What is BRICS and why is the US afraid of them?
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BRICS stands for Brazil, Russia, India, China, and South Africa. It was a term first coined by a Goldman Sachs economist who predicted that in less than 30 years, these five countries would form a majority of the global economy. The thought was that these countries would help themselves politically and economically, and they have been working together since 2001. However, in 2015, Goldman Sachs, who coined the term and saw them as a strong investment opportunity, bailed.
Investopedia says the term is no longer used today. However, in recent events, I think there has been a strong turnaround, not in the way Goldman Sachs sees them but how they operate.
The Chinese leader, Xi Jinping, in recent times, was found visiting Saudi Arabia, which is a key indicator that the oil diplomacy the United States put together was not as real as they thought.
In addition to this, Egypt has also decided to join the BRICS bank, showing that Investopedia may have had it wrong in its analysis, and the BRIC did not die, instead they are multiplying.
The BRICS nations have decided that they will be making a strong currency that will have the backing of gold and other commodities. As we know, the US has just been printing money that is no longer backed by anything other than its debt.
Other countries that have decided to join BRICS (banking or full membership) are Saudi Arabia and Turkey, choosing to have the BRIC currency as their store of wealth.
BRICS accounts for 40% of the world's population and 25% of the world's Gross Domestic Product already, without the other countries that have plans of joining.
At the wake of the Ukraine/Russia war, the Organisation of Petroleum Exporting Countries (OPEC) told the US that it would not be in their best interest to put sanctions on Russia, but they went ahead and did it anyway.
The consequences are what is being played out right now. The US thought they would continue to provide arms to Saudi Arabia and they would continue to receive oil. I really hope for the sake of Western Civilization that this is the case, but the reception I saw towards the Chinese leader in those videos does not speak well of the relationship with the US.
What are your thoughts on all this? What are your thoughts on BRICS? What are your thoughts on the new member nations? What will be the US's next move? I want to know your thoughts in the comment section below.
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In my opinion the BRICS area is expanding, but what makes me believe that it is not a quality expansion is that in these countries human rights are not at the level of those of the West or the United States
Very true...I think that they will expand and fall apart because they can not maintain respect for themselves. But I think that the US has lost its ability to negotiate with other countries. There was a time when Trump use to navigate that very well with Valdarmir of all people and liberal media was on his case for it. I don't think this war has benefited anyone.
I live in Italy, but if I have to have my say, I hope that TRUMP will return to lead the USA. what do you think about it?
I really hope so too. Its really sad the way the country is going
Thanks for your reply
You are welcome
They’ll do fine.
The current Western financial system is too hyper-financialized to the point of absurdity. It’s inflated market cap based on derivatives of derivatives. In other words, imaginary numbers.
Many of the reasons why we are in crypto revolve around our rejection of the current system.
Very possible. But it is also likely that China might have a strong communist influence.
Breaking free from the financial system and holding crypto has its benefits to the individual in terms of sovereignty but I feel (cause I haven't done enough research on the case) it can be destructive to the economy too.
Why does that matter? They are functionally capitalist and probably still have the highest BTC mining hash rate despite the so-called "ban".
Actually!! Very good point. I guess we'll just have to watch and see how all this plays out.