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July 31st, 2023 
Awake Goy BRICS Axis is Gaining Momentum in Challenging US Hegemony. But does it matter for the New World Order Control Agenda? Probably Not…
JUL 26, 2023
Soon after Russia’s Invasion of Ukraine, I published a 3 part article series [1,2,3] in March 2022 that predicted the Western response to the crisis would facilitate the rise of BRICS and catalyze de-dollarization- – particularly because of the use and threats of sanctions on the UAE, Saudi Arabia, and India – although the emerging tensions between Turkey and Hungary and the rest of NATO were explored as well as some other factors. The first two articles of my series are featured below:
In Part 2 of my 3 part series, titled “US Hegemony Threatened as Saudi’s, UAE, India Ignore Threats of Sanctions, Turn to Russia/China”, I concluded:
As Saudi Arabia is seeking to abandon the Petrodollar, India is seeking to phase out the dollar as a reserve currency in trade with Russia… the dollar’s reserve currency status faces a great threat.
Saudi Arabia’s departure from the standard it was instrumental in creating could embolden other countries to follow suit.
Likewise, as multiple countries bolster relations with Russia and China(Or allies of theirs, such as the UAE meeting with Syrian president Assad), and defy the US’s wishes and implicit or direct threats, this could embolden others to do the same in the future-dismantling US hegemony.
We could be witnessing the fall of the US empire, and its reserve currency, coincided by the rise of an emerging power structure and world economic system in which BRICS nations rise as the new dominant power of the globe.
If you’ve been paying attention the past year and a half, you’ll know that my prediction of the continued trend of countries seeking to ally with BRICS and distance themselves from US hegemony has been steadily manifesting and coming to fruition.
US Hegemony Threatened As Saudis, UAE, India Ignore Threats of Sanctions, Turn to Russia/China
The phenomenon I wrote about in Part 2, “US Hegemony Threatened As Saudis, UAE, India Ignore Threats of Sanctions, Turn to Russia/China” is playing out exactly as one would expect
”Saudi Arabia, the UAE, and India appear to be distancing themselves from Western Powers as they explore bolstering their relations with Russia and China. While the US pressures neutral parties to sanction Russia, or possibly face sanctions themselves, Russia and China are building an alternative economic system to that which has dominated the globe for decades. Russia being kicked off the SWIFT international payment system expedited this into a rapid development by necessity. “
3 weeks after the publication above, I published part 3 at the end of March 2022, predicting that Russia was leading BRICS nations to return to gold-backed currency, indicated by financial maneuvers that sought to take advantage of arbitrage created by sanctions on Russian gold. Russia, through clever employment of financial phenomena, was transmutating the sanctions on Russian gold into an advantage that allowed the Russian Central bank to generate greater liquidity to feed its demand to buy and accumulate gold.
Russia Pegs Gold To Ruble, Rebounds to Pre-War Levels
MARCH 31, 2022
Less than 2 months after I published the speculative article, Russia confirmed the intention to back the Ruble with gold and Commodities.
4/30/2022 — A New Gold Standard? Kremlin Confirms Intention to Back Ruble With Gold and Commodities
I concluded at the end of Part 3 that the Western response was leading to predictable blowback which endangered US national security as well as international security(and of course continues to do so). This is undeniably what we have come to witness since the publication, hence…predictable blowback.
“Russia seems to be outplaying the US in geopolitical chess. This is reflected by the Ruble’s recent rebound to post-war levels and the continued deterioration of US-foreign relations. The US dollar is likely to continue to fall under increased criticism as a reserve currency, the impact of the economic war the US has initiated will grow, and hedging one’s money against US hegemony, whether that’s increasing exposure to commodities, crypto, or just buying fertilizer and bullets, is likely a good idea. If Western Leadership doesn’t check itself, it is looking like Russia will checkmate it.”
By June 23rd, 2022, 3 months after I published the article, the Ruble would have hit relative highs, with CNBC publishing the headline, “Russia’s Ruble Hit Its Strongest Level in 7 Years Despite Massive Sanctions”
However, it is worth noting that the Ruble has declined much in the past few months. After the attempted Wagner Mutiny, the Ruble slid back to “early war lows”.
7/6/23 — NYT: The Ruble Hits Early War Lows, Extending a Slide That Began After Prigozhin’s Mutiny.
This month in July of 2023, NYT would report on the Ruble’s poor price action into 2023:
But it likely isn’t only the possibility of more domestic instability [referring to Wagner mutiny] that has been hitting the currency.
Russia’s revenues from oil and gas are down sharply from the bonanza of last year. The Russian budget’s oil and gas revenues fell by 47 percent in the first half of 2023 compared to the same period the prior year, Reuters reported on Wednesday, citing Russian finance ministry data….
Western sanctions, including an oil embargo and price cap aimed at reducing Russia’s export revenues, have also impacted the currency. So has the Russian government’s response to sanctions, which has included capital controls…
A weaker ruble could help the Russian government cover its ballooning expenses. The Russian deficit for the first five months of the year already exceeded the target for the entirety of 2023, as oil revenues declined, while wartime spending climbed.
It is interesting to note that a weak Ruble actually helps Russia in its debt payments (Domestic debt originally denominated in the Ruble, and US denominated debt has been being serviced in Rubles since May 2022).
5/25/22 — PBS: Russia Says It Will Pay Foreign Debt in Rubles After Ban From U.S. Banks
WAPO published an article this week as well, commenting on the Ruble’s falling price action this year being challenging for Russia, but not indicative of economic failure.
7/12/23 — WAPO: The Ruble’s Fall Points to Pain but Not Collapse
The WAPO article would state in its conclusion:
Indeed, money supply was 25% higher year-on-year in June — another reason the ruble has been depreciating. Central bank data show low levels of government debt holdings by banks, though, and interest rates are far from their historic highs, allowing normal economic and consumer activity.
Thanks to the ingenuity of finance officials and entrepreneurs, Russia remains economically resilient and can fund its wartime budget, which in 2022 reached a rather underwhelming 4.4% of GDP, a level it is expected to maintain this year. The agility of private companies in restructuring their supply chains and the strong labor market shouldn’t be underestimated — and since the fighting is only felt in a limited way in Russia’s border regions with Ukraine, most of the country still lives in a business-as-usual mode.
It is additionally worth noting that the US dollar isn’t doing too hot either. Reuters recently reported on how the dollar is hovering around a 15 month low.
7/17/23 — Dollar Hovers Around 15-Month Low as Traders Await Policy Decisions
But moving on from this short term trend on the Ruble — I digress, the indisputable fact is more and more people, and even more importantly – now countries and their central banks – are beginning to desire a return to hard money, with gold-backed currency, very much involved in the effort to overthrow the dollar. This has been evidenced by the developments that have transpired since my publications in March of 2022.
