AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
The Duran Podcast
BRICS Kazan, New Payment System
Oct 10, 2024
The discussion centers on the upcoming BRICS Summit in Kazan and an innovative international payment system that could redefine global finance. There's a deep dive into how this system may lead to a gradual decline of the US dollar's dominance while still utilizing existing Western platforms for individual transactions. Historical parallels are drawn to the decline of the pound sterling, highlighting the risks of complacency in the face of shifting economic dynamics. The implications for global trade are profound and warrant close attention.
11:46
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The BRICS Summit aims to establish a government-to-government based international payment system, coordinated primarily by Russia and central banks.
- The new payment system could potentially reduce the US dollar's dominance in large-scale trade transactions, leading to a shift in global financial dynamics.
Deep dives
Development of a BRICS Payment System
The focus of the upcoming BRICS Summit is the establishment of a new international payment system that is primarily government-to-government based. Russia, hosting the summit, is leading efforts to coordinate with other BRICS nations, including India, China, Brazil, South Africa, Iran, and Saudi Arabia. Key discussions have taken place in Russia’s Security Council regarding the progress of this payment system, with central banks likely playing a crucial role. The system is expected to involve central banks transferring funds directly, with an eye toward integrating digital payments to streamline transactions between member states.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode