11 more countries just joined BRICS this week

[Btcalysis]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.

Although BRICS has been around for a while, in the early stages their goal was to develop and boost each other's economies together. But over time, they gradually realized that the world's dependence on the USD had inadvertently given the US supreme power and they were using it indiscriminately. They abuse them for their own benefit, not for the common good of the world as they said before.

You made a mistake, the US is not abusing the USD, you can cite an example of how they abuse it for clarity. The US power and dominance over the world economy and political space is difference from the USD itself. If the US is manipulating the USD, it is the same as manipulating the world market, this will be be an abuse that the punishment will be severe, no one would trust the USD again, so they don't dare, the consequence will be dire.

But political power and economic dominance? Yes, we can say the US is somewhat flexes muscle on this. It become clearer and annoying during Trump's administration and the reason BRICS was formed to strengthen a rebellious alliance against the US and the USD. Not that the USD is being abused by the US, but to reduce the strong dominance in the world market. Too much power that wants to be diluted is the main goal of de-dollarization. This is fair in every political and economic setting to avoid being overused.

[Spinning99]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.

Although BRICS has been around for a while, in the early stages their goal was to develop and boost each other's economies together. But over time, they gradually realized that the world's dependence on the USD had inadvertently given the US supreme power and they were using it indiscriminately. They abuse them for their own benefit, not for the common good of the world as they said before.

You made a mistake, the US is not abusing the USD, you can cite an example of how they abuse it for clarity. The US power and dominance over the world economy and political space is difference from the USD itself. If the US is manipulating the USD, it is the same as manipulating the world market, this will be be an abuse that the punishment will be severe, no one would trust the USD again, so they don't dare, the consequence will be dire.

Once USD has become a global currency the people in power had a responsibility to act properly and fairly. Massive printing by the US devalues everyone's balance sheet of USD. Sanctioning individuals or countries from the dollar or from the global system because they don't do something that you want them to do is also bad and abusive. The consequence of this kind of behavior is the gradual downfall of USA and the de-dollarization of the world. You're witnessing it in person.

I can't blame the US only though, most countries would abuse this power if they had it especially the EU. A world with many competing currencies is a world with better balance.

[justdimin]

The move to create an alternative to SWIFT might be slow but it's gradually gaining momentum. BRICS Pay is a payment platform used by member nations for financial transactions without using SWIFT. Since 2023 Brazil and China have eliminated the use of dollars for trade. Rather, trade deals are settled with local currencies. China and India also have agreements to adopt local currencies in their trade deals. Other countries are also adopting the same strategy to bypass the Western-controlled payment system.

That will not be easy at all. It is going to take years. And I said this before, I am saying it again, if they ever go towards "one currency" route, they will be fucked, they are not going to get any better.

Because Euro zone did that with a currency of Euro, and in return, many nations got hurt because of it. I am telling you, this BRICS thing is very tough to do, but they were also forced to do, because west basically removed these nations from participating, so they are building their own, there isn't a mistake there, they should be doing it. I bet that they are going to get a great result from all of this. It's not going to be easy, it's going to be incredibly difficult, but we are going to get a great result one way or another.

[Abiky]

The move to create an alternative to SWIFT might be slow but it's gradually gaining momentum. BRICS Pay is a payment platform used by member nations for financial transactions without using SWIFT. Since 2023 Brazil and China have eliminated the use of dollars for trade. Rather, trade deals are settled with local currencies. China and India also have agreements to adopt local currencies in their trade deals. Other countries are also adopting the same strategy to bypass the Western-controlled payment system.

https://m.economictimes.com/news/economy/foreign-trade/india-china-have-agreed-to-cooperate-in-paying-in-local-currency-for-imports-maldives/articleshow/110329147.cms

https://www.lexology.com/library/detail.aspx?g=db9df4b9-2b1d-48a7-be4d-ef74ff375d79#:~:text=In%20March%202023%2C%20Brazil%20and,trade%20in%20their%20local%20currencies.

