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Saudi Arabia is having second thoughts in joining BRICS

Russians, Chinese want to turn Brics from an investment club into an anti west club. If just replacing or supplementing of dollars then they can do it without any fuss. Or they can do like ASEAN countries as just implement cross border payments in own currencies.
thats pretty dumb response to be honest since china has always avoided alliance with any country that is anti west including russia and iran

China uses BRICS as a way to cater and sell more of its products to growing markets in the world its as simple as that. China doesn't need to be anti anything. It plays the waiting demographics game as West turns black/brown and China keeps selling and producing and getting rich of new emerging markets. China is always playing chess to western checkers and now that covid lockdown is over..business is back on the menu
 
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Ugly white man.

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Nah, Saudi wants to make sure the terms and status given are appropriate. For example, whether new members would have fewer rights than older members, quite understandably that might be unacceptable.

It is not an anti-west league, but rather a de-risking from dollar/euro league.
 
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thats pretty dumb response to be honest since china has always avoided alliance with any country that is anti west including russia and iran

China uses BRICS as a way to cater and sell more of its products to growing markets in the world its as simple as that. China doesn't need to be anti anything. It plays the waiting demographics game as West turns black/brown and China keeps selling and producing and getting rich of new emerging markets. China is always playing chess to western checkers and now that covid lockdown is over..business is back on the menu
That’s not the perception the west sees China.
Chinese are 100 percent aligned with the Russians.

You should read the transcript that Putin gave at the summit. Putin sees the west as evil. The neocon destroy families, the west is culprits in neocolonization, liberty, pursuit hegemony, imposing illegal sanctions. The speech of Xi although not so harsh but almost the same tone. Both misuse the forum for own political propaganda.
 
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No country can abandon Western financial system if it wants to grow and prosper. Unless a country wants to end up virtually isolated and impoverished like North Korea and Venezuela in spite of having natural resources.

Yes, western financial systems will continue to be used in dealings with western countries but regional trade & cooperation will bypass it. Again, as I keep stressing, the goal isn’t to abandon it but create alternatives.

Speculators will overhype any experiment because of their investments in them - these people want your money for their experiments to work. But those who fall for these calls will suffer when experiments fail. Blockchain is interesting case study.

Critics say a lack of regulation has contributed to volatility in the nascent industry. In 2022, several cryptocurrencies and crypto firms collapsed, including industry heavyweight FTX, causing trillions of dollars in losses.


The vision of digital cash – of a decentralised payment infrastructure based on cryptography – went awry when blockchain networks became congested in 2017, resulting in soaring transaction fees.[2]

Subsequently, the narrative of digital gold gained momentum, sparking a “crypto rush” that led to one in five adults in the United States and one in ten in Europe speculating on crypto, with a peak market capitalisation of €2.5 trillion.[3]

However, this illusion of crypto-assets serving as easy money and a robust store of value dissipated with the onset of the crypto winter in November 2021. The fall in the price of cryptos (Chart 1) led to a decrease of around €2 trillion worth of crypto assets within less than a year. This caught millions of investors unprepared.[4] An estimated three-quarters of bitcoin users suffered losses on their initial investments at this time.[5]



It is a matter of common sense to not invest in something that is not regulated but there is no shortage of dumb people in the world who are misled by speculators to do their bidding.

I agree but it’s irrelevant to what I’m talking about. Countries will be using their own CBDCs. Blockchain isn’t the issue btw, it’s the speculative nature of current products built upon it.

Blockchain cannot take off until Western financial system embraces it and makes it consumer-friendly. Mark my words.
You‘re welcome to your opinion. Blockchain use cases aren’t limited to finance btw.

Yes really. De-dollarization is not a new movement and this is why there are multiple world curriences out there.
No. Countries do not use these reserve currencies at the expense of the USD. They are supplementary. Countries still mainly use USD in bilateral trade. Most of them are dependent on American/Western institutions to begun

But De-dollarization is not possible
Complete De-dollarization isn’t possible. Obviously, you will still need USD to access American markets.

You need to understand how markets work.
I suggest you drop the patronizing attitude. I can assure you I understand markets quite well.


The article shows why countries wish to move away from USD in bilateral trade & finance

“If the dollar rises, anyone who has borrowed in dollars—and there are trillions of dollar debts outstanding all around the world—faces more painful debt service charges. A surging dollar also raises the global cost of exports priced in dollars, making them less competitive. Overall, a 1 percent rise in the dollar is thought to knock around 0.7 percent off global trade within a year.”
“If these countries want to avoid a devaluation and a consequent surge in the price of imports, they have no option but to match the Fed's rate rises”
 
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China may be compelled to open foreign military bases.

China should give security guarantee to some 3rd world anti US coalition.

It is difficult for smaller countries to join BRICS.

Bangladesh and Indonesia have already backed out.
 
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Indonesia has not applied. Indonesia will be in next year.

Many countries not in is because opposition from India.

There are already questions about lack of Democracy in Bangladesh.

Any country planning to join BRICS will have a color revolution.
 
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There are already questions about lack of Democracy in Bangladesh.

Any country planning to join BRICS will have a color revolution.
The countries that are joining BRICS are doing so as associate members rather than permanent members. Brazil, Russia, India, China, and South Africa hold the permanent membership. Additionally, any new member must deposit a fee of $20 billion in the BRICS bank to become an associate member. Although this fee offers substantial benefits for the joining nation, it remains a significant amount, particularly for countries like Pakistan that are grappling with extreme poverty and hunger.
 
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Question is what BRICS has to offer to Saudi Arabia? Is this a feel-good bloc? An experiment?
We don't know, we don't care. If US offers G8 to India, we will join them too. India has nothing but economic interests in these groupings. India doesn't believe in block politics, we are part of NAM.
 
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20 billions per states are significant. However Saudi UAE Iran will be able to contribute.

This is an initiative for nations to pull resource against Western currency raider.
 
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20 billions per states are significant. However Saudi UAE Iran will be able to contribute.

This is an initiative for nations to pull resource against Western currency raider.
How can Ethiopia even arrange $20B.
 
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