BRICS

Whither Multipolarity In A Changing World Order

April 24, 2023 Roger D. Harris, CounterPunch.org. Educate! BRICS, China, Multipolarity, NATO, US Hegemony, US Imperialism

The Italian political theorist Antonio Gramsci presciently observed: “The crisis consists precisely in the fact that the old is dying and the new cannot be born; in this interregnum a great variety of morbid symptoms appear.” This period that we live in is arguably shaped by three elements: two moribund (the implosion of the USSR and the centrality of US imperialism) and one vital (the promise of multipolarity). The camp associated with the US is consolidating at the same time that a countervailing multipolar tendency is emerging. Major changes are reshaping the world order, I contend, but the outcome is not yet clear.

Can BRICS Triumph Over The IMF And World Bank?

April 17, 2023 Ramzy Baroud, Mintpress News. Create! BRICS, Debt, Global South, International Monetary Fund

Who would have expected that the BRICS nations could rise as the potential rival of the G7 countries, the World Bank and the IMF combined? But that once seemingly distant possibility now has real prospects which could change the political equilibrium of world politics. BRICS is an acronym for Brazil, Russia, India, China and South Africa. It was supposedly coined by the Chief Economist of Goldman Sachs in 2001 as a reference to the world’s emerging economies. It was then known as BRIC, with the ‘S’ added later when South Africa formally joined the group in 2010. BRIC’s first official summit took place in 2009. T

Brics Bank De-Dollarizing, New Chief Dilma Rousseff Says

April 16, 2023 Ben Norton, Geopolitical Economy. Educate! Brazil, BRICS, De-dollarization, Dilma Rousseff, Inflation, Lula da Silva

The new president of the BRICS Bank has revealed that the Global South-led bloc is advancing toward de-dollarization, gradually moving away from use of the US dollar. The New Development Bank plans to give nearly one-third (30%) of its loans in the local currencies of the financial institution’s members. Dilma Rousseff, the left-wing former president of Brazil, took over the leadership of the Shanghai, China-based New Development Bank (NDB) this March. The NDB was created in 2014, by the BRICS bloc of Brazil, Russia, India, China, and South Africa, as a Global South-oriented alternative to the US-dominated World Bank, which is infamous for imposing neoliberal economic reforms on impoverished countries, which hinder their development.

Lula Criticizes The Hegemony Of The Dollar During Visit To China

April 15, 2023 Mauro Ramos, People's Dispatch. Educate! Brazil, BRICS, China, Global Economy

The president of the New Development Bank (NDB), Dilma Rousseff, received the president of the Republic of Brazil Luiz Inácio Lula da Silva for the inauguration ceremony at the head of the bank. This was the first activity on the official agenda of the president during his state visit to China. Lula and Rousseff held a closed-door meeting with directors of the financial institution before starting the ceremony. First to speak, Rousseff, who was one of the founders of the BRICS bank, talked about the need to expand the institution’s capacity. “It is fundamental to expand the bank’s reach and impact. On the one hand, we have expanded the number of member countries, strengthening our cooperation platform.

World Bank, Brics Bank; New Leaders And Different Outlooks

April 11, 2023 Vijay Prashad, Asia Times. Educate! BRICS, Dilma Rousseff, Global Economy, World Bank

In late February, US President Joe Biden announced that the United States had placed the nomination of Ajay Banga to be the next head of the World Bank, established in 1944. There will be no other official candidates for this job since, by convention, the US nominee is automatically selected for the post. This has been the case for the 13 previous presidents of the World Bank; the one exception was acting president Kristalina Georgieva of Bulgaria, who held the post for two months in 2019. In the official history of the International Monetary Fund (IMF), J Keith Horsefield wrote that US authorities “considered that the Bank would have to be headed by a US citizen in order to win the confidence of the banking community, and that it would be impracticable to appoint US citizens to head both the Bank and the Fund.”

