Morning Wire
BRICS Alliance Grows: Analyzing the Impact on US Interests | Saturday Extra
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.
09:40
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The recent BRICS summit expanded their membership and explored potential alternatives to US-dominated trade deals, leading to geopolitical implications for US interests.
- The US's weaponization of the dollar has prompted countries to bypass it in bilateral trade deals, creating an opportunity for the BRICS countries to potentially create a unified currency solely for trade within their group.
Deep dives
BRICS countries expand membership and bypass the US and dollar
The recent BRICS summit saw Brazil, Russia, India, China, and South Africa agree to expand membership and consider bilateral trade deals that would avoid the US and the dollar. The decision to admit new members, including Saudi Arabia and the United Arab Emirates, has geopolitical implications. The BRICS countries seek protection from the US's weaponization of the dollar and their control over global financial systems. With the inclusion of Russia, Saudi Arabia, and Iran, the group gains substantial influence, with significant oil-producing nations and close to half the global population.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