Now, a little more than a year later, BRICS – whose economies account for more than 40% of the global population and nearly one quarter of the world’s GDP – is all the talk and is getting the due attention it deserves as international interest in the economic bloc has been snowballing.
But this article isn’t just to say “Boy, was I right!”(but man, was I right)..
Since my publishing, BRICS has announced the intention to create a BRICS reserve currency, which many have been speculating will be backed by gold and perhaps other commodities.
The topic of the future BRICS currency will be the highlight of the BRICS summit in August.
Recently, in the process of writing this, Russia has further confirmed the intention to have the common BRICs currency backed by Gold.
A BRICS Common Currency – A Return to Hard Money? Gold, Gold, Gold
Only India objected to this idea of a common BRICS currency backed by gold – while China, Brazil, and South Africa are seeming to follow Russia’s lead. It is worth noting that there has been no official announcement from BRICS diplomats in an official manner on this, but Russian diplomats have asserted this to be the case. The expected official announcement will come at the BRICS bloc’s summit in August.
”BRICS Gold-Backed Common Currency A Shock To Global Fiat Money System, Says Economist, As Russia Confirms Launch In August” — July 8th, 2023 — Benzinga
Brazil, Russia, India, China and South Africa, a coalition of nations going by the moniker BRICS, is set to introduce a new currency backed by gold, Russian English news channel RT reported.
An official announcement in this regard will be made at the bloc’s summit in Johannesburg, South Africa, in August. “With the growing initiative, more and more countries are lining-up to join the group,” RT said.
BRICs countries have been buying up gold at a higher rate since the war, and continue to do so as the sustainability of current financial system is increasingly thrown into question. The drive by the US to other countries to take sides, in its agenda to isolate Russia, has tremendously backfired, as I predicted, for the reasons I laid out in my article series. Bloomberg reported the following in August of 22, about a year ago:
8/05/22 — Bloomberg: The US-Led Drive to Isolate Russia and China Is Falling Short
”While the US and its allies have sanctioned Russia for its invasion of Ukraine, half of the countries in the Group of Twenty have not signed up.”
When writing part 3 of my series from March of 2022, “Russia Pegs Gold To Ruble, Rebounds to Pre-War Levels” , I wrote on how BRICs countries were buying up and accumulating gold reserves at an increasing rate, predicting the trend would continue, and juxtaposed that coverage to Ottawa’s fresh, extreme example of how western countries and regions are allowing their gold reserves to be depleted. I would write:
It is humorous to note that on March 4th(2022), the following headline was published: “Ottawa sells off almost all its gold reserves, leaving just 77 ounces — or less”. But, as CBC noted in the article cited above:
“That doesn’t mean all governments are selling off their gold hoards, however. Countries such as Russia, India and China are currently bolstering their reserves. Central banks added 336 tonnes to their reserves in the second half of last year, a 25 percent increase from the previous year, the World Gold Council says.”
Precious metals expert Everett Millman was quoted by Kitco News saying that, “Russia’s intention would be for the value of the ruble to be linked directly to the value of gold. Setting a fixed price for rubles per gram of gold seems to be the intention. That’s pretty important when it comes to how Russia could seek funding and manage its central bank financing outside of the US dollar system.”
If Russia succeeds in creating a new Gold Standard, and simultaneously encourages the growth of oil purchases in the Ruble(even if the Yuan and native currencies emerge into acceptable currencies to trade oil in as well), this could be seen as a hybridization of the gold standard and petrodollar dynamic. This of course is in direct challenge to the US dollar as a reserve currency.
Since my observations in March of 22’, the trend of increased demand for Gold by BRICS nations has continued. And its not just BRICS, but central banks in general have been accumulating gold at a record breaking pace(Gold has traditionally been a hedge against hard times in fiat hell, and the writing is on the wall).
Central banks bought more gold in 2022 “by far the most any year in records” that go all the way back to 1950, according to World Gold Council(WGC).
2/8/23 — Central Banks Bought the Most Gold on Record Last Year, WGC Says
Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year in records going back to 1950, the World Gold Council (WGC) said on Tuesday.
The data underline a shift in attitudes to gold since the 1990s and 2000s, when central banks, particularly those in Western Europe that own a lot of bullion, sold hundreds of tonnes a year.
Since the financial crisis of 2008-09, European banks stopped selling and a growing number of emerging economies such as Russia, Turkey and India have bought.
And not only have central banks continued buying gold at record pace since the war broke out and I published my articles in March of 22’, but to reiterate, BRICS has recently moved forward to discuss a BRICs currency backed by gold.
There is much anticipation for the BRICS summit in August as people are eager to hear and official proposal or announcement regarding the upcoming BRICS common currency to be backed by gold, based on what has recently come out of Russia Today and a statement by the Russian Embassy this month.
7/3/23 — Russian Embassy Tweet
7/10/23 — BRICS Nations Buy Massive Amounts of Gold to Back the New Currency
7/12/23 — Robert Kiyosaki Warns US Dollar ‘Will Die’ Citing BRICS Nations’ Plan to Launch Gold-Backed Currency
We will circle back to these recent developments later in the article. For now lets recap what happened in terms of general BRICS momentum for the year 2022.
2022: BRICS Rising
In Part 2, I wrote on the dynamic with India, a neutral nation having had previously good relations with both Russia and the US. I highlighted how the US was threatening India with sanctions….for not sanctioning Russia…despite it not being in the interest of the country or its people to do so. In fact, it was in their interests to trade with Russia. I wrote:
The US went as far as to threaten sanctions on India, if they did not sanction Russia.
What was the outcome of such attempted coercion?
Blowback that negatively impacted the financial security of the US, and the strength of the dollar. India just bought 3 million barrels of oil from Russia . They are even considering abandoning the dollar for trade with Russia, which thus far has been the standard.
…Keep in mind, India imports 85% of its oil, and the country’s overall demand is expected to jump over 8% this year. Economically, buying discounted oil from Russia is undisputedly in India’s best interest.
India didn’t obey our demands or give in to our threats and kept importing cheap oil that their country benefited from? The audacity!
To repeat the above question from my March 2022 series… What was the outcome of such coercion?
6/18/23 — Fortune Magazine: There’s a Global Backlash Brewing Against the US Dollar as World Leaders Say It’s Being Weaponized for American Interests —
As the disobedience continued, the US took the route of sanctioning the individual banks that did not comply in these countries, forcing them to have a sort of foot in both camps, one in the BRICs/Mir/CHIPs axis, another in the Western/SWIFT axis.