Saudi Arabia Joins Shanghai Cooperation Organisation

March 31, 2023 People's Dispatch. Educate! BRICS, China, Russia, Saudi Arabia, Shanghai Cooperation Organization

The government of Saudi Arabia decided to join the Shanghai Cooperation Organisation (SCO) as a dialogue partner on Wednesday, March 29, making it the third Arab country to do so after Egypt and Qatar. The decision to join the SCO was taken in a cabinet meeting headed by King Salman bin Abdulaziz Al Saud, according to the state-run Saudi Press Agency (SPA). Saudi Arabia’s dialogue partner status can be converted into full membership of the group in the future. The SCO was established in 2001 with China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan as members. It is the successor of the Shanghai Five group. Later, India and Pakistan also became full members of the the political and strategic grouping, and Iran is set to join by the end of this year.

G7 VS Brics — Off To The Races

March 23, 2023 Scott Ritter, Consortium News. Educate! BRICS, G7, Global GDP, Multipolar World

Last summer, the Group of 7 (G7), a self-anointed forum of nations that view themselves as the most influential economies in the world, gathered at Schloss Elmau, near Garmisch-Partenkirchen, Germany, to hold their annual meeting. Their focus was punishing Russia through additional sanctions, further arming of Ukraine and the containment of China. At the same time, China hosted, through video conference, a gathering of the BRICS economic forum. Comprised of Brazil, Russia, India, China and South Africa, this collection of nations relegated to the status of so-called developing economies focused on strengthening economic bonds, international economic development and how to address what they collectively deemed the counter-productive policies of the G7.

China’s Iran-Saudi Peace Deal Is Big Blow To Petrodollar

March 19, 2023 Ben Norton, Geopolitical Economy. Resistance Report BRICS, China, Foreign Relations, Iran, Petrodollar, Saudi Arabia, US Hegemony

China surprised the world on March 10, announcing that it had successfully sponsored peace talks between rivals Saudi Arabia and Iran. Four days of secret negotiations in Beijing led to a historic agreement in which the two West Asian nations normalized relations, following seven tense years without any official diplomatic ties. Iraq had previously hosted peace talks between Saudi Arabia and Iran, but these were sabotaged in January 2020 when US President Donald Trump ordered a drone strike to assassinate top Iranian official Qasem Soleimani, who had been involved in the negotiations.

Multipolar Economic Order

January 22, 2023 Ben Norton, Geopolitical Economy Report. Educate! BRICS, Global Economy, Oil and Gas, Saudi Arabia

The international economic system had been dominated for decades by the United States, but this financial architecture is rapidly fracturing with the creation of new institutions in the Global South. The BRICS bloc of Brazil, Russia, India, China, and South Africa is working “to develop a fairer system of monetary exchange”, to challenge the “dominance of the dollar”, South Africa’s foreign minister has revealed. Saudi Arabia publicly confirmed that it is considering selling its oil in other currencies. China’s President Xi Jinping said Beijing will buy energy from the Persian Gulf states in its own currency, the renminbi. Prominent economist Zoltan Pozsar, of the Swiss investment bank Credit Suisse, has observed that the “unipolar era” of US hegemony is quickly being replaced with a new “multipolar” order of “one world, two systems”.

Pakistan And China Partner To Build Climate Resilience

November 23, 2022 Ruqiya Anwar, The Real News. Create! BRICS, China, climate crisis, Extreme weather, Pakistan

As part of an ambitious initiative to build climate resilience in the aftermath of disastrous floods, Pakistan has, with Chinese assistance, put up a high-tech environmental observation station to anticipate weather and research climate change. Disasters such as floods, droughts, and cyclones have struck Pakistan in recent years, causing widespread destruction. Since the monsoon season started in mid-June, Pakistan has seen extremely heavy rains—about three times higher than the country’s 30-year average. As a result, Pakistan is facing its worst floods this century, with rivers spilling their banks, flash flooding, and bursting glacial lakes. The climate minister of Pakistan has declared that floodwaters have spread across one-third of the country, making this the worst flooding event in the country’s history.

