Close Menu
English

Goodbye, dollar dominance: BRICS plans ‘multi-currency system’ to transform global financial order



Goodbye, dollar dominance: BRICS plans ‘multi-currency system’ to transform global financial order

BRICS plans to challenge US dollar dominance and transform the international monetary and financial system by developing infrastructure for cross-border payments using local currencies. Russia made a detailed proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the US-dominated financial system benefits rich Western countries at the expense of the Global South — which is why BRICS is pushing to change it.

Topics
0:00 US dollar hegemony
3:57 BRICS plan to transform international monetary & financial system
10:39 What are BRICS’ goals?
13:22 New International Economic Order (NIEO) & G77
15:32 Dedollarization
20:02 Summary of BRICS report on financial system
31:59 West controls IMF & World Bank
36:34 Global economy has changed, but financial system hasn’t
42:07 How rich countries drain capital from poor ones
45:16 Challenging the US dollar monopoly
47:29 Correspondent banks & SWIFT system
51:10 Central bank reserves & US Treasury securities
55:50 Triffin’s Dilemma
57:54 Sanctions & US freezing countries’ assets
1:00:18 Proposals for new cross-border payment architecture
1:03:15 Blockchain, DLT, & CBDCs (mBridge & Project Dunbar)
1:10:01 BRICS Cross-Border Payment Initiative (BCBPI) & BRICS Clear Platform
1:15:54 Dedollarizing foreign exchange reserves
1:18:22 New Development Bank (NDB) & BRICS Digital Investment Asset
1:20:10 Overview of Russian proposal
1:21:58 Will there be a BRICS currency? SDR (Special Drawing Rights) is a start
1:30:59 Conclusion

|| Geopolitical Economy Report ||

Please consider supporting us at https://GeopoliticalEconomy.com/Support

Patreon: https://Patreon.com/GeopoliticalEconomy
Podcast: https://Soundcloud.com/GeopoliticalEconomy
Newsletter: https://GeopoliticalEconomy.Substack.com

RELATED

View 45 Comments

45 Comments

  3. @peterpph126 on

    Trump says, if he’s re-election, he’s going to punish countries that stop using $US for trades which a another nail in the coffin of the declining US imperial empire.

  5. @medaho on

    Thank you so much Ben Norton for this geopolitical master class on the BRICS which should be taught in schools and universities.
    Could you please list the documents you mentioned in the video in order to expand,enhance our knowledge.

  8. @Artificial_Intel_83 on

    The only way eastern citizens benefit from this old system is that they are just less-slaves compared to poor countries or China..this systems benefits only the top 1%, therefore we have war in Gaza…that 1% that benefits for everyone else bing slave has no nationality or citizenship…borders are only for us pheasant

  12. @JaronBTW on

    IF BRICS built in direct consumer subsidies for the people of member countries to GAURANTEE payment for basic needs to capitaize the producers of said basic needs within member boundaties THEN they will have a model that can overtake the US dollar and the tendency of oligarchs of both rich AND poor countries to invest their money in parasitic funds that DO NOT gaurantee the basic needs of the poor. No matter what they do… IF they do not change the fact that the rich will outbid the poor for resources within their model… they are not effectively changing the financial system in a way that creates real equity for the whole.

  16. @akshatsingh8388 on

    Thanks a lot for your honest journalism in this age where mainstream and many YouTube channels are full of Presstitutes.

    Thanks a lot for making this content available to all and enlightening the world sir.

    🤗🤗🙏🙏❤❤

  22. @std882 on

    Ben, your research is amazing. This is a powerful video. I look forward to the end of the US $ dominance. It's the only way to end their hegemony. Thx.

  23. @pravdaseed64 on

    Thanks Ben 💚
    Magnificent
    🏳️Thanks 🏳️
    🤍☸ ☯ ☸🤍
    Merit☯cracy
    Confucianism
    Marxism
    💌🐉🇨🇳🐉💌
    Wish 🧞i Was
    Chinese.
    💌
    👀…………👀
    :The EnD of :
    Westerners
    Kafkaesque
    Orwellian 🤑
    Nepotism of
    Monozygotic
    Vanitized
    Greedy &
    Jealous Ponzi
    Parasitic
    Inquisitors
    Ex-Colonizers.
    ⁉️📎⚠️📎⁉️.

  24. @AkitoTenkaizen on

    They raised ~600 million out of poverty. Eradicated rural poverty. 80% of 30 year olds and 90% of 40+ year olds own their houses and they paid those with their own money. The government thinks that is still not enough ⁃ its trying to make it easier to buy houses. Everyone has access to quality education, healthcare is not a problem, they are lifting up cities from scratch if there is population that needs them.
    Their foreign policy and general philosophy documents and declarations read not like an average country's policies, but like things out of the descriptions of confederation from Ra material. They talk about cooperation, harmony, coexistence, building together and lifting up the people. Even more, they do it wherever they collaborate, gets lifted up. Poor African countries now have fast trains, ever-increasing housing. education, food, everything which is today lacking in the developed countries like the US.
    At this point it must be remembered that it was noted in the material that those of Deneb who were incarnated in that region have very advanced spiritual distortions.

  28. @BOZ_11 on

    You're the first person I've seen outside of top tier MMT economists who understand that a trade deficit is simultaneously a financial account surplus (claims on foreign assets). Nice double entry accounting, well done.

  32. @MayDaMatta on

    THAT MOVE IS SHORE GONNA HAVE THE UNITED STATES IN TROUBLE. IS TIME TO GIVE THE USA SAME MEDICINE THAT HAVE BEING GIVEN TO MOST VULNERABLE NATIONS. WHAT GOES AROUND COMES AROUND. HAHA

  33. @tacioob2337 on

    Imagine having a currency that not only runs away from military invasions, but actually actively oposes war.

    Thats a no no for USA, always have been, money equal war power for usa they dont see it any different

  35. @WaveCrest-wvwvwv on

    These countries have as much chance of running a successful world economy as a snowball in hell. NO WAY NO HOW CAN RUSSIA RUN A WORLD ECONOMY. CHINA HAS NO PRIVATE PROPERTY AND RUSSIA HAS ONLY PSEUDO PRIVATE PROPERTY SO THESE PEOPLE ARE DEPENDING ON WHO? BRAZIL? YEAH RIGHT….