3/11/22 — Turkey Won’t Sanction Russia, Despite NATO Pressure
The following 2 headlines are over Iran on the surface, but I see them as being tied to/partial retaliation for Turkey and the UAE neglecting to sanction Russia. Regardless, it demonstrates the authority the US attempts to wield over other sovereign nations in their trade.
4/19/22 – Justices Rule Turkish Bank Must Face US Prosecution for Sanctions Violation
7/06/22 — U.S. Imposes New Iran Sanctions as Others Try to Save Deal
The Treasury Department’s latest efforts are going after Chinese and UAE companies accused of being involved in Iranian oil shipment operations. They claim China is trying to keep getting “cheap Iranian oil.“
2/6/23 — US Sharpens Focus on Russia Sanctions Evasion, Warning Turkish Banks, Businesses
Being that the US couldn’t convince countries like Turkey to sanctions to unilaterally sanction Russia, and they did not want to unilaterally sanction those respective countries like Turkey in response as the resulting blowback and PR/diplomatic disaster would be only expedite the movement away from the dollar…they took the middle ground of sanctioning the private entities/banks that continued doing business with Russia on their Mir system, which forced countries to fragment their economy.
And it wasn’t just sanctions on Russia that was manifesting in this geopolitical tug-a-war.
Columnist at Foreign Policy and fellow for international political economy at the Council on Foreign Relations, Zongyuan Zoe Liu, published the following article in September of 2022
”China Is Quietly Trying to Dethrone the Dollar”
”Regional groups and small banks are helping insulate Beijing against sanctions.”
At their recent summit in Uzbekistan, members of the Shanghai Cooperation Organisation (SCO)—a prominent regional organization led by China and Russia—agreed on a road map to expanding trade in local currencies. A road map for using local currencies in trade and developing alternative payment and settlement systems has been part of the SCO’s economic plan for years.
This agenda is in line with individual policies on the part of the group’s most prominent members, including Russia’s attempt to cushion the blow of Western sanctions, China’s deteriorating relations with the United States, India’s use of nondollar currencies in its trade with Russia, and Iran’s recent proposal for a single SCO currency.
To return to the line of the US targeting Turkish banks and private entities of other countries who stayed connected to Mir, Reuters described in September of 2022 described how this specifically propelled India to integrate the Mir system. Blowback, blowback, blowback.
9/23/22 — Reuters: Russia Hides Details, but Says Mir Bank Cards Still Work in Turkey
The head of Russia’s National Card Payments System (NSPK) said on Thursday that it was no longer disclosing which countries accept its Mir bank cards, but that they still worked in Turkey, despite some Turkish banks suspending their use.
Russia’s central bank vowed last week to expand the number of countries that accept its Mir cards, despite new U.S. sanctions targeting people and entities accused of helping Moscow skirt financial sanctions.
Denizbank and Isbank, two private banks in Turkey, a leading destination for Russian travellers, suspended the use of Mir after Washington included NSPK head Vladimir Komlev in its sanctions programme, imposed in response to Russia’s military campaign in Ukraine…
According to Dmitry A. Solodov, a spokesperson for the Russian embassy in New Delhi, India recently held talks with Russia this week concerning the adoption of the Mir system, a result of Russia being cut off from the SWIFT system.
Of course these sanction’s didn’t destroy the Mir system. It would lead to what could be seen as it further entrenching itself in what might be the emerging financial world order. As Pepe Escobar reported in December 2022:
12/2/22 — The Global South and BRICS Births a New Game-changing Payment System
The system will include a single payment card – in direct competition with Visa and Mastercard – merging the already existing Russian MIR, China’s UnionPay, India’s RuPay, Brazil’s Elo, and others.
4/12/23 — U.S. Slaps Sanctions on Hungary Bank Over Russia Ties
Iraq is experiencing the same punishment as the US just sanctioned 14 Iraqi banks[July 23’] for seeking to trade with Iran without the US’s permission. .
Again… The US wasn’t able to intimidate India, Saudi Arabia, the UAE, Hungary, and Turkey out of doing trade that is in their interest, to do so…so rather than going full send and imposing unilateral sanctions on these countries(which would just expedite the trend of countries turning against us), the US is sanctioning the private institutions within these countries that do not comply.
The result of which is these countries, their economies, and the billions of people attempting to sustain themselves within them, are like a ragdoll caught in the middle, in the jaws of each axis, being torn apart. But Russia and China arn’’t the ones overriding these third party nations’ sovereignty and initiating economic warfare on them every time they have their authority challenged. China and Russia doesn’t presume authority over these nations. They don’t have a list of countries that they expect other nations to not trade with {or else].
These countries are being economically carpet-bombed as the US forces them to splinter their economy between 2 economic axes. Countries have been, and still are, literally begging the US to leave them out of their feuds (that US leadership seems to want to perpetuate with no consideration to blowback for the rest of the world(and America’s own citizenry))
Even fellow NATO nations Hungary and Turkey, are not wanting to comply with US declared sanctions! As mentioned, this has caused tension and conflict within NATO, leading to discussion on kicking both out of the military alliance. Now, I didn’t remote view these predictions, or pull them out of my ass. It is important to understand that I had simply been analyzing the context of the geopolitical and economic environment and extrapolating natural cause-and-effect relationships – like how the US threatening sovereign, non-hostile nations for not sacrificing the interests of their own people for American special interests might lead those respective countries wanting to distance themselves from the US.
India’s relative neutral status, and that of the Gulf nations, underlined much of significance of the US’s threats of mass terrorism (which unilateral sanctions are as they target and generally impact civilians).
The gravity of unilateral sanctions might be lost on privileged Americans detached from, and apathetic to, the real world damage imposed on entire populations by America’s sanctions….but they arn’t lost on the rest of the world.
After my publication, the US continued threatening to starve India/the Indian Economy/The Indian people for not serving as a vassal state. From April of 2022:
4/6/2022 – U.S. Warns India Faces “Significant Long-Term Costs” If It Aligns With Russia
”And now Washington is putting New Delhi on notice that it faces “significant costs” should it become aligned with Russia, and as a major export destination allowing Putin to side-step sanctions effects.”
And of course, it wasn’t just India that the US was threatening. We were threatening Saudi Arabia, the UAE, and everybody else who didn’t comply too. As I wrote previously, forcing non-neutrality is a great way to make enemies out of actors that would otherwise be neutral.
The US expects other countries to sacrifice themselves and their interests at its altar, for its interest[Being the interests of the elite running the American oligarchy, not the American people’s interests of course].. And in normal times, that treatment by America of other countries (as slave/vassal states) has been one thing, not to say it has been okay, or remotely just, but other countries/the world have found it generally tolerable enough to not organize against it en masse.
