​

August 24, 2023 | Sundance | 286 Comments

The original BRICS economic alliance between Brazil, Russia, India, China and South Africa has expanded today. During the summit held in South Africa, the group which is home to about 40% of the world’s population and a quarter of global gross domestic product, voted to accept the applications of Iran, Argentina, Saudi Arabia, United Arab Emirates, Egypt and Ethiopia.

What we see forming now is further evidence of the great energy cleaving. As most western nations chase the World Economic Forum’s priority around ‘climate change’, the BRICS alliance hedges for more traditional energy sources (oil, natural gas, coal). China will benefit the most as the Western industrial economies will not be able to compete in a global market using windmills and solar panels.

The western alliance (yellow) will be chasing climate change energy policy to power their economies. The rest of the world (grey) will be using traditional and more efficient energy development. The global cleaving around energy use would be complete.




https://theconservativetreehouse.co...23/03/Western-Government-map-eu-sanctions.jpg

 

[GURPS]

BRICS countries - Statistics & Facts​

The BRICS countries - Brazil, Russia, India, China, and South Africa - are considered the five foremost emerging economies in the world. The term BRIC was coined in 2001 by Goldman Sachs economist Jim O'Neill, and in 2010, at China's invitation, it was expanded to include South Africa (although O'Neill disagrees with its addition). While the acronym was created as an informal term for these emerging economies, BRICS countries have held annual summits since 2009, with comparable areas of interest to the more-established G7 (of which Russia was also a member from 1997-2014, until it was expelled following the annexation of Crimea).

 

[GURPS]

BRICS: Who Are They and Why Are They a Threat to the US?​

US-EU Global Dominance at Stake​

For the last seventy years or so, at least since WWII, the United States has been the world's superpower. Like a menacing big brother, the world stage has played second fiddle to the demands and dictates of US policy. However, the emergence of BRICS puts the US and EU on notice that things will change, with or without US consent.

In July 2022, China announced that Shanghai would be the central headquarters of the new NDB or the New Development Bank. This $100 billion investment by the BRICS countries is the first step in challenging the totalitarian rule of the World Bank and the IMF or International Monetary Fund. And with a $100 billion reserve currency, the BRICS countries are showing that they mean business.

With this alternative international payments option available to these countries and others who join the BRICS nations, the west will lose much of its world dominance in the financial market and could see the dollar slide in popularity as the world's reserve currency.

For years the BRICS countries have been biding their time, working to strengthen each economy in turn and effectively giving Russia everything it needs to keep moving forward despite heavy and expanding US sanctions concerning the Ukraine war.

Russian President Vladimir Putin had this to say about his country's cooperation with the BRICS nations: "Contacts between Russian business circles and the business community of the BRICS countries are being activated. For example, negotiations are underway to open Indian supermarket chains in Russia to increase the share of Chinese cars, equipment, and machinery in our market.

 

[GURPS]

With major oil exporters joining BRICS, local currency settlements rather than US dollar become more natural: analysts



A Shanghai-based oil industry insider told the Global Times on Friday on the condition of anonymity that having oil producers and consumers as members will set a foundation for BRICS members to use local currencies in settlement, which can definitely reduce transaction costs, adding that people are witnessing the twilight of the petrodollar.

As of August, the countries that have expressed interest in joining the BRICS account for 60 percent of the world's known oil and gas reserves, according to media reports.

"If you take into account the other trading blocs in which each of the current five BRICS countries are members, as well as the countries that are willing to join BRICS, it is enough to build an independent transnational monetary system. It means that more international oil trade can break the stranglehold of the petrodollar by using local currency settlement," the insider said.

 

[GURPS]

BRICS to Officially Abandon US Dollar​

According to Brazil’s president, the BRICS economic alliance is officially set to abandon the US dollar for trade settlements. Moreover, the development aligns with recent de-dollarization efforts embraced by the bloc. As they continue to promote the use of local currencies internationally.

Brazil’s President, Luiz Inacio Lula Da Silva, confirmed the development at this week’s BRICS Summit. Additionally, the bloc announced its agreement to expand. Changing the geopolitical landscape, the alliance is set to welcome six additional countries by 2024.

BRICS Officially Moving Away From US Dollar for Trade​

The highly anticipated BRICS summit arrived this week, with the entire world watching. Specifically, the geopolitical sector sought to see what could come from the gathering. A focus had been placed on both local currency development and potential expansion.

Now, after expansion had already been announced, the BRICS is set to officially abandon the US dollar for trade settlements. The move falls in line with the economic policies the bloc had been set to embrace and was confirmed by Brazil’s president. Ultimately, it is set to have a notable impact on the performance of the greenback in the impending months.

 

[GURPS]

 

[Clem72]

I hope Brazil does so well that all those South American economic refugees decide to relocate there instead of the US. Got to be easier to go from Spanish to Portuguese than to English, right?

 

[Kyle]

I hope Brazil does so well that all those South American economic refugees decide to relocate there instead of the US. Got to be easier to go from Spanish to Portuguese than to English, right?

The U.S. won't be that fortunate.

 

[Hijinx]

There would not be a Brics if not for Joe Biden.

 

[Clem72]

There would not be a Brics if not for Joe Biden.

Gurps' 3rd post in this topic says they have been having official meetings since 2009. I guess Joe could have inspired the formation of this group as a senator or in less than a year as VP.

 

[Hijinx]

Gurps' 3rd post in this topic says they have been having official meetings since 2009. I guess Joe could have inspired the formation of this group as a senator or in less than a year as VP.

