BRICS News and Discussions

[ety]

LoL talk about delusion, last Pakistani PM who met Putin got removed before tenure, but you want other BRICS members to believe that Pakistan is in good position to join.
Why dont you ignorant ask the Pakistani members that who removed previous PM ?

Don't derail and talk nonsense about Pakistani internal politics here. You pretty well know that Uncle Sam was behind the removal of previous Pakistani PM. Just hold to your ignorance, good for your country.

 

[GatlingGun]

Don't derail and talk nonsense about Pakistani internal politics here. You pretty well know that Uncle Sam was behind the removal of previous Pakistani PM. Just hold to your ignorance, good for your country.

Oh wow smarty know it all, you might also know that same Uncle Sam is behind establishing the current regime. Then why do you want BRICS to let such country enter.

 

[ety]

Oh wow smarty know it all, you might also know that same Uncle Sam is behind establishing the current regime. Then why do you want BRICS to let such country enter.

That I am not too sure, they had an election recently. But, Russia and Pakistan are not enemies as other members except India.

 

[GatlingGun]

That I am not too sure, they had an election recently. But, Russia and Pakistan are not enemies as other members except India.

Badluck for Pakistan and China then.

 

[drkrn86]

Both China and Russia first stated publicly they endorse Pakistan's application to join BRICS +, it's only India that is against Pakistan, and India maybe against the group now. Try not to think Russia will always take India's position in BRICS+, lol.

Moscow will support Islamabad's bid to join BRICS, says Russian deputy prime minister

Russia's deputy prime minister says Moscow will support Islamabad’s bid to join the BRICS bloc of developing economies.

apnews.com

Given the Chinese backing, Russia will support Pakistan. But don't think they will let you sit next to them as a replacement for INDIA.
Every country fights for its interests.

 

[drkrn86]

India, China, and Russia have all been victims of American sanctions and bullying, making the idea of a common BRICS currency something they can agree on. However, the challenge is that these countries also hold significant dollar reserves, and a decline in the dollar’s value could impact their reserves. Therefore, this approach must be implemented slowly and gradually. When it does emerge, the BRICS currency will be stronger than the US dollar and more widely accepted globally.

Very unlikely.
Chinese even though powerful, are unlikely to be trusted by other countries.
Russia is a dead horse, at least for now.
INDIA neither has the military nor the economy to dictate terms internationally.
All three agreeing on a common currency is unlikely.

USD will eventually be supplanted by other currencies gradually, but USD won't lose its shine any time soon.

 

[drkrn86]

For BRICS to succeed, all member countries must respect each other’s concerns. There’s no need to bring Pakistan into BRICS if India opposes it. Similarly, Ukraine, Taiwan, the Philippines, Singapore, or Japan cannot join BRICS either. Every member’s concerns should be addressed.

Valid points.
But why Singapore?? they have good relations with everyone.
O.T. Pakistan has no say on this topic.

 

[drkrn86]

"Pakistan holds no significance" for the purposes for which BRICS was established.

What exactly was Pakistan's interest in joining this group?

 

[drkrn86]

You really think India can hold Russia to hostage on BRICS+

A simple answer is "Yes".

Venezuela furious at Brazil's Brics snub

Venezuela criticises Brazil's decision to veto its admission to the Brics group of emerging economies.

www.bbc.com

Research before you post.

 

[drkrn86]

China is said to be printing (or digitally creating) more yuan recently, so countries need to be cautious to bank on the reserve potential of the yuan.

But with the dollar printing we have seen in the last few years, it’s probably also bad for many countries to be mostly reliant on dollars.

We might see some return to a gold standard as at least a partial backing of these currencies.

The USA is the financial "Goonda" in the international markets exporting their inflation worldwide.
China is worse.

 

[drkrn86]

Oh wow smarty know it all, you might also know that same Uncle Sam is behind establishing the current regime. Then why do you want BRICS to let such country enter.

Again, a valid point. What has Pakistan got to offer? What can they bring to the table?

 

[ety]

A simple answer is "Yes".

Venezuela furious at Brazil's Brics snub

Venezuela criticises Brazil's decision to veto its admission to the Brics group of emerging economies.

www.bbc.com

Research before you post.

What are you talking about, its totally different for Russia to take Indias position on Pakistan than India vetoing. Russia already supports Pakistans bid to join BRICS. Know what you are talking before posting, you have comprehension problem of what I said obviously.

 

[-OG-]

The new BRICS currency -


View attachment 74551

Awful design, no consistency.