But the economic conditions were dire already before Russia’s invasion, for much of the world, following 2 years of pandemic disruptions and blowback. (which was probably a result of US-sponsored gain-of-function research in China(In the process of writing this more leaks have occurred implicating Fauci covering up NIH gain-of-function research and suppressing the lab leak theory to the public while validating it privately))
And following that extreme economic upheaval, in the wake of the suffering imposed by pandemic policies, the US and NATO instigated (yes, *instigated*) war with Russia further disrupted global supply chains. And then America imposed unilateral sanctions against Russia, cutting them off SWIFT, and threatening neutral countries who would dare put their people and country first over the agenda of US policy maker who don’t care how their policies impact other nations.. US policy makers who were too incompetent to perceive, or too apathetic (or evil) to care about the consequences and potential blowback on America, brought about by such behavior..
The Ukraine war not only triggered an energy crisis, but a food crisis as well being that Ukraine is the bread basket for the world. Food and energy security are bedrocks of economic stability of modern civilization. Countries like India got hit with a double whammy, getting their economy destroyed by the Covid fallout, and then going on to have to deal with an energy and food crisis in the wake of the war in Ukraine. And THEN, on top of all that B&!!$%!#, they had to deal with the US pressure to take sides in the economic warfare, which was not in their interest to do so.
It is one thing for the US or another country to decide they don’t want to conduct business with Russia, but to command other sovereign nations to not do what they find in their own interests is unreasonable and it has become increasingly clear to many internationally that the world is reaching a point where they cannot afford to continue hosting the parasitic US-centric system. This isn’t just felt in regards to Russian sanctions. Iraq, for example, has been burdened by Iranian sanctions, which has boiled over to a climax this July in 2023 as this article will cover further in depth later.
It was a very foreseeable consequence that countries caught in the middle, and those watching on the sidelines, might start realizing it is not in their interests to go along with and help maintain US hegemony – which they suffer under, and comes at their expense, or inevitably will.
Countries started realizing that maybe it isn’t in their interest to be a slave vassal state that exists to martyr itself at the feet of the US empire in its vain attempt to maintain global dominance…. that maybe, just maybe.. it is time for the global south to claim exert greater self-agency and move away from the US empire system that has robbed them of sovereignty for decades.
The global south has gradually been coming to realize that maybe their respective countries, whose governments are naturally entitled to make decisions in the best interests of their people, like any – rather than being forced to cede sovereignty, decision making, to other countries or transnational corporations that treat them as vassals/slaves rather than equals, they can instead coalesce around a new axis/world order for protection from, or simply as a hedge against, the US world police bully
[No wonder our police are so F%#*$@…same dynamics and patterns of entitlement, exceptionalism, greed, cruelty, corruption, etc visible both on the macrocosm of the the US police as the world police, and the microcosm of the behavior of the domestic police within the country that fashions itself to be the world’s police. As above, So below]..
So what changes have we seen in trade relations since my articles above? Lets look at some headlines that followed the first couple months of the Ukrainian war, and my series.
The following headlines from 2022, listed chronologically, tell a story of countries lining up to apply to join BRICS, while simultaneously seeking new financial infrastructure, payment systems, and alternative reserve currencies and trade agreements to break away from US hegemony.
5/19/22 — China Says It Wants to Expand BRICS Bloc of Emerging Economies
7/15/22 — “Preparing to Apply for Membership”: Saudi Arabia, Turkey, Egypt Plan to Join BRICS
9/19/22 — India, Saudi Arabia Discuss Rupee-Riyal trade, UPI Payment System
this juxta position lmao
9/21/22 — U.S. in Talks With India About Rethinking Reliance on Russian Arms and Energy [“talks”…or “commands and threats”?]
10/19/22 — Lula Aide Backs Argentina for BRICS, Eyes Role in Ukraine Peace Talks
11/1/22 — BRICS Is Becoming The Big Kid On The Block: Implications For Australia – Analysis
11/7/22 — Newsweek: Brazil-Russia-India-China-South Africa BRICS Bloc Grows with U.S. Left Out
11/7/22 — WSJ: China’s Xi Jinping to Visit Saudi Arabia Amid Global Reshuffling
11/10/22 — At Least a Dozen Countries Interested in Joining BRICS: Russian Foreign Minister
11/17/22 — Goodbye G20, Hello BRICS+
12/2/2022 — The Global South and BRICS Births a New Game-changing Payment System
The last article, “The Global South and BRICS Births a New Game-changing Payment System” by Pepe Escobar, discussed how the BRICS nations were already exploring the idea of a BRICS currency by the end of 2022, in an effort to increase trade in their own domestic currencies(reducing sell pressure and boosting demand of their own currencies), as well as circumnavigating the need to acquire dollars to trade.
Escobar wrote last December:
The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergey Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.
Through its regulatory body, the Eurasian Economic Commission (EEC), the EAEU has just extended a very serious proposal to the BRICS nations (Brazil, Russia, India, China and South Africa) which, crucially, are already on the way to turning into BRICS+: a sort of G20 of the Global South.
The system will include a single payment card—in direct competition with Visa and Mastercard—merging the already existing Russian MIR, China’s UnionPay, India’s RuPay, Brazil’s Elo, and others.
That will represent a direct challenge to the western-designed (and enforced) monetary system, head on. And it comes on the heels of BRICS members already transacting their bilateral trade in local currencies, and bypassing the U.S. dollar.
This trend of rising demand to join BRICS as the organization is growing in attention, as is their ambition to overthrow the dollar, would continue into 2023 – of course leading to the news this month in July of 2023 when the Russian Embassy confirmed their intention for the BRICS summit in August to come to an agreement on a GOLD-BACKED BRICS RESERVE CURRENCY. For those interested, in my 2nd article from last year, I explain how the current fiat system was installed and the significance of the collapse of Bretton woods and the Gold standard.
It is worth noting, it is not just BRICS countries that have been considering and mulling over the idea of a return to hard money
Africa
In May, Financial Times published “Zimbabwe to Launch Gold-Backed Digital Token as Currency Concerns Mount”. Al Jazeera reported on the matter as well, in “Zimbabwe’s New Gold-Backed Digital Currency: All You Need to Know”, reporting the following:
Zimbabwe released a gold-backed digital currency for peer-to-peer and peer-to-business transactions as well as to act as a store of value as the country’s currency continues to lose ground against major currencies.
“Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system… into gold-backed digital tokens,” the Reserve Bank of Zimbabwe said in a statement inviting individual and corporate entities to use the digital currency that can be bought either in Zimbabwean dollars or foreign currency.
