Global Economy

Trump Vs. The Deep State

February 18, 2025 Patrick Lawrence, Scheer Post. Educate! China, Deep State, DOGE, Donald Trump, Elon Musk, Global Economy, Russia, Ukraine, United States Agency for International Development (USAID), US Hegemony, Vladimir Putin

Wow. In a series of rapid-fire developments last week, the new Trump regime has decisively joined the battle with the deep state on the national security side. This is big, or could be. Either Donald Trump will begin to exert political control over the invisible government or the invisible government will sink Donald Trump just as it did during his first term as president. Let us be attentive. The attack on USAID, the telephone call with Vladimir Putin, the incipient alienation of the Kiev regime, new talk of talks with the Islamic Republic, Tulsi Gabbard’s confirmation as director of national intelligence: I don’t know if these events and their timing reflect a concerted plan, back-of-an-envelope inspirations, or the president’s thinking but not necessarily the thinking of those around him.

Musk’s Access To US Treasury Payments Risks Global Financial Meltdown

February 10, 2025 Kurt Cobb, Resilience. Educate! Donald Trump, Elon Musk, Federal funding, Finance and the Economy, Financial Crisis, Global Economy, US Treasury Department

Whether or not you share the zeal for cuts in government spending embraced by President Donald Trump and his billionaire sidekick Elon Musk, you should know that giving Musk and his callow team of computer coders access to payment systems at the U. S. Department of Treasury risks a global financial meltdown. It doesn’t make such an event certain, but it lowers the odds considerably. Here’s why: First, the U.S. Department of Treasury processes some $6 trillion in payments each year. If that system were to come to a halt for even a relatively short period of time, the consequences would be devastating, not only for the U.S. economy but for the global economy as well.

The Boomerang Effect: Shortsighted Policies Cause Decline Of US Hegemony

January 27, 2025 Margaret Flowers, Clearing the FOG. Podcast - Clearing The FOG BRICS, Donald Trump, Global Economy, Multipolar World, Sanctions

The world is changing rapidly, driven by the necessity of creating alternative institutions to counter US domination and aggression. As the multipolar world rises, it is a critical time for the United States to re-evaluate and change its policies and practices in order to remain an active member of the global community. Clearing the FOG speaks with Ben Norton of Geopolitical Economy about the ways that US policy, the Washington Consensus, have backfired and what the growing US deficit means. Norton outlines what can be done to counter the current path the US is taking.

BRICS Expands To 54.6% Of World Population By Adding Nigeria

January 19, 2025 Ben Norton, Geopolitical Economy. Resistance Report Africa, BRICS, Finance and the Economy, Global Economy, Indonesia, Nigeria, OPEC

BRICS continues to grow. On 17 January, it officially admitted Nigeria as a new partner country. Nigeria has the world’s sixth-largest population, with the biggest population on the African continent. In addition to being Africa’s second-largest economy, Nigeria is the number one oil producer on the continent. With the addition of Nigeria, BRICS now has 10 full members and nine partners. At the BRICS summit in Kazan, Russia in 2024, the organization adopted a comprehensive plan to transform the international monetary and financial system, by challenging the dominance of the US dollar and promoting trade and settlement in local currencies. Together, the extended BRICS+ group represents 54.6% of the world population.

Washington’s Attempts To Bully China Will Only Backfire

January 16, 2025 Mike Whitney, The Unz Review. Strategize! China, Global Economy, Media, Sinophobia, Social safety net

China is rapidly overtaking the United States in a number of areas that threaten to undermine America’s position in the world. Naturally, US leaders and their billionaire backers are concerned about this and have taken steps to remedy the situation. Regrettably, none of these steps include an honest appraisal of the western economic model that allows the ‘privileged few’ to skim-off too much of their company’s profits leaving insufficient capital to reinvest in productive activity, critical infrastructure or societal improvement. Chinese policymakers have taken a different approach to this issue and the results speak for themselves.