Well, if BRICS Pay doesn't make use of a Blockchain then it will be as inefficient as its counterpart. BRICS needs to show superiority. And what better way to do this than making use of the latest technologies? A Blockchain-powered payments system would be truly-unstoppable. It would be even better if BRICS used a single currency for transfers that's backed by Bitcoin. The possibilities are endless.

Donald Trump's actions will only fuel "de-dollarization" efforts. I guess it's too late to put a stop to BRICS. Not even higher tariffs will do the trick. We're living in uncertain times, so anything's possible.

[pooya87]

And if the FED backs the USD with BTC, things will be even better.

That's obviously not possible!
They have $37 trillion debt and are creating $1 trillion more debt every 2-3 months now. Not only they can't back that with bitcoin but the entire global economy can't cover that!

In fact this is the reason why USD is becoming weaker every day. And of course one of the main reasons why the world is slowly abandoning the dollar.

Well, if BRICS Pay doesn't make use of a Blockchain then it will be as inefficient as its counterpart.

Blockchain is the worst option for any payment system that is not decentralized like bitcoin and obviously none of these international payment systems can ever be decentralized. It is just too inefficient to use. The only reason why it works for something like Bitcoin is because its other advantages (decentralized, censorship resistant, deflationary, irreversible transactions, etc.) negates all the disadvantages of blockchain.

[Alpen]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

I personally think China will eventually leave BRICS. It’ll be really interesting to see what’s left of this bloc if that happens.

[pooya87]

I personally think China will eventually leave BRICS.

This could be an interesting opinion if you added some logic to it and try to explain why you think China would leave something they were one of the main founders of and is benefiting them greatly.

[fruktik]

I personally think China will eventually leave BRICS. It’ll be really interesting to see what’s left of this bloc if that happens.

A coalition of countries has been formed, each with a dictatorship and a simply terrible regime of human existence. There are no rights or freedoms. The most nightmarish regimes have decided to announce themselves to the whole world, designating themselves as shitty states. They have shown everyone an example of what not to do in the modern world.

So what will come out of this union? Where is at least some result of their cooperation? They still buy goods for dollars, don't they? So many years have passed since their creation, but they are still marking time. And why? Because each usurper is pulling the blanket over himself.

[laijsica]

I personally think China will eventually leave BRICS. It’ll be really interesting to see what’s left of this bloc if that happens.

A coalition of countries has been formed, each with a dictatorship and a simply terrible regime of human existence. There are no rights or freedoms. The most nightmarish regimes have decided to announce themselves to the whole world, designating themselves as shitty states. They have shown everyone an example of what not to do in the modern world.

So what will come out of this union? Where is at least some result of their cooperation? They still buy goods for dollars, don't they? So many years have passed since their creation, but they are still marking time. And why? Because each usurper is pulling the blanket over himself.

You are right that the leaders of those countries are trying to hold on to power with their dictatorial methods and are imposing their exclusive power on the people. The most interesting thing is that they are still buying and selling in dollars and have not yet secured a strong position in alternative currencies. Yes, they are trying systematically to trade among themselves and have started on a small scale, but this cannot provide any solution to the limitations of other alliance countries. If America imposes more tariffs on other weak countries, a terrible situation may arise for the people of their countries. Manufacturing factories will close, thousands of people will be unemployed and start becoming poor.

Alliance formation and alternative policies have not yet seen the light of day. The main reason for this is that Trump's trade and tariff policy amendments and their implementation will further paralyze those countries. Underdeveloped countries will not want to take a strong position against strong countries.

[PremiumcryptoHub]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

I personally think China will eventually leave BRICS. It’ll be really interesting to see what’s left of this bloc if that happens.

Don't forget that China is one of its founders and no decision has been made that the South Asian country will leave the group. Moreover I think that China is the driving force behind the BRICS and they are even playing an important role in all areas. Even among the countries in this organization, China is playing a leading role in all areas be it trade or investment.

By the way you should also know that the BRICS members are now operating a banking payment system with China, which actually allows them to use China's own fiat currency instead of the dollar. It is even worth noting that Iran and Brazil are already ahead in this regard, which is why they use Chinese currency when purchasing imports there.

