{"id":1406921,"date":"2023-08-17T19:45:00","date_gmt":"2023-08-17T23:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1406921"},"modified":"2023-08-17T19:45:00","modified_gmt":"2023-08-17T23:45:00","slug":"how-far-west-are-the-brics","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/how-far-west-are-the-brics\/1406921\/","title":{"rendered":"How Far West Are The BRICS?"},"content":{"rendered":"

How Far West Are The BRICS?<\/span><\/p>\n

\n

Via The Automatic Earth blog,<\/em><\/a><\/p>\n

A topic we can have nice discussions about ahead of next week\u2019s BRICS+++ meeting in South Africa.<\/strong><\/p>\n

As I said recently, BRICS have momentum, and they can\u2019t stop that, not even China could if they wanted.<\/p>\n

The desire to create a space NOT controlled by US\/EU\/NATO is just too great. That said, the tentative \u201cbloc\u201d has plenty issues to solve.<\/strong><\/p>\n

How do all the 50+ or so countries who want to join, end up satisfied with their place in the order? If they establish a currency, will it be gold based? And what will that mean for countries who don\u2019t have much gold but still want to join? I think they will announce a schedule next week for Pakistan, Argentina, Indonesia, Saudi Arabia, Iran, Nigeria, the real \u201cbig brothers\u201d, to join, in some capacity, and take it from there.<\/p>\n

That would add another 1-2 billion people to their team of already 3.5 billion. And then we will talk about PPP GDP.<\/strong><\/p>\n

Andrew has his thoughts, just as valuable.<\/p>\n

Andrew Korybko:<\/strong><\/em><\/p>\n

\u201cAlt-Media Was In Shock After The BRICS Bank Confirmed That It Complies With Western Sanctions<\/a>\u201d last month, and now the\u00a0Alt-Media Community<\/a>\u00a0(AMC) just got hit with two more truth bombs after other leading officials confirmed that it doesn\u2019t want to de-dollarize and isn\u2019t anti-Western. <\/strong>South African Finance Minister\u00a0Enoch Godongwana<\/a>\u00a0told\u00a0Reuters<\/a>\u00a0earlier this month in an interview that the group\u2019s focus is on expanding the use of national currencies rather than de-dollarization.<\/p>\n

That outlet also quoted New Development Bank (NDB, popularly referred to as the BRICS Bank) Chief Financial Officer\u00a0Leslie Maasdorp<\/a>\u00a0in the same article, who told them that \u201cThe bank\u2019s operating currency is dollars for a very specific reason, U.S. dollars are where the largest pools of liquidity are\u2026You cannot step outside of the dollar universe and operate in a parallel universe.\u201d The official confirmation that BRICS doesn\u2019t want to de-dollarize directly led to the next clarification about it not being anti-Western.<\/p>\n

South African Ambassador to BRICS Anil Sooklal corrected false perceptions about the organization\u2019s global role in an interview with\u00a0Bloomberg<\/a>\u00a0several days back where he told them that \u201cThere\u2019s an unfortunate narrative being developed that BRICS is anti-West, that BRICS was created as competition to the G7 or the Global North, and that is incorrect. What we do seek is to advance the agenda of the Global South and to build a more inclusive, representative, just, fair global architecture.\u201d<\/p>\n

In connection with this purpose, he also confirmed what Godongwana and Maasdorp said earlier in the month about how BRICS has no desire to de-dollarize. In Sooklal\u2019s words, \u201cTrading in local currencies is firmly on the agenda (but) There is no agenda item of de-dollarization on the BRICS agenda. BRICS is not calling for de-dollarization. The dollar will continue to be a major global currency \u2014 that\u2019s a reality.\u201d<\/strong><\/em> These revelations about BRICS might understandably overwhelm the average member of the AMC.<\/p>\n

After all, many of them were misled by top influencers into imagining that this group is plotting to deal a deathblow to the dollar out of hatred for the West, but nothing could be further from the truth after what leading officials revealed in the last three weeks. President of the BRICS Bank\u00a0Dilma Rousseff<\/a>\u00a0confirmed<\/a>\u00a0that it complies with the West\u2019s anti-Russian sanctions; Godongwana, Maasdorp, and Sooklal confirmed that it doesn\u2019t want to de-dollarize;<\/strong> and the latter also confirmed that it isn\u2019t anti-Western.<\/strong><\/p>\n

<\/a><\/p>\n

BRICS can still \u201cadvance the agenda of the Global South and to build a more inclusive, representative, just, fair global architecture\u201d <\/strong>exactly as Sooklal clarified is its intent in spite of the \u2018politically inconvenient\u2019 facts that were just shared, but it\u2019ll be at a gradual pace, not an accelerated one. Therein lies the crux of the misperceptions about it, which\u00a0Russia sought to correct<\/a>\u00a0earlier in the month after finally realizing that its soft power interests are threatened by supporters\u2019 unrealistic expectations.<\/p>\n