The BRICS Summit In Kazan: A Manifesto For A Rational World Order

October 31, 2024 Alfred De Zayas, Counter Punch. Educate! BRICS, Global Economy, International Law, Kazan Declaration, Multipolar World

The Kazan Declaration of 23 October 2024, adopted at the 16th BRICS Summit[1] hosted by Russia in the city of Kazan on the Volga river from 22 to 24 October and attended by 36 countries[2], constitutes a pivotal moment for humanity. There is hope in the air, a certain optimism that we can gradually change the paradigm, marshal the world disorder, move away from bloc-mentality, abandon confrontational politics, phase out dependence on the US-dollar, and craft a coherent policy to enhance trade, social and cultural exchange in tandem with the Purposes and Principles of the UN Charter and in the spirit of the UNESCO Constitution

BRICS Plans ‘Multi-Currency System’ To Challenge US Dollar Dominance

October 20, 2024 Ben Norton, Geopolitical Economy. Resistance Report BRICS, De-dollarization, dollar, Finance, Global Economy, Russia

The Global South-oriented organization BRICS has released plans to transform the international monetary and financial system and challenge the dominance of the US dollar. As the chair of BRICS for 2024, Russia proposed the creation of a BRICS Cross-Border Payment Initiative (BCBPI), in which members of the organization will use their national currencies to trade. BRICS will likewise establish an alternative messaging infrastructure to circumvent the SWIFT system of interbank communication, which is overseen by the United States and subject to Western unilateral sanctions. This “multi-currency system” will also include new mechanisms not only to de-dollarize trade, but also to encourage investment in BRICS members and other emerging markets and developing economies, including a BRICS Clear platform, a “new system of securities accounting and settlement”, and financial instruments denominated in national currencies.

BRICS, The Dollar, And The End Of US Empire, With Ben Norton

September 27, 2024 Mnar Adley, MintPress News. Resistance Report BRICS, De-dollarization, Global Economy, US Empire, US Imperialism

The United States is socially, politically and economically in crisis. As an increasingly large number of people are priced out of the economy, fewer and fewer buy into the sham of electoral politics. On the world stage, too, the U.S. is suffering. Countries everywhere are beginning to drop the dollar as the standard unit of exchange, and Washington’s prestige has been severely shaken due to its relentless, unequivocal support for Israel’s genocide in Gaza. Ben Norton joins MintCast host Mnar Adley to discuss all this and more. Norton is an investigative journalist and founder of Geopolitical Economy Report, a news source dedicated to looking at the world and seeing the big picture. He is currently pursuing a PhD in Beijing, China.

Boeing Workers Are Uniquely Situated To Disrupt The Global Economy

September 26, 2024 Jason Koslowski and James Dennis Hoff, Left Voice. Strategize! Boeing, Global Economy, IAM, Strikes, Unions, Worker Rights and Jobs

It’s been almost two weeks since more than 33,000 Boeing workers in Washington and Oregon went on strike, crippling one of the largest aerospace companies in the world. Since then Boeing has lost more than $500 million and is losing millions more every day. Thanks in large part to a series of terrible decisions, they seem unprepared to weather a long strike, but the struggle at Boeing has significant international implications as well. Boeing, after all, is the largest exporter in the United States by dollar value, the biggest supplier of commercial aircraft in the United States, and one of the main manufacturers of the weapons that Israel is using in both its genocide in Gaza and its war against Lebanon.

The United Nations Summit Of The Future Appears Stuck In The Past

September 18, 2024 Manuel Perez-Rocha, Inequality.org. Educate! Corporatism, Global Economy, ISDS, Trade, United Nations (UN)

The United Nations is hosting world leaders on September 22 and 23 for a “Summit of the Future.” Unfortunately, the draft action plan for the summit, while full of lofty language and some good intentions, does not challenge the neoliberal model or corporate control of the global economy. On the contrary, it proposes, for example, to “facilitate access of developing countries to the WTO and promote trade and investment liberalization.” It’s astounding that this plan, which is supposed to serve as the basis for an inter-governmental agreement, is so stuck in the past. For decades now, social movements and elected officials in many countries have become increasingly opposed to trade and investment rules that grant enormous privileges and power to transnational corporations.

