Important Takeaways:

• It is time for all member nations of BRICS (Brazil, Russia, India, China, South Africa, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates) to drop the United States dollar in favor of local currencies for financial relations and settlements, according to Russian Finance Minister Anton Siluanov this week, at the Russia-China Financial Dialogue forum in Beijing.
• “We need to further develop financial cooperation within the BRICS countries,” Siluanov added. “Here we see opportunities … to develop a payments system that would be independent of the infrastructure, which does not always fully fulfill the goals of individual countries.”
• “Therefore, the sustainable development of financial relations and settlements on the BRICS platform is important for us, and we believe that it is necessary to work out such issues, and today we will consider a number of them.”
• Many BRICS partners are already making trades with local or alternative currencies after sanctions stemming from the war in Ukraine effectively cut Moscow off from the Western financial system.
• Rather than kowtow to Western demands, Russia and its partners have instead been laying the groundwork for a new world order that will eventually cut off the West from global trade after the U.S. has been unseated as the global economic superpower.
• Communist China is quickly rising to the top of the trade heap with all of its cheaply made junk, and Russia is helping it and the other BRICS member nations further dethrone the U.S. by encouraging financial transactions in other currencies.

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