China’s Growing Influence from BRICS Expansion

[Alpen]

This could be an interesting opinion if you added some logic to it and try to explain why you think China would leave something they were one of the main founders of and is benefiting them greatly.

China founded BRICS because nobody was inviting it to the “grown-ups club” — the G7. Developed countries still don’t see China as an equal. At some point, Xi Jinping, wearing his ‘eternal Mao’ suit, decided to flex muscles by expanding BRICS with a bunch of raw-material satellites — to shake the dollar’s dominance.

But the moment this expansion started smelling like real responsibility and potential loss of access to US and EU markets, China quietly stepped back. That’s how it works.

So what will come out of this union? Where is at least some result of their cooperation? They still buy goods for dollars, don't they? So many years have passed since their creation, but they are still marking time. And why? Because each usurper is pulling the blanket over himself.

I completely agree with you, but I’d add that this whole bloc isn’t really about real economic results — it’s more of a cover to justify their own authoritarian regimes.

By the way you should also know that the BRICS members are now operating a banking payment system with China, which actually allows them to use China's own fiat currency instead of the dollar. It is even worth noting that Iran and Brazil are already ahead in this regard, which is why they use Chinese currency when purchasing imports there.

That’s exactly why Iran is now getting American and Israeli bombs, and Brazil is facing 50% export tariffs. And I don’t see any real action from China, apart from empty words of support for its so-called allies.

Now China has only two options left: either forget about BRICS and reboot Deng Xiaoping’s doctrine again — or get its own share of bombs. And honestly, I think they’ll choose both, paradoxical as it sounds.

[Muba20]

This could be an interesting opinion if you added some logic to it and try to explain why you think China would leave something they were one of the main founders of and is benefiting them greatly.

China founded BRICS because nobody was inviting it to the “grown-ups club” — the G7. Developed countries still don’t see China as an equal. At some point, Xi Jinping, wearing his ‘eternal Mao’ suit, decided to flex muscles by expanding BRICS with a bunch of raw-material satellites — to shake the dollar’s dominance.

But the moment this expansion started smelling like real responsibility and potential loss of access to US and EU markets, China quietly stepped back. That’s how it works.

China is considered one of the founders of BRICS, so I think it is completely unreasonable to think that China will back. China is the most active in the expansion of BRICS and this country is leading all the others and always wants BRICS to become more powerful in the future. You know that among all the BRICS countries, China is the only one that is the most powerful and will be the most profitable if it comes out of the Western regime. Currently, there is a competition between US and China in terms of trade and commerce. If the BRICS is successful, then indirectly China will be able to lead the BRICS. So it is worth less to think that China will go back from BRICS. 

Chinese President Xi Jinping himself is committed to being involved in it he says : We BRICS countries share extensive consensus and common goals. No matter how the international situation changes, our commitment to cooperation since the very beginning and our common aspiration will not change.


The reason why China is creating BRICS is that they do not want to depend on the US or the EU. They know very well that the US president can increase trade tariffs at any time according to his wishes. We have also been aware of this. When the US increased tariffs, China also responded by increasing tariffs. ‍So they will not do any business with them out of fear.

The purpose of forming BRICS against the US and Western regimes is so that China can maintain its dominance. If China is not active here, then there would be no need for other countries to form BRICS. If BRICS is established, all the countries in its alliance will benefit, but China will be the most profitable. If this is the case, then why would China leave from BRICS?

[MusaPk]

The reason why China is creating BRICS is that they do not want to depend on the US or the EU. They know very well that the US president can increase trade tariffs at any time according to his wishes. We have also been aware of this. When the US increased tariffs, China also responded by increasing tariffs. ‍So they will not do any business with them out of fear.

The purpose of forming BRICS against the US and Western regimes is so that China can maintain its dominance. If China is not active here, then there would be no need for other countries to form BRICS. If BRICS is established, all the countries in its alliance will benefit, but China will be the most profitable. If this is the case, then why would China leave from BRICS?

