The recent summit of BRICS held in Kazan, Russia turned out to be a massive success. President Putin brought together leaders of many Third World nations. All of them affirmed the need to fight against Western imperialism and the tools of the same, like SWIFT, IMF and World Bank and the requirement of a new financial system.
Finance is the lifeblood of the global economy. As long as it is dominated by the US Dollar, nations will be forced to be subservient to the US. Even many Western nations like France and Germany are uncomfortable with American delusions of absolute dominance and wish the Euro to get stronger. However by pushing aside China, they are weakening themselves further and submitting themselves to US’ whims and fancies.
97% of Russia’s foreign trade is now free of dollar. More than half of China’s cross-border transactions are now happening in yuan. Even PM Modi has encouraged the use of national currencies while trading. While he did not explicitly mention dedollarisation,his urging to internationalize the Indian Rupee indicates that India is on the right course.
Countries like Ethiopia, UAE, Iran have already joined BRICS. Almost 40 countries have also applied to join. They have realised that terms like ‘rules based order’ are nothing but Western shenanigans to supress the might of the non-West, apart from a few vassals like Japan, South Korea, Phillipines.
As usual, the Western propaganda machine is in full swing. BBC talks about “a gathering” without mentioning the word “BRICS.” NYT called it the “so-called BRICS group.” Western propaganda is in denial about the emerging multipolar world.
BRICS has brought together Saudis and Iranians, Chinese and Indians on the same table. They have realised that how the West, in a bid to prevent them from uniting against the West, has kept them fighting. Western stooges like Millei in Argentina, Yunus in Bangladesh have almost collapsed their economies. Argentina is under IMF debt and US have been trying to pull the plug on Brazil by trying to prop up the far right Bolsanaro once again.
Putin has explained to his BRICS partners that despite attempts by the West to throttle this group, BRICS has emerged as a serious contender to the West in all aspects- education, health, public transport, etc. In fact, Bharti Airtel Chairman Sunil Mittal pointed out that mobile internet connectivity of India was superior to that of the US. Let’s not forget that Indian mobile recharge rates is almost Rs 200 per month Even Raymond Chairman Gautam Singhania has praised Indians for their hardwork.
After the Ukraine crisis. It was felt that Russia would be overpowered by the West, which didn’t happen. Western hypocrisy can be identified when on the other hand they chose to back Israeli aggression on Gaza and atrocities on the people there.
A new BRICS currency will certain speed up dedollarisation and will be a big step in the fight against Western supremacism.
Of course, there will be a pushback by the West and their agents, given how Canada is blaming China and India of ‘foreign interference’. The West is likely to initiate colour revolutions in many of such countries who are BRICS members or who are willing to be members. An example can be seen in the terror attack in Turkey after it applied to join BRICS and threatened to leave NATO. However, BRICS must continue being the Axis of Resistance against Western expansionism. It alone has the power to do so.