Speaking of Zimbabwe, and connecting to the topic of the expanding BRICS+ axis – Just on Thursday, July 13th, The Cradle reported on the President of Iran visiting Zimbabwe after a diplomatic tour of the MESA region. In the articled titled “Iranian President Wraps up Africa Tour With Zimbabwe Visit”, the Cradle wrote that “Ebrahim Raisi traveled to Kenya and Uganda a day prior, in a historic tour that saw the signing of more than 20 memorandums of understanding”
Like his three-nation tour of Latin America last month, Raisi’s two-day tour of Africa comes as part of his “look east” foreign policy agenda, which seeks to strengthen cooperation bonds with Global South nations to overcome crushing western sanctions.
And on the note of the Iranian President’s “Look East” foreign policy, Syria has adopted the same agenda.
Iranian Media Press.TV published the headline recently on July 13th 2023, “Assad Stresses Look East Policy as Indian Minister Visits Syria for First Time in 7 Years”
Muraleedharan’s trip is the first by a high-profile Indian diplomat in seven years and comes after Syria’s return to the Arab League more than a decade after its membership was suspended by the 22-member regional organization…
Assad highlighted that Syria has adopted an eastward foreign policy approach, emphasizing that the shift is due to friendly economic and political relations between Damascus and Asian countries, including India, and Asians’ commitment to values and principles.
Assad also underlined the need for establishment of close relations among Asian states in order to play an effective role in the new multi-polar world order, stressing that the West, as part of attempts to exercise its hegemony, is provoking conflicts worldwide.
We will shift back to discussing Syria in just a moment as the normalization of relations by many countries, with Syria is a prime example of how countries are rejecting the US-led world order and consciously forming and coalescing around an oppositional, or at the very least separate/parallel axis.
The continuation of the Global South axis strengthening in opposition to US hegemony is happening as the Arab world normalizes relations with each other – And so is Latin America.
3/23/23 — Why Latin America Keeps Talking About a Common Currency
Prominent Think Tank (rated #1 actually) Center for Strategic and International Studies, commonly referred to by its acronym CSIS, would discuss the circulating discussion of A common currency for Latin America, El Sur, in a frank article titled;
“South America’s ‘Common Currency’ Is Actually about De-dollarization”
Argentine and Brazilian officials clarified that the project’s true ambition is to create a new unit of account (a synthetic currency like the International Monetary Fund’s Special Drawing Rights) for denominating bilateral trade and financial flows as an alternative to the U.S. dollar. Notwithstanding the near-universal dismissal of the proposal, the objective at its root—a reduced reliance on the U.S. dollar—is interesting to consider, even if highly unlikely to occur, at least in the medium term.
It is worth pointing out that the recently proposed BRICS currency will meet the goal of a new unit of account to facilitate bilateral trade without the dollar.
Indeed the entire global south – from Africa to Latin America to the Gulf states to Asia – is undergoing a period of shifting and rebalancing of relations.
To reiterate, as this cannot be stressed enough, this predictable trend is largely in response to US sanctions and continuous pressure by the US-led order on countries to act in the US’s interests, rather than their own, becoming too burdensome in the current, dire, economic climate. The sad truth is this can be seen in country, after country, after country. Jimmy Dore’s rant featured below scrapes the surface on that.
As pointed out in the Cradle’s coverage of Iran’s president visiting Zimbabwe, “For the past two decades, Zimbabwe has also been the target of unilateral punitive measures from the US…”
The same day as Iranian president’s visit to Zimbabwe, Africa News would publish an article detailing Zimbabwe’s President urging for “Nations Targeting by Sanctions to Unite.”
“It is critically important that we, the victims of Western sanctions, are talking to each other… that we show them that we’re united,” Mnangagwa told a press briefing after talks with Raisi…”
Africa has emerged as a diplomatic battleground, with Russia and the West trying to court support over Moscow’s invasion of Ukraine, which has had a devastating economic impact on the continent, sending food prices soaring.
Western powers have also sought to deepen trade ties with Africa, along with India and China…
Raisi has already been to Kenya and Uganda this week holding talks with his counterparts William Ruto and Yoweri Museveni.
As Ted Snider wrote a few weeks ago on July 8th, in “How Africa Surprised the West During the War in Ukraine”, Africa has largely remained neutral, with the region seeming to favor the BRICS axis and vision of a multi-polar world. The subtitle of Snider’s article summarizes:
”To the surprise and concern of the United States and Europe, the predominant response of Africa to the war in Ukraine has been neutrality and growing support for a multipolar world.”
Africa’s answer of neutrality is not the continent declining to take a position. It is the powerful new stance that you do not have to choose a side in a world where you can partner with many poles, in a world where you don’t have to fall in behind the United States in a unipolar world or choose between blocs in a new Cold War.
The United States exerted intense pressure on Africa to support U.S.-led sanctions.
The U.S. ambassador to the UN, Linda Thomas-Greenfield, told African countries that “if a country decides to engage with Russia, where there are sanctions, then they are breaking those sanctions.”She warned them that if they do break those sanctions, “They stand the chance of having actions taken against them.” Nonetheless, not one African country has sanctioned Russia. Her threat had the opposite effect, Ajala told me: It “has done nothing but strengthen the resolve of African countries to remain defiant in their position.”
Note – this is the common theme, BRICS+ members and the global south, from Africa to Latin America to The Middle East to Asia, are upset with having their sovereignty and interests overridden by foreign, western interests.
Likewise US-centric systems and paradigms of global finance has only served to replace one form of colonialism with another – these institutions like the IMF, World Bank and much of their “solutions” are not designed for distributed and sustainable prosperity.
4/21/22 — 87% of the IMF’s Pandemic-Related Loans Are Now Forcing Austerity on Crisis-Ravaged Nations[1,2,3]
Al Monitor would report on Raisi’s tour, describing how when Raisi met his Ugandan counterpart, the Iranian President was quoted to say “Imperialism and the West prefer countries to export oil and raw materials, allowing them to convert these resources into value-added products. Therefore, our efforts in Iran are focused on preventing raw material exports.”
This article will explore the Global Souths strengthening relations amongst each other in more detail, but for the meantime I will refocus to the central topic of the BRICS axis rising, and expand my thesis on what is happening with the BRICS axis. But it is important to once again re-emphasize, sanctions affect not only the countries we sanctions, but every other country that seeks to do business with them. Iraq’s recent clash with the US over the sanctions waver for Iran is yet another example in a never ending stream of problems the US creates for countries around the world – real, 3rd world problems that lead to people starving and dying from lack of medicine, or exposure to the elements, and other sufferings imposed by poverty.
For now, lets take a look at a chronological timeline of headlines that brief the reader on how BRICS has gained momentum in 2023, as has de-dollarization.
2023: BRICS Rising, De-Dollarization
- Russia’s war on Ukraine triggered a larger embrace of the yuan for oil sales which could shift the crude market.
- Kpler lead crude analyst Viktor Katona told Insider that Russia has essentially “become an Asian nation.”