China over the years has emerged as a big power in almost every field like economy, military, sports, though it's an established fact but it's certainly not liked by big powers of west and that's why we see continuous propaganda against China. BRICS is not a new alliance but it dates back to 2009 and good thing about this alliance is that it's still active and more countries are joining this alliance.

It's first time Chinese president was not able to attend BRICS summit due to schedule conflict. But that doesn't mean China skipped completely the BRICS summit held earlier this month, Prime Minister Li Qiang led the Chinese delegation in there. I don't think China will leave a forum that is giving him benefit and getting strength with every passing year.

    

[criptoevangelista]

The reason why China is creating BRICS is that they do not want to depend on the US or the EU. They know very well that the US president can increase trade tariffs at any time according to his wishes. We have also been aware of this. When the US increased tariffs, China also responded by increasing tariffs. ‍So they will not do any business with them out of fear.

The purpose of forming BRICS against the US and Western regimes is so that China can maintain its dominance. If China is not active here, then there would be no need for other countries to form BRICS. If BRICS is established, all the countries in its alliance will benefit, but China will be the most profitable. If this is the case, then why would China leave from BRICS?

China over the years has emerged as a big power in almost every field like economy, military, sports, though it's an established fact but it's certainly not liked by big powers of west and that's why we see continuous propaganda against China. BRICS is not a new alliance but it dates back to 2009 and good thing about this alliance is that it's still active and more countries are joining this alliance.

It's first time Chinese president was not able to attend BRICS summit due to schedule conflict. But that doesn't mean China skipped completely the BRICS summit held earlier this month, Prime Minister Li Qiang led the Chinese delegation in there. I don't think China will leave a forum that is giving him benefit and getting strength with every passing year.

    

In a way, China's massive growth started with market liberalization. And the United States was one of the main contributors to that back in the 1990s, buying a lot from the Chinese and heating up their economy, which helped turn them into the industrial powerhouse they are today. Combined with various incentives and cheap labor, it was only a matter of time before they would want to challenge the dollar and push forward with their own beliefs. Anyway, I’ll wait for the next chapters of this saga to see how it all plays out. I think it’s very unlikely that the dollar will be overthrown or that BRICS will succeed in something like that. But you never know, right? I prefer to just keep watching.

[Abiky]

Don't forget that China is one of its founders and no decision has been made that the South Asian country will leave the group. Moreover I think that China is the driving force behind the BRICS and they are even playing an important role in all areas. Even among the countries in this organization, China is playing a leading role in all areas be it trade or investment.

By the way you should also know that the BRICS members are now operating a banking payment system with China, which actually allows them to use China's own fiat currency instead of the dollar. It is even worth noting that Iran and Brazil are already ahead in this regard, which is why they use Chinese currency when purchasing imports there.

China’s Growing Influence from BRICS Expansion

China is the GOAT. It's one step ahead in terms of EV adoption, robotics, and even AI. Meanwhile, the US is moving one step backwards focusing on issues with little or no significance (like trying to make Canada a state, increasing tariff rates to exorbitant levels, etc). To the surprise of many, Russia's Ruble is having a strong performance. With giants such as China and Russia within the bloc, BRICS will only get bigger and stronger than ever.

I guess it's too late for the West. Especially the US. BRICS' major rival would be the EU. I'd love to see how everything unfolds with these two blocs competing against each other. And the US? It won't be long before it becomes history. Empires rise and fall, right?

[Reatim]

I personally think China will eventually leave BRICS.

This could be an interesting opinion if you added some logic to it and try to explain why you think China would leave something they were one of the main founders of and is benefiting them greatly.

it wouldn’t be surprising if the countries in brics turned in on each other after they have defeated the us after all their intentions would be to improve their country’s standing

maybe china would push for their country and others wouldn’t like it and eventually leave or maybe they will all get along and have a global/international support group

[pooya87]

China founded BRICS because nobody was inviting it to the “grown-ups club” — the G7. Developed countries still don’t see China as an equal. At some point, Xi Jinping, wearing his ‘eternal Mao’ suit, decided to flex muscles by expanding BRICS with a bunch of raw-material satellites — to shake the dollar’s dominance.