What difference does it make how long they have been having meeting. The meetings didn't amount to sht until Joe Biden destroyed our energy independence. He may not have started them but he damned sure made sure they had the opportunity to phuck over us.

 

[LightRoasted]

For your consideration ...

What Is BRICS?

What now is BRICS+, is the beginning of the end of the US dollar. Countries around the world are tired and fed up with a constantly devaluing dollar, US policies, and the bully tactics for its use by the US. We sure can't go to war against all of the countries to force them to continue using the dollar. Nope. The world is turning against the government, and its apparatchiks, in the US. And we the people will most definitely suffer for it.

As I've repeatedly said before .... The US dollar is only good in the US. And guess what happens when all those dollars being held overseas in reserve accounts are repatriated here back home? You haven't felt real, Wiemar Republic or Zimbabwe, crushing depression inflation, yet.

These alliances being made, should worry, really scare, and put the fear of the coming consequences in the people.

The paragraph here spells out that it is indeed Biden, actually his puppeteers, that is causing all these countries to unite against us. Click on the graphic to read the entire article.

 

[GURPS]

Africa News ran a story yesterday headlined, “BRICS expansion: five countries join ranks.” For some reason, U.S. corporate media has completely ignored the story.

​

Yesterday, Saudia Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia officially joined the alternative-currency BRICS group of nations. (They were approved to join back in August.) Argentina was also slated to join, but — fortunately for America — Argentina’s new chainsaw-wielding, US-aligned, “far-right” president Javier Milei cancelled the country’s BRICS application last week and bowed out. (Is that why the CIA let him win?)

The group of now ten nations intends to replace the U.S. dollar as the primary world currency for international trade, which would be catastrophic for the United States. The acceleration of BRICS’s progress can fairly be described as an unfolding economic world war.

The BRICS group was formed in 2006 by Brazil, Russia, India and China. South Africa joined four years later in 2010. Then nothing happened for thirteen years. But now, thanks to the diligent efforts of halfwitted Joseph Robinette Biden, BRICS’s membership has doubled from five to ten countries, which together now hold a combined population of about 3.5 billion people, and have a combined economy worth over $28.5 trillion dollars, which is nearly a third of the world’s economy.

Also yesterday, President Putin of Russia rotated into the BRICS Chairmanship. The timing is purely coincidental, if you believe that. This short video clip provides an idea of their perspective and why the BRICS alliance attracted the new members:

​

CLIP: Eritrean President — West uses global monetary system as a weapon (0:35).

The Eritrean President was describing Joe Biden’s foreign policy, which has yet to be sufficiently coherent to name. And that’s what they say to each other in public. Imagine what they’re saying when the cameras are off.

☕️ TOO FEW REGRETS ☙ Tuesday, January 2nd, 2024 ☙ C&C NEWS 🦠

Fauci fans on parade; BRICS doubles membership in Biden foreign policy fail; bizarre SADS cases; Francis Collins non-apology tour irritates but shows progress; a great clip to kick off the year; more.

www.coffeeandcovid.com

 

[Clem72]

CLIP: Eritrean President — West uses global monetary system as a weapon (0:35).

The Eritrean President was describing Joe Biden’s foreign policy, which has yet to be sufficiently coherent to name. And that’s what they say to each other in public. Imagine what they’re saying when the cameras are off.

Oh no, not the Eritrean President. That's definitely a person I knew existed before today, and with whom I associate a vast knowledge of global monetary systems what with their GDP of (check's Wikipedia) 11 bushels of straw and a hamster.

 

[Gilligan]

Oh no, not the Eritrean President. That's definitely a person I knew existed before today, and with whom I associate a vast knowledge of global monetary systems what with their GDP of (check's Wikipedia) 11 bushels of straw and a hamster.

...completely ignoring the much more economically significant countries that are now part of the BRICS coalition. Nice work. ;-)

 

[Clem72]

...completely ignoring the much more economically significant countries that are now part of the BRICS coalition. Nice work. ;-)

I'm not ignoring them, they would have to post quotes from them for me to ignore them, if these countries are so much more significant why not post quotes from their leaders? The parallel would be posting a serious study about climate change and then quoting Greta Thunberg, but somehow that still isn't as ridiculous as including in a story about world economics a quote from a country whose GDP is so low it hasn't even been listed since 2011, when it was around 175th in the world right between Tuvalu and PeeWee Herman.

 

[Clem72]

...completely ignoring the much more economically significant countries that are now part of the BRICS coalition. Nice work. ;-)

And since you took offense to my making fun of Eritrea (I wasn't saying BRICS isn't a big deal) I will respond with my thoughts concerning the actual BRICS issue. It isn't an issue. The USD isn't the world's currency because oil is traded in USD, oil is traded in USD because that's the worlds reserve currency. No one is going to dump their holding of USD to stock up on Yuan (the highest traded BRICS currency after USD, and still basically only used between Russia and China). No one want's Yuan and it only works for them right now because Russia is desperate to sell their oil to anyone and will accept anything for it.

Google tells me that while nearly 100% of international oil sales are in USD, around 88% of non-oil international transactions are also in USD. So unless there is also going to be a BRICS equivalent for every major market, and they all for some reason end up choosing the Yuan, it ain't going to matter.

 

[HemiHauler]

Argentina was going to be included as well until the west and the IMF tossed 40-some billion to them to stand up a puppet.

 

[Gilligan]

And since you took offense

I never take offense to internet strangers. Should I have?