- The birth of a so-called petroyuan could spread across Asia for crude transactions, he added.
While the dollar will likely remain the dominant global currency in the near future, the rise of a so-called petroyuan will gain momentum as China leverages its status as the world’s biggest oil importer, analysts say.
The greenback remains the top currency for trade and foreign reserves. But Beijing is increasingly pushing the yuan as a currency for oil deals, challenging the dollar’s lead in commodity markets.
In particular, Russia’s invasion of Ukraine last year was the biggest driver in the shift away from the dollar, said Viktor Katona, lead crude analyst at Kpler.
As Western countries froze Russia’s currency reserves and shunned its oil, Moscow embraced Asia as an alternative crude market and surpassed Saudi Arabia last year as China’s top oil supplier.
In fact, Russia has effectively become “an Asian nation that in my opinion has introduced the yuan into large-scale oil trade,” Katona told Insider.
Markets Insider would note, it wasn’t just Asia that was adopting the Yuan and strengthening ties with BRICS, but the Middle East too. A Credit Suisse analyst marked Xi’s trip to Saudi Arabia in December, his third trip out of the country since Covid, as the “birth of the petro-yuan”.
And as yuan-based trade with Russia is rising, China is also targeting the Middle East to reorder energy markets.
During a trip to Saudi Arabia last month, Chinese President Xi Jinping urged countries in the Gulf Cooperation Council (GCC) to use the Shanghai Petroleum and National Gas Exchange to carry out yuan-based energy deals. China and Saudi Arabia also signed over $30 billion in trade deals during the visit.
That trip marked “the birth of the petroyuan,” according to a recent note from Credit Suisse analyst Zoltan Pozsar, who said China wants to dedollarize parts of the world after the currency’s dominant status was used against Russia.
Pozsar also pointed out that Russia, Iran and Venezuela account for 40% of OPEC+’s proven oil reserves, with the GCC making up another 40%.
And indeed, this was general time period was critical inflection point for BRICS gaining momentum. Saudi Arabia is as much a symbolic VIP as well as a logistic one. As my 2nd article, “US Hegemony Threatened As Saudis, UAE, India Ignore Threats of Sanctions, Turn to Russia/China” from my Ukraine/Russia series last year pointed out.. the Saudi’s birthed the petrodollar – and they have the power to start a domino effect leaning away from the dollar.
1/17/2023 — Davos 2023: Saudi Arabia Says Open to Settling Trade in Other Currencies
THIS right here was a major inflection point for De-Dollarization and BRICS VS. US Hegemony — December 2022 – January 2023
It was at Davos 2023 in January where De-dollarization really reached an inflection point
1/19/23 — Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization
After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s finance minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi Jinping, urging the Gulf monarchs to accept yuan for oil, and Riyadh officials saying last March the country would consider accepting the Chinese currency.
Saudi Arabia’s Move Away from U.S. Dollar Signals Changing Economic Landscape
This week, the world’s elite met in the Swiss Alpine town of Davos for the 2023 World Economic Forum, and Saudi Arabia’s finance minister, Mohammed Al-Jadaan, spoke to Bloomberg TV on Tuesday. Al-Jadaan stunned reporters when he said Saudi Arabia is open to trading in other currencies. “There are no issues with discussing how we settle our trade arrangements, whether it’s in the U.S. dollar, the euro, or the Saudi riyal,” Al-Jadaan said.
At the China-GCC conference in December, as reported by VOA:
“China will continue to import large quantities of crude oil from GCC countries on an ongoing basis,” he said, also vowing to expand other areas of energy cooperation including liquefied natural gas imports.
Xi said China would make full use of a Shanghai-based platform “to carry out RMB [yuan] settlement of oil and gas trade’”— a move that, if Gulf countries participate, could weaken the global dominance of the U.S. dollar.
Regarding Saudi Arabia, the Gulf kingdoms would be “repeatedly stressing” their desire to remain neutral despite the US’s pressure to get involved in the middle of the geopolitical showdown between US/NATO and the BRICS axis.
Saudi officials have repeatedly stressed that they value deep ties with Washington but will not hesitate to explore relationships elsewhere.
“We are very much focused on cooperation with all parties and I think competition is a good thing,” Prince Faisal said Friday, adding that Riyadh will also continue to have strong relations with the U.S. “across the board.”
“We will continue to work with all of our partners, and we don’t see it as a zero-sum game by any means,” he added.
“We don’t believe in polarity.”
“We don’t believe in polarity”….well that’s neat Prince Faisal.. but as we know, the problem is the US does.
In the build up of anticipation to the Saudi-China trip, The Wall Street Journal reported published “
China’s Xi Jinping to Visit Saudi Arabia Amid Global Reshuffling” in November of 22’. WSJ describe the rising tensions between Saudi Arabia and the US — explicitly identifying Saudi Arabia’s neutrality as a major problem for the US.
The meeting comes at a time when large parts of the developing world have expressed reluctance to choose sides in the war between Russia and Ukraine, which has received Western backing, despite urging from Washington and European capitals.
Riyadh, in particular, has expressed a desire to put its own interests first on oil policy, in a way it says isn’t intended to benefit Russia. Saudi Arabia pushed for a significant cut in output by the OPEC+ group of oil-producing nations in an effort to keep petroleum prices from falling.
Riyadh was essentially telling DC, “Hey, we know you want us to raise production, but we have our own interests and it is in our own interests to cut production, so kindly bug off and let us act in the interests of our country, not yours”
And the US attitude was “But you are supposed to be our slave, what the #$&! is happening right now?! You are supposed to submit and kowtow. Remember Gaddafi?”
As reported by VOA in their article on the December Xi-Saudi meet:
Xi’s arrival in the kingdom Wednesday earned a rebuke from the White House, which warned of “the influence that China is trying to grow around the world.”
Washington called Beijing’s objectives “not conducive to preserving the international rules-based order.”
Saudi officials have repeatedly stressed that they value deep ties with Washington but will not hesitate to explore relationships elsewhere.
I am hearing in Jimmy Dore’s voice right now “What rules-based order?”
As stand-up Comedian Jimmy Dore explained about The US’s ‘Rules Based International Order’
We (the USA) do not follow any rules:
When we (the US) invaded Afghanistan and occupied it for 20 years we weren’t following any rules-based order.
When we invaded Iraq and killed a million people we weren’t following any rules-based order.
When we illegally invaded Libya Bombed the shit out of them, turned that state into a failed state with open slave [markets] – we weren’t following any rules-based order.
When we went and dropped 26, 000 bombs in Syria, we weren’t following any rules-based order.
They call it rules-based order – what they mean is the United States rules the world. That’s what this is about. So, we don’t follow any rules or order.
