The BRICS trade and economic partnership group is made up of Brazil, Russia, India, China and South Africa. It arose during the Obama administration. BRICS quickly became an anti-US dollar organization. Their stated goal is to replace the dollar as the world’s reserve currency.
The US keeps engaging in economic warfare with sanctions, weaponizing the dollar.
BRICS objected to then-President Obama giving away US trade policy to the US Chamber of Commerce.
The BRICS are worried about the long-term fate of the dollar because of America’s large trade and budget deficits. They also begrudge the privileges that come with being the leading reserve currency. Hence, the call for a revamped system that is more stable.
In another dig at the dollar, the development banks of the five BRICS nations agreed in principle to establish mutual credit lines denominated in their local currencies, not the U.S. currency.”
None of the BRICS countries Brazil, Russia, India, China and South Africa put sanctions on Russia. As the US and the EU try to isolate Russia, the BRICS is impenetrable to sanctions.
Biden froze the assets of the Russian Central Bank
Freezing the assets of the Russian central bank “means the entire transatlantic west has defaulted on our most important asset: our fiat money,” says Eurointelligence founder Wolfgang Münchau.
In one fell swoop, the sanctions undermined trust in the US dollar as the world’s main reserve currency. It has led to China, Russia and possibly India and Saudi Arabia to replace the US dollar.
China knows the US can do to China what it did to Russia and they are now aggressively pursuing petroyuan with Saudi Arabia in lieu of petrodollars.
WARNING SIGNS IN INDIA
Russia is looking to Indian lenders to connect to the Bank of Russia’s financial messaging system to facilitate interbank transactions. In addition, the two parties are discussing the acceptance of RuPay and MIR cards within national payment infrastructures.
They are eliminating the dollar here.
“All these options are on the table and are being discussed between the two governments, the Reserve Bank of India and the Bank of Russia,” a senior Indian government official said, speaking on condition of anonymity, the UK Times reports.
India relies heavily on Russia for defense equipment and will not stop trading with them. None of the BRICS will. India is also in talks with Russia to increase oil imports.
The West used the main reserve currency – the dollar – and the SWIFT system as a weapon and that action is rushing its demise. This is what made the West, largely the US, wealthy. We will be poor overnight with $30 trillion in debt.
The US, with its open borders, will become a playground for the feudalistic overlords of The Great Reset and the WEF.
On top of all this, the sanctions are not working. The EU is still dependent on Russian oil and Russia was pushed closer to China. Russia is not isolated. Russia is going to survive nicely and China becomes the winner.