A critical mass of the AMC came to be convinced that BRICS was something that it\u2019s not through a combination of well-intentioned but naive influencers pushing their\u00a0wishful thinking<\/a>\u00a0about it and others maliciously doing the same to generate clout, promote their ideology, and\/or grift. In parallel, some of this camp\u2019s Mainstream Media (MSM) rivals scaremongered about BRICS for the ulterior purpose of galvanizing Westerners against it, but which also extended false credence to the AMC\u2019s populist claims.<\/p>\n

Taken together, it\u2019s easy in hindsight to understand why so many people fell for the false narrative that BRICS is plotting to deal a deathblow to the dollar out of hatred for the West, which is why the organization\u2019s officials decided to set the record straight in recent weeks ahead of its next summit. They didn\u2019t want their supporters\u2019 unrealistic expectations leading to deep disappointment that in turn makes them susceptible to hostile suggestions, nor did they want to spook the West into overreacting either.<\/strong><\/p>\n

The first potential outcome that could have come to pass had the previously mentioned clarifications not been made risked filling its supporters with such despair that they might either become apathetic towards BRICS or possibly even turn against it after feeling that they were duped. Regarding the second, some among the West might have ramped up their pressure campaigns against BRICS and its partners, including through blackmail, political meddling, and sanctions threats, all to stop the bloc in its tracks.<\/p>\n

After debunking the disinformation that\u2019s been spewed about their organization by the AMC and MSM alike, each in advance of polar opposite agendas but still suspiciously relying on practically identical narratives, BRICS officials are now more confident that these worst-case scenarios can be averted. <\/strong>This reality check sobers their supporters up and prepares them to expect a prolonged transition to multipolarity while also reducing the chances that the West will overreact to their group\u2019s goals.<\/p>\n

To elaborate on the last observation, the events of the last eighteen months since the start of Russia\u2019s\u00a0special<\/a>\u00a0operation<\/a>\u00a0convinced the West that the\u00a0global systemic transition to multipolarity<\/a>\u00a0is irreversible, which is why they\u2019re now willing to entertain reforms to their hegemonic models. German Chancellor\u00a0Olaf Scholz<\/a>, former Director for Europe and Russia at the US National Security Council\u00a0Fiona Hill<\/a>, and Goldman Sachs\u2019 President of Global Affairs\u00a0Jared Cohen<\/a>\u00a0all suggested this on the same day in mid-May.<\/p>\n

They believe that the West must engage with the Global South on a more equal level, which necessitates scaling back some of its most blatantly exploitative practices in order to not lose more hearts and minds to the\u00a0Sino<\/a>\u2013Russo<\/a>\u00a0Entente<\/a>. <\/strong>To that end, they\u2019re positively inclined towards accepting gradual changes to the global financial system such as those that BRICS\u2019 officials confirmed that they have in mind, but will resolutely respond to any revolutionary developments that risk drastically accelerating this transition.<\/p>\n

Simply put, BRICS wants to \u201cplay it safe\u201d because all of its members apart from Russia are in relationships of complex economic-financial interdependence with the West, which isn\u2019t expected to overreact to their piecemeal reforms since their own policymakers now believe that they\u2019re inevitable. Among those four members, two schools of thought predominate as represented by China and India, whose respective differences of vision were explained at length\u00a0here<\/a>.<\/p>\n

In brief, China wants to speed up the yuan\u2019s internationalization and integrate BRICS into the Belt & Road Initiative (BRI), while India wants to prioritize national currencies and keep BRICS officially separate from BRI. Both agree that changes to the global financial system must be gradual, however, in order to avoid provoking a mutually detrimental overreaction from the West with whom all of them apart from Russia are in relationships of complex interdependence.<\/strong><\/p>\n

Everyone has the right to their own opinion about this reality that was just described, but the facts that were shared throughout this analysis in support of associated observations can\u2019t be denied. Any top influencers among the AMC who still push the debunked narrative about BRICS plotting to deal a deathblow to the dollar out of hatred for the West are dishonest. Those among their audience who now know better should politely fact-check them under their posts to prevent others from being misled.<\/p>\n

*\u00a0 *\u00a0 *<\/p>\n

Support the Automatic Earth via Patreon.<\/em><\/a><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 08\/17\/2023 – 15:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/geopolitical\/how-far-west-are-brics<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

How Far West Are The BRICS? Via The Automatic Earth blog, A topic we can have nice discussions about ahead of next week\u2019s BRICS+++ meeting…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1406921","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1406921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1406921"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1406921\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1406921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1406921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1406921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}