Right now we’re we’re occupying a third of Syria. We’re stealing Syria’s oil right now, what rule does that fall under?
So what he’s saying here.. this is about us staying in control of the world “
The ‘Rules-Based Order’ vs. International Law
6 days ago · 12 likes · 8 comments · Daniel Larison
To Recap: In December Xi, in a rare visit outside the country(his 3rd time since Covid), visited Saudi Arabia – the country that birthed the petrodollar. Then the next month Davos announces their concrete intentions to shift away from the dollar.
So Saudi Arabia, the oil kingdom which essentially created the petrodollar for the US Dollar, announced at Davos among the worlds most powerful collective of business and policy leaders, their intention to ditch the petrodollar standard.
…this was the writing on the wall being outlined with neon paint. This was highly significant in the perception of the rest of the world regarding the US’s grip/control on the world order.
The petrodollar standard is of course what has given the US dollar its plush, privileged position as the world reserve currency. and allowed the US to pretend the National deficit and basic economics and laws of reality doesn’t matter.. and that the country for decades hasn’t been deindustrializing and allowing its economy to be gutted by outsourcing and become hyper import-dependent.
And the irony of the whole “supply chains being highly dependent on importation” situation is that we are not just dependent on importation in general, but much of western supply chains, including the US, are highly dependent on China. As the US/NATO axis butts heads with China and BRICS, the danger of this is becoming more and more apparent. The supply chain disruptions resulting from the Covid response did invigorate much discussion, both internationally and domestically, of supply chain integrity and versatility. This growing awareness of existing over-dependence on importation, particularly from China, was recently highlighted in an article concerning the US incentivizing EV battery recycling within the country in closed-loop supply chains.
Reuters reported on July 21st, “Dead EV batteries turn to gold with US incentives:
“The race is on to build “closed-loop supply chains” where recycled minerals are put into locally produced new batteries, said Christian Marston, chief technology officer at Altilium Metals, which is building a plant in Bulgaria and plans one in the UK by 2026.
“Everybody wants to control their own supply chain and nobody wants to be reliant on the Chinese,” he said.”
Now, lets look at a chronology of headlines from 2023, starting with January – which paints a general picture of BRICS gaining steam and momentum
1/06/23 — Why We Shouldn’t Underestimate China’s Petro-Yuan Ambitions
”Credit Suisse’s Zoltan Pozsar: the de-dollarization of the global oil industry is in full swing–even if we can’t see the final end game from here.”
1/21/23 — UAE De-Dollarization Accelerates: “Crypto Will Play A Major Role In Trade Going Forward”
1/26/23 — Russia, South Africa and a ‘Redesigned Global Order’: The Kremlin’s Hearts and Minds Machine Is Steaming Ahead
1/31/2023 — The Importance of Sisi’s Visit to India to Build Economic Blocs for Egypt With the BRICS Group
2/13/23 — Saudi Arabia Eager to Join SCO, BRICS: Russian Diplomat — “Meanwhile, Sergey Lavrov, the Foreign Minister of Russia, claimed earlier this year that ‘more than a dozen’ countries had indicated interest in joining the BRICS alliance.”
→ Fast Forward 4 months from the article above to July 2023, and according to BRICS officials: FORTY countries that have expressed interest to join BRICS. From a dozen countries to 40 countries interested…in a span of months.
7/21/23 — VOA — “40 More Countries Want to Join BRICS, Says South Africa”
Returning back to the timeline though- lets rewind back to march.
3/24/23 — Egypt Joins BRICS Bank as New Member Weeks After President Sisi’s India Visit
The Egyptian Parliament endorsed the agreement that allowed the country to join the NDB. Egyptian MPs had welcomed the agreement, seeing in it a way to help reduce the demand for US dollars. The next BRICS Summit to be hosted by South Africa in August is expected to give a big push to intra-BRICS trade in national currencies, enabling member states to safeguard their forex reserves.
El-Sisi had taken part in the BRICS summits in 2017 and 2022. “I would like to express my appreciation for the BRICS group – a forum whose position is growing day by day at the international scene…”
The New Development Bank(NDB) was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014. The bank’s goal is to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries.”
3/28/23 — China Completes First Yuan-Settled LNG Trade [With the UAE]
3/30/23 — South Africa’s FM Pandor Lists Countries *Publicly* Wanting to Join BRICS
– Saudi Arabia, UAE, Egypt, Algeria, Argentina, Mexico and Nigeria
As you can see the first quarter of 2023 saw rapid momentum in expression of interest to join BRICS. More countries sought to coordinate intentions to join BRICS+ as well as seeking greater cooperation with alternative institutions challenging the west such as the Shanghai Cooperation Organization(SCO) and New Development Bank(NDB).
“Every night, I ask myself why all countries are forced to do their trade backed by the dollar? Why can’t we do trade backed by our currency?” — Brazilian President Lula De Silva
Asking yourself every night? Damn Lula, okay, I see you — Call those demons out brother. In other news: 7/12/23 – Brazil’s CBDC Pilot Contains Code That Can Freeze or Reduce Funds, Dev Claims)
As we are moving onto the 2nd quarter of 2023, it is important to note that de-dollarization really began to accelerate in this time period. As already mentioned, Latin America began discussing the issue heavily in early 2023,
2/14/23 — “South America’s ‘Common Currency’ Is Actually about De-dollarization”
3/23/23 — Why Latin America Keeps Talking About a Common Currency
4/10/23 — DW: A New World Order? BRICS Nations Offer Alternative to West
Challenging the World Bank model
In 2014, with $50 billion (around €46 billion) in seed money, the BRICS nations launched the New Development Bank as an alternative to the World Bank and the International Monetary Fund. In addition, they created a liquidity mechanism called the Contingent Reserve Arrangement to support members struggling with payments.
These offers were not only attractive to the BRICS nations themselves, but also to many other developing and emerging economies that had had painful experiences with the IMF’s structural adjustment programs and austerity measures. This is why many countries said they might be interested in joining the BRICS group.
4/24/23 — Foreign Policy: A BRICS Currency Could Shake the Dollar’s Dominance
5/1/23 — Syria Urges BRICS to Lead in Ditching Dollar, Talks Yuan Adoption With China
5/11/23 — BRICS Leaders Set to Discuss Common Currency to Challenge US Dollar Dominance in Upcoming Summit
5/22/23 — BRICS, Eurasian Economic Union, SCO Members Plan to Discuss Forming an Extensive Alliance
6/1/23 — BRICS: What Happens if Mexico Joins the Alliance?
6/3/23 — BRICS Ministers Call for Rebalancing of Global Order Away From West
6/6/23 —Newsweek: BRICS Is Evolving from China-Russia Dream to Potential U.S. Nightmare
Global interest among nations seeking to join the BRICS economic bloc… is demonstrating its growing influence as a new geopolitical force with the potential to challenge the largely Western-led financial system.
