In its South Africa summit, BRICS invited six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. The bloc now represents 37% of global GDP (PPP), over 40% of global oil production, and 1/3rd of global gas production, challenging the US petrodollar system. Ben Norton analyzes the importance of the meeting.
VIDEO: https://youtube.com/watch?v=1SIfrWkQXeE
BRICS debates mission at summit: Challenge West's G7 or be neutral?: https://youtube.com/watch?v=wQN7Uh_XMbA
How a US debt trap in Argentina is fueling inflation, dollarization, far right: https://youtube.com/watch?v=1BRx90DhYWM
US pressures Saudi Arabia to sell oil in dollars, not Chinese yuan: https://geopoliticaleconomy.com/2023/08/10/us-saudi-arabia-sell-oil-dollars-chinese-yuan
Topics:
0:00 Introduction
3:21 Petrodollar under threat
7:51 BRICS+ makes up 40% of global oil production
9:00 BRICS+ makes up 1/3rd of global gas production
10:48 BRICS' massive economic weight
12:09 Will Argentina join?
18:29 De-dollarization
20:46 Saudi-Iran peace
23:35 BRICS vs. G7
30:17 Xi's speech
35:18 Putin's speech
41:06 Lula's speech
42:17 Lula calls for new BRICS currency
44:36 Lula warns of "green neocolonialism"
45:26 Africa-Latin America cooperation
47:42 Ramaphosa's speech
52:50 Venezuela
54:34 Cuba
55:37 Conclusion
