Goodbye, dollar dominance: BRICS plans 'multi-currency system' to transform global financial order from Geopolitical Economy Report

Geopolitical Economy Report

Ben Norton

Episodes

About

Reviews

Promote

Goodbye, dollar dominance: BRICS plans 'multi-currency system' to transform global financial order

1 hour 33 minutes Posted Oct 17, 2024 at 2:46 pm.

US dollar hegemony

BRICS plan to transform international monetary & financial system

What are BRICS' goals?

New International Economic Order (NIEO) & G77

Dedollarization

Summary of BRICS report on financial system

West controls IMF & World Bank

Global economy has changed, but financial system hasn't

How rich countries drain capital from poor ones

Challenging the US dollar monopoly

Correspondent banks & SWIFT system

Central bank reserves & US Treasury securities

Triffin's Dilemma

Sanctions & US freezing countries' assets

Proposals for new cross-border payment architecture

Blockchain, DLT, & CBDCs (mBridge & Project Dunbar)

BRICS Cross-Border Payment Initiative (BCBPI) & BRICS Clear Platform

Dedollarizing foreign exchange reserves

New Development Bank (NDB) & BRICS Digital Investment Asset

Overview of Russian proposal

Will there be a BRICS currency? SDR (Special Drawing Rights) is a start

Conclusion

0:00

1:33:00

Download MP3

Share at current time

Show notes

BRICS plans to challenge US dollar dominance and transform the international monetary and financial system by developing infrastructure for cross-border payments using local currencies. Russia made a detailed proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the US-dominated financial system benefits rich Western countries at the expense of the Global South -- which is why BRICS is pushing to change it.

VIDEO: https://www.youtube.com/watch?v=3pHr5yzLEHA

Topics

← See all 500 episodes of Geopolitical Economy Report