What Worries The United States Most About Lula

November 4, 2022 Steve Ellner, Consortium News. Educate! Brazil, BRICS, Non-Aligned Movement, Ukraine

President Joe Biden kept a promise to Lula da Silva by congratulating him for “free, fair and credible” elections minutes after Sunday’s results declared Lula the winner over incumbent Jair Bolsonaro. Pundits have interpreted the Biden administration’s words on the Brazilian election as a demonstration that it was rooting for Lula over his opponent, known as “Tropical Trump.” This reasoning is at best misleading, if not completely faulty. What has Washington actually most worried about Lula is the reemergence of a powerful non-aligned movement and the prospect that a progressive like Lula would be at the helm. During his previous two presidencies, Lula cast himself as a spokesman for the Global South. Times have changed since then. There is a growing number of ideologically diverse governments, which were formerly subservient to the U.S. and are now boldly defying Washington’s dictates, creating fertile ground for the expansion of a bloc of non-aligned nations that has been reinvigorated by opposition to NATO’s stance on Ukraine.

The End Of US Hegemony And The Rise Of BRICS

July 30, 2022 Lowkey, Mintpress News. Resistance Report BRICS, Failed State, Multipolar World, US Imperialism

In the past two decades, the U.S. grip on global power has been slipping, and new nations and organizations have begun to emerge that challenge American dominance. One of these is the BRICS, an economic and increasingly political bloc of emerging economies: Brazil, Russia, India, China and South Africa. Argentina, Iran and others have expressed an interest in joining this alliance, which has now laid out plans for its own bank and international currency, two moves strike at the heart of American economic hegemony.

Key Takeaways From BRICS Summit

June 29, 2022 Orinoco Tribune. Educate! Brasil, BRICS, China, India, Russia, South Africa

Last week the 14th BRICS Summit took place virtually, chaired by Chinese President Xi Jinping. The BRICS bloc (Brasil, Russia, India, China and South Africa) represents a key political, economic, and scientific force in the international arena. These nations represent half of the world’s population and their collective GDP is greater that $20 trillion. In today’s context, the significance of the BRICS summit is increased to the extent that the bloc represents an alternative to the unipolar world of the decaying West. What follows are some of the key points from the Summit’s in Beijing: Multilateral compromise in the defense of international law, which includes being more inclusive with less developed countries. Promote peace and international security without compromising the environment. Support for a an open, multilateral, transparent, inclusive, rules-based, non-discriminatory commercial system.

BRICS Leaders Are Reinforcing, Not Replacing, The Global System Of Power

August 13, 2018 Patrick Bond, Thewire.in Educate! BRICS, Capitalism

Can the Brazil-Russia-India-China-South Africa (BRICS) bloc rise to the occasion, as Donald Trump jerks Western imperialism out of traditional alignments? With war-talk against Iran blowing through Trump’s tweets, and with Washington’s trade wars raging against both China and traditional allies, there was talk here in Johannesburg about counter-hegemonic prospects during the last week of July. Chatter about reforming multilateral economic power structures, launching a new BRICS credit ratings agency and prospects for leapfrog technology within the ‘4th Industrial Revolution’ (4IR) also filled the air. The most vainglorious elements of South Africa’s ruling elite were thrilled that BRICS leaders descended for several days of pageantry.

How BRICS Plus Clashes With The US Economic War On Iran

August 8, 2018 Pepe Escobar, Informationclearinghouse.info Educate! BRICS, Iran, New Economy, Wars and Militarism

August 04, 2018 "Information Clearing House" - The key take away from the BRICS summit in Johannesburg is that Brazil, Russia, India, China and South Africa – important Global South players – strongly condemn unilateralism and protectionism. The Johannesburg Declaration is unmistakable: “We recognize that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy.” Closer examination of Chinese President Xi Jinping’s speech unlocks some poignant details. Xi, crucially, emphasizes delving further into “our strategic partnership.” That implies increased BRICS and Beyond BRICS multilateral trade, investment and economic and financial connectivity.

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