 

[j_hungary]

lol, Yuan is seriously undervalued because of the export driven economy, Rouble is seriously overinflated due to Ukraine war and sanction. Those two condition can't get together. Otherwise you are either asking China to pay off the balance of Rouble or Russia would drag down the Yuan (more likely to be former than the latter) unless Yuan and Rouble can't freely exchange to BRICS currency, if this is the case, then what's the point to have BRICS currency to begin with?

On the other hand, who exactly is going to back BRICS currency? You can't just print a 100 BRICS dollar note and tell people it worth a hundred dollars. You need a market and an entire economic eco-system to back it somewhere, India, South Africa, Brazil and Russia can't do that as they don't have international reach on their currency to have such a backing, the only country that have some international influence is China, but China currency influence is very limited again due to it being undervalued. Which means for BRICS currency to go international at the short to medium stage, China have to break its back to do that, because no one country in BRICS other than China can have the economy to support that, and even that, it probably won't change much of the current currency reserve distribution since BRICS country occupied roughly 10% of IMF SDR currently, and it's unlikely to reach over 20% as per IMF prediction (at Euro level) in the next 2 or 3 decade, unless BRICS drastically changes its economic environment. Let alone being able to challenge USD (which now at 42% drawing right)

 

[F-22Raptor]

At BRICS summit, Russia to push to end dollar dominance​

Gleb Bryanski
Wed 16 October 2024 at 3:42 pm BST·3-min read

FILE PHOTO: FILE PHOTO: Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg
By Gleb Bryanski

MOSCOW (Reuters) - Russia is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions when it hosts the group's leaders at a summit next week.

President Vladimir Putin is keen to build up BRICS - which has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates as well as Brazil, Russia, India, China and South Africa - as a powerful counterweight to the West in global politics and trade.


The Oct. 22-24 summit in the city of Kazan is being presented by Moscow as evidence that Western efforts to isolate Russia have failed. It wants other countries to work with it to overhaul the global financial system and end the dominance of the U.S. dollar.

Central to that is the proposal for a new payments system based on a network of commercial banks linked to each other through the BRICS central banks, according to a document prepared by Russia's finance ministry and central bank, distributed to journalists ahead of the summit.

The system would use blockchain technology to store and transfer digital tokens backed by national currencies. This, in turn, would then allow those currencies to be easily and securely exchanged, bypassing the need for dollar transactions.

Russia sees it as a way to resolve increasing problems in settling trade payments, even with friendly countries such as China, where local banks fear they could be hit by secondary sanctions by the United States.

Yaroslav Lissovolik, founder of the BRICS+ Analytics think tank, said the creation of such a system was technically feasible but would take time.

"After the significant expansion of BRICS membership last year, the attainment of consensus is arguably harder," he said.

GRAIN EXCHANGE

The Russian document accuses existing institutions such as the International Monetary Fund of serving the interests of Western countries and says they need "improvements to better serve the evolving global economy". Russian Finance Minister Anton Siluanov called on BRICS members last week to create an alternative to the IMF.

Among other initiatives to facilitate trade and investment, Russia is also proposing to create a "BRICS Clear" platform to settle trade in securities.

The document calls for better communication between credit rating agencies in member countries and for a common ratings methodology, but stops short of proposing a joint BRICS rating agency, an idea that the group had discussed earlier.

Russia, the world's top wheat exporter, is also urging the creation of a BRICS grain trading exchange, backed by a pricing agency, to create an alternative to Western bourses where international prices for agricultural commodities are set.

But in a sign that Moscow will need to work hard to push its proposals through, most BRICS members sent only lower-level officials - not finance ministers or central bankers - to a preparatory meeting last week.

For the summit itself, Russia says it expects to welcome leaders from all nine BRICS members and about 15 other countries keen to work as partners with the group, as well as the foreign minister of Saudi Arabia, which has been invited to join.

"BRICS is a structure that cannot be ignored," Kremlin aide Yuri Ushakov told reporters last week.

(Additional reporting by Vladimir Soldatkin, editing by Mark Trevelyan and Bernadette Baum)

We wish Russia great luck in its efforts. Of course.

To fully comprehend how insanely wealthy the US is, when you add up all the BRICs member GDPs, they STILL cant surpass US GDP.

To be further mind blown, BRICs population is 3.6 billion people versus a US population of 335 million. That’s almost a 3.3B population advantage which still can’t overcome US GDP.

The US ability to unlock wealth is unmatched in human history.