As the group prepares to hold a fateful conference this summer, transformations long in store for the international order are beginning to take effect.
“The main drivers are to do with an overall belief that the United States has become both unreliable and overbearing in its foreign policy,” said Chris Devonshire-Ellis, chairman of the Dezan Shira & Associates business firm dedicated to doing business across Asia.
“Unreliability such as issues concerning the recent U.S. debt ceiling—which has only been pushed back to 2025—and the risks of sanctions,” Devonshire-Ellis told Newsweek. “Overbearing in that it has used international mechanisms to punish countries it doesn’t agree with (cutting countries off SWIFT) and has appeared to use the G7 as an economic ‘gang’ to support and justify what it does elsewhere.”…
“Other countries are starting to become concerned at this type of behavior: unsustainable debt levels and the imposition of a ‘rules based order’ and global economics that only appear to service the U.S. and its immediate allies—at the expense of everybody else,” Devonshire-Ellis said.“Simply put,” he added, “numerous global leaders from Africa, Latin America, Central Asia and the Middle East, as well as China and Russia, have stopped believing in the United States as a responsible global leader.”
6/6/23 — De-Dollarization Signs Are Emerging as the Greenback Slides in Currency Reserves, JPMorgan Says
- Signs of de-dollarization are showing in FX and central bank reserves, JPMorgan said.
- “Some signs of de-dollarization are emerging; this trend is likely to persist but USD should maintain its large footprint for the foreseeable future.”
This has been set against a decline in the US share of global trade, as the country’s exports fell to a record low of 9%.
And the dollar’s share of foreign exchange reserves has also dropped. That trend was accelerated after the West froze Russia’s $330 billion in reserves last year for its Ukraine invasion — prompting other nations to decrease their reliance on the US currency.
“De-dollarization is evident in FX reserves where USD share has declined to a record as share in exports declined, but is still emerging in commodities,” JPMorgan said.
Meanwhile, the dollar has started to lose to gold, as foreign central banks have bought the commodity in record volumes over the past few quarters. The yellow metal now compromises 15% of total assets, versus the dollar’s 44%.
And interest in BRICS and BRICS adjacent organizations such as the Shanghai Cooperative Organisation (SCO) and New Development Bank(NDB) would keep growing, as would bilateral trade in national currencies.
6/14/23 — Egypt Eyes Dropping US Dollar in Trade With BRICS Nations
6/20/23 — UAE Closes in on BRICS as Emirati Defense Firm Signs Deal With Brazilian Navy
7/6/23 — Afghanistan Wants Invite to Future SCO Meetings
7/8/23 — How Africa Surprised the West During the War in Ukraine
”To the surprise and concern of the United States and Europe, the predominant response of Africa to the war in Ukraine has been neutrality and growing support for a multipolar world.”
Not one country in Africa has joined the U.S.-led sanctions on Russia and the dominant stance of the continent has been neutrality. The United States expected strong support from Africa and strong condemnation of Russia. Instead, it saw neutrality from most, a lack of condemnation of Russia from many, and the blame being placed on the United States and NATO by several….
Alden Young, professor of African-American Studies at UCLA, told me, “Putin finds a receptive audience when he talks of multipolarity in Africa.”…African countries realize that U.S. hegemony can be just as easily weaponized against them.
There is a deep dissatisfaction with unipolarity in Africa. Young says that African states feel “marginalized” and that they are “frustrated with their inability to have a larger voice in international organizations.” As South Africa has seen with the Russian and Chinese-led BRICS, perhaps the only important international organization in which an African country has an equal voice, multipolarity offers an alternative…
The United States exerted intense pressure on Africa to support U.S.-led sanctions. The U.S. ambassador to the UN, Linda Thomas-Greenfield, told[threatened] African countries that “if a country decides to engage with Russia, where there are sanctions, then they are breaking those sanctions.”
She warned them that if they do break those sanctions, “They stand the chance of having actions taken against them.” Nonetheless, not one African country has sanctioned Russia. Her threat had the opposite effect, Ajala told me: It “has done nothing but strengthen the resolve of African countries to remain defiant in their position.”
7/22/23 — Algeria Applies for BRICS Membership, Wants $1.5bn Stake in New Development Bank
— ”Dozens of nations are looking to join the group of emerging economies as part of a larger push toward de-dollarization”
”Presidents from BRICS member states are set to discuss the group’s expansion in August, during a summit where they are also expected to launch a new currency to rival US dollar hegemony.
According to South Africa’s representative to the alliance, over 40 nations have expressed interest in becoming members of BRICS.
Saudi Arabia, the UAE, Syria, Egypt, Bahrain, Iran, Argentina, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan are among the countries that want to join BRICS.”
7/ 15/23 —SCMP: Why African Nations Are Keen to Join the Expanding BRICS Club
“Various African countries, including Egypt, Ethiopia, Zimbabwe, Algeria, Nigeria, Sudan and Tunisia, have expressed interest in joining BRICS…
A number of economies in Latin America, the Middle East and Eastern Europe are also angling to become members, including Saudi Arabia, Belarus, Iran, Mexico, Syria, Turkey and Venezuela.”
7/15/23 — Bloomberg: “Middle Eastern Wealth Flows to China Amid Anxiety About US Ties”
Zerohedge would report on Bloomberg’s article on ME wealth flowing to China:
It’s hard to overstate the potential impact of a move underway that – thanks to Biden’s catastrophic diplomacy – could result in China replacing the U.S. as a security guarantor with the petro-monarchies that control so much of the world’s oil reserves
Bloomberg stressed the significance of the Gulf States shifting allegiances, in the context of the Petrodollar and its vitalness in propping up the US Dollar as the world reserve currency:
For decades, the oil states of the Middle East have relied on the United States as their primary economic partner and security guarantor. Their holdings of dollar-denominated U.S. debt and settlement of sales contracts in dollars keeps the dollar as the world’s reserve currency. That status enables to U.S. to run massive deficits, print money to pay for them, and not suffer a foreign exchange crisis and severe devaluation.
Even Macron, seeing the writing on the wall for BRICS Vs. US Hegemony, is wanting in on the action now. (lmao) 7/13/23 — Macron’s BRICS Summit Invitation: Exploring shifts in French foreign policy
In March, Macron took a dig at US hegemony policy, accusing it of treating France as a Vassal-stat.
4/10/23 — Macron Sparks Anger by Saying Europe Should Not Be ‘Vassal’ in US-China Clash
5/20/23 — Is France Backing China’s Currency Against the US Dollar?
read more here: https://themcgwire.substack.com/p/the-end-of-the-petrodollar-the-rise
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