Is The Reign Of The Dollar Coming To An End?

June 21, 2024 Vijay Prashad, Tricontinental: Institute for Social Research. Educate! BRICS, De-dollarization, Global Economy, Wall Street

In early June, a rumour began to circulate – which was widely reported in the Indian press as true – that the government of Saudi Arabia had allowed its petrodollar agreement with the United States to lapse. This agreement, made in 1974, is quite straight-forward and fulfils various needs of the US government: the US purchases oil from Saudi Arabia, and Saudi Arabia uses that money to buy military equipment from US arms manufacturers while holding the income from the oil sales in US Treasury Bills and in the Western financial system. This arrangement to recycle oil profits into the US economy and the Western banking world is known as the petrodollar system.

Competing Global Economic Initiatives: A Tale Of Two Routes

June 20, 2024 Mohamad Zreik, Orinoco Tribune. Educate! BRICS, China, Global Economy, IMEC, Multipolar World, Trade

In recent years, two major economic initiatives have emerged in Asia, particularly in West Asia: China’s Belt and Road Initiative (BRI) and the India-Middle East-Europe Economic Corridor (IMEC). These initiatives represent a strategic contest between global powers vying for influence and economic dominance in a rapidly changing world. The Belt and Road Initiative, conceived by Chinese President Xi Jinping, is a modern resurrection of the ancient Silk Road. This initiative aims to connect China to the rest of the world through extensive infrastructure investments, including ports, roads, railways, and industrial zones.

The Perils And Promise Of The Emerging Multipolar World

June 15, 2024 Jeffrey Sachs, Friends of Socialist China. Educate! China, Global Economy, Iran, Multipolar World, Russia

In his recent article for Common Dreams, Columbia professor Jeffrey Sachs describes the world’s trajectory towards multipolarity over the past three decades. He notes that, “in 1994, the G7 countries constituted 45.3% of world output, compared with 18.9% of world output in the BRICS countries (Brazil, China, Egypt, Ethiopia, India, Iran, Russia, South Africa, United Arab Emirates). The tables have turned. The BRICS now produce 35.2% of world output, while the G7 countries produce 29.3%.” The West’s political influence is also waning, as exemplified by the failure of the US-led sanctions against Russia from 2022: “When the US-led group introduced economic sanctions on Russia in 2022, very few countries outside the core alliance joined. As a result, Russia had little trouble shifting its trade to countries outside the US-led alliance.”

The Three Key Messages From St. Petersburg To The Global Majority

June 12, 2024 Pepe Escobar, Orinoco Tribune. Create! BRICS, Global Economy, Russia, Vladimir Putin

President Putin, a “European Russian” and true son of this dazzling, dynamic historic marvel by the Neva, delivered an extremely detailed one-hour speech on the Russian economy at the forum’s plenary session. The key takeaway: as the collective West launched total economic war against Russia, the civilization-state turned it around and positioned itself as the world’s 4th largest economy by purchasing power parity (PPP). Putin showed how Russia still carries the potential to launch no less than nine sweeping – global – structural changes, an all-out drive involving the federal, regional, and municipal spheres.

Will BRICS Launch A New World In 2024?

March 17, 2024 Pepe Escobar, The Cradle. Educate! BRICS, De-dollarization, Global Economy, Global Finance, Global South

Across the Global South, countries are lining up to join the multipolar BRICS and the Hegemon-free future it promises. The onslaught of interest has become an unavoidable theme of discussion during this crucial year of the Russian presidency of what, for the moment, is BRICS-10. Indonesia and Nigeria are among the top tiers of candidates likely to join. The same applies to Pakistan and Vietnam. Mexico is in a very complex bind: how to join without summoning the ire of the Hegemon. And then there's the new candidacy on a roll: Yemen, which enjoys plenty of support from Russia, China, and Iran.

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