But the moment this expansion started smelling like real responsibility and potential loss of access to US and EU markets, China quietly stepped back. That’s how it works.

Thanks for the explanation.
You are missing a couple of things though. You are forgetting that after NATO started its proxy war with Russia, their economy started weakening and the more the EU economy got destroyed the more they became dependent on China. For example the German automotive industry that was once strong became bankrupt and it is now mostly owned by China.
So your logic about BRICS making EU markets less accessible to China is wrong.

It's the same with US as well. US economy depends on China as much as Chinese economy depends on US, if not more! Look at how the Trump's economic war with China has hurt the US economy and how Americans are calling the US regime a fascist regime because of what Trump did to their lives in mass protests that have been regularly taking place across America!

That’s exactly why Iran is now getting American and Israeli bombs,

That's all about natural resources (Iran has the largest supply of oil+gas in the world) which the West desperately needs these days.
And that was one of their stupidest moves they'd ever made which is why 4-5 days after they started that war against Iran, they started begging for ceasefire as Iran continued bombing the hell out of them. Half of Israel is completely destroyed and by the 12th day when Iran bombed the hell out of the US regime's central command in Qatar, Trump started begging for a ceasefire...

[fruktik]

You are right that the leaders of those countries are trying to hold on to power with their dictatorial methods and are imposing their exclusive power on the people. The most interesting thing is that they are still buying and selling in dollars and have not yet secured a strong position in alternative currencies. Yes, they are trying systematically to trade among themselves and have started on a small scale, but this cannot provide any solution to the limitations of other alliance countries. If America imposes more tariffs on other weak countries, a terrible situation may arise for the people of their countries. Manufacturing factories will close, thousands of people will be unemployed and start becoming poor.

Alliance formation and alternative policies have not yet seen the light of day. The main reason for this is that Trump's trade and tariff policy amendments and their implementation will further paralyze those countries. Underdeveloped countries will not want to take a strong position against strong countries.

Double standards and hypocrisy always accompany dictatorial regimes. This is part of the "system" that accompanies it all the time. It is stupid and naive to expect anything different.

And the most interesting thing is that the media is saying something completely different. Allegedly, there will be a separate currency for settlements between countries in this coalition. It is funny to hear this when you and I know the real state of affairs.

[free-bit.co.in]

it wouldn’t be surprising if the countries in brics turned in on each other after they have defeated the us after all their intentions would be to improve their country’s standing

maybe china would push for their country and others wouldn’t like it and eventually leave or maybe they will all get along and have a global/international support group

The goal of BRICS is not to defeat the US and become the new world ruler, their goal is to reduce dependence on the USD. Creating a multipolar world with evenly distributed power to make the world more equal, a world not bound or oppressed by a single power. So the scenario of them turning their backs on each other and falling apart is very unlikely, they need to maintain that to keep the world multipolar and that is their goal. How can they easily give up the achievements they have worked so hard to achieve if they succeed in creating a multipolar world?

 

[hafiztalha]

The bloc is growing silently. Despite all the interpretations of the global political scene, the expansion of BRICS to include more emerging economies cannot be ignored. But does this really worry America in particular, given that it is the only country leading the anti-BRICS alliance? After the Russian-American rapprochement on the Ukraine issue, it seems that things have returned to tension following Trump's decision to continue supporting Ukraine with weapons and equipment. The joining of more countries to BRICS coincided with the divergence between Russia and America in their positions on their respective foreign policies.

BRICS is always powerful currency on the World because it is in the favour of local currency of countries. Countries can trade easily without buying dollars from the countries. Brazil could be leader because they gave this concept, otherwise all countries have to buy dollars for the trade which was in the favour of USA and USA were becoming economic power and most of the countries have negative impact of that on economy. More countries are also accepting  BRICS because in this currency . USA has dominanting mindset and that is the reason, all countries are against USA and they want to be free from that .In the near future, or it could take more 10 years to make BRICS as best currency of the World. India is also against America in this case.