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

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.

Topics
0:00 US dollar hegemony
3:57 BRICS plan to transform international monetary & financial system
10:39 What are BRICS' goals?
13:22 New International Economic Order (NIEO) & G77
15:32 Dedollarization
20:02 Summary of BRICS report on financial system
31:59 West controls IMF & World Bank
36:34 Global economy has changed, but financial system hasn't
42:07 How rich countries drain capital from poor ones
45:16 Challenging the US dollar monopoly
47:29 Correspondent banks & SWIFT system
51:10 Central bank reserves & US Treasury securities
55:50 Triffin's Dilemma
57:54 Sanctions & US freezing countries' assets
1:00:18 Proposals for new cross-border payment architecture
1:03:15 Blockchain, DLT, & CBDCs (mBridge & Project Dunbar)
1:10:01 BRICS Cross-Border Payment Initiative (BCBPI) & BRICS Clear Platform
1:15:54 Dedollarizing foreign exchange reserves
1:18:22 New Development Bank (NDB) & BRICS Digital Investment Asset
1:20:10 Overview of Russian proposal
1:21:58 Will there be a BRICS currency? SDR (Special Drawing Rights) is a start
1:30:59 Conclusion

|| Geopolitical Economy Report ||

[ShadowbannedEntity]

Thank you Ben. Independent journalists with journalistic integrity are the heroes of our time.

[ShadowbannedEntity]

US wanted to make a fool out of Russia and China. But instead, the US made a fool of itself. Let that be a lesson.

[imbalancedstatus]

It's common sense. If you are going to sanction all who disagree with you, they will gather and leave you alone.

[vaasvlogs]

What an awesome analogy. End the dollar!! End imperialism!!

[danniet]

I love this for humanity and this living planet because we all are tired of what western hegemony has brought us.

[kstang]

Thank you Mr. Ben Norton. I am sure most people are not bored by your long explanations. I am very grateful to your great effort to educate us .
Keep up with your good work.
May heavens bless you.

[Notorious_Incognito]

Yesterday, the bank of Mexico (Banxico) just announced that they will stop accepting US dollars and now they're stocking up on gold.

[slimessiful]

Good riddance, the world is changing for the best

[rahamathullahjabbar]

It's a great job..in educating the real world.. Salute to you Sir 🙏🏽🤲🏽

[sg_dan]

Yay! Go, BRICS, go! 🎉 So happy for our countries that make up the BRICS! 😊

[tamu]

We also have France, who basically control the East African Franc and the West African Franc. This French imperialism is why so many former French colonies is now fighting for a second independence, or rather actual sovereignty. The vast majority of coups in Africa, in all of recent history, has been former French colonies. Guinea, Mali, Burkina Faso, Niger, Chad, Gabon. It's just the matter of time before the militaries in Cameroon, Côte d'Ivoire, and the Republic of Congo overthrow their French puppets. Though not former French colonies, Guinea-Bissau and Equatorial Guinea would also follow suit, as they also victims of the West and East African Franc currencies, and puppet governments.

[PhiloSurfer]

Fun fact: the 5 original BRICS' currencies all start with "R" - Real, Ruble, Rupee, Renminbi and Rand

[BrandyHeng]

The Chinese yuan has just surpassed the US dollar in global payments by 2.5%, marking a historic shift in the global financial landscape. As China’s economy grows and alliances within the BRICS bloc strengthen, the yuan's dominance in international trade is becoming increasingly undeniable.

[for-real-tho]

Just do it already! The US needs to be humbled.

[AggieL]

NEVER apologize for what you bring to the table, Ben. I’m no economist, but my understanding of global finance is enriched. ❤

[ShadowbannedEntity]

BRICS+ is a golden opportunity to unite.

[DzikitidZikiti]

This will be good news for my country that has been reeling under the west economic sanctions for the past 24 yrs for undertaking the land reform program.God bless brics and its currencies!!

[keithsa]

This is truly informative. Your are one of the premier channels that dissect geo political world issues. Cheers

[obrien]

Once a post is long especially from you, it means there's a lot of quality information to be heard. Absolutely, one of my best episodes.

[erickalvarado]

Thank you for the information about American hegemony