The risk of Russia and China leading BRICS nations to transition from the U.S. dollar is a real threat to the U.S.
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Lynnwood Times Political Analysis and BRICS Nations
As the conflict progresses, one cannot help but notice that the
Russo-Ukrainian conflict is becoming more of a banking war between Euro-centric financial institutions of the West and Russia. Also take note that none of the other BRICS nations (Brazil, Russia, India, China, and South Africa) are participating in economic sanctions against Russia.
Russia is a member of the BRICS group of nations, a term coined by Jim O’Neill, Goldman Sachs’ head of economic research, in 2001. BRICS nations are those developing countries expected to be the dominant suppliers of manufactured goods and raw materials by 2050. The original four-member group, called BRIC, held its first summit in Yekaterinburg, Russia on 16 June 2009. South Africa joined the BRICS group in 2010.
Last week South Africa was among
16 of Africa’s 54 nations that, like China and India, abstained from voting on a United Nations resolution condemning Russia. Many may not know that Russia was a key ally in the ruling African National Congress’s fight in South Africa against both apartheid that ended in 1991 and White-minority rule that ended in 1994.
China’s
CIPS system is the alternative to the Euro-centric
SWIFT banking system – a messaging network that financial institutions across the globe use to securely transmit information for monetary transactions. Today’s announcement of Russian banks issuing millions of credit cards able to transact under China’s UnionPay global credit card network, the second largest in the world, further erodes the Euro-centric western control of the world’s central banking system.
