Morning Wire BRICS Alliance Grows: Analyzing the Impact on US Interests | Saturday Extra
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Sep 2, 2023 John Rubino, a former Wall Street financial analyst and author, dives into the shifting landscape of global finance with the recent expansion of BRICS. He discusses how the inclusion of new members like Saudi Arabia and the UAE signals a potential challenge to U.S. economic supremacy. The conversation highlights the implications of moving away from the U.S. dollar as the global reserve currency, explores the feasibility of a BRICS currency, and examines the coalition's resource wealth and its role in reshaping international trade dynamics.
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U.S. Financial Weaponization
- The U.S. weaponizes its control over the global financial system, including the dollar and banking systems.
- This behavior incentivizes other countries to seek alternatives and join organizations like BRICS for protection.
BRICS as a Counterbalance
- BRICS is gaining traction as countries seek alternatives to U.S.-dominated systems, similar to the non-aligned movement during the Cold War.
- BRICS members control significant resources, including oil production (Russia, Saudi Arabia) and a large portion of the global population (China, India).
Dollar Politicization
- The U.S. has made the dollar a political tool rather than a neutral reserve currency.
- Countries now need to align with U.S. interests to fully participate in the dollar-centric world.