Could BRICS challenge U.S. dominance in the global economy? | Inside Story

Foreign ministers of the BRICS nations have been meeting in Cape Town, with South Africa hosting fellow members Brazil, Russia, India and China.
Several countries have also expressed interest in joining the bloc.
Could this group of emerging economies shift the balance of global trade and power?
Or is it a political pipe dream?

Presenter: Mohammed Jamjoom

Guests:

Sanusha Naidu - Senior Research Fellow, Institute for Global Dialogue, an independent foreign policy think tank

Chris Weafer, CEO Macro-Advisory, strategic consultancy that operates in the Eurasia region

Shirley Yu - Political Economist and Senior Fellow at the Harvard Kennedy School



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[AntonioBianh]

Well it's time for the BRICS- New World Order to come up with a default reserve currency or simply go back to gold as the reserve. It will be too chaotic for each country to trade in their respective currencies with the daily change in exchange rates.

[scottarmstrong]

It's interesting to learn more about the discussions and proposals around BRICS nations and their potential use of gold. There are several reasons why people may choose to buy gold, including its historical use as a store of value and means of exchange, its potential as a hedge against inflation or currency devaluation, and its relative scarcity compared to other commodities.

[dxd]

SIMPLE .. As a Brazilian, I see G7 as a small group that works HEAVILY to benefit themselves... Why we should not create our OWN cooperation?

[Raymondjohn]

BRICS wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. However, it is unclear how a new currency backed by gold would function in the current global financial system and whether it would gain widespread acceptance. Ultimately, any decision to create a new currency would be subiect to numerous economic, political, and logistical considerations.

[Sheil-hard]

A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.

[Didmasela]

I still wonder why the western narrative is all about the BRICS as a challenge to the US dominance. The BRICS countries also want to develop using their own model and characteristics, and withiout bullying by the USA(sanctions, regime changes, etc, etc).

[eliso]

No one is challenging US dominance, we just need options. BRICS is a new option for us.

[edsondube]

I pray to see BRICS grow and taking charge of the world economy.I pray to see this world being a happy place to live in and being free economically

[Paul.n.p]

BRICS is more than what the Western thinks it is.
As an African, all I wish you are More success BRICS❤

[bouber]

Expert panels, balanced perspective, unlike the one-sided view in CNN, BBC, DW...

[musamkalamu]

The initiative is great more especially for we the Africans.

[ashraf]

A new BRICS currency is a future of world economy. Sanctions by US wouldn’t work any BRICS nation. Work unitedly and rule the world economy. Best wishes for BRICS

[juhantoon]

Why I keep hearing news medias especially those from Anglo Saxon continue to describe moves by some countries trying to go their own way to do business or to cooperate among each other is termed as "Challenge".

[MH-pzwf]

It's time for them to stick together and do more business their own way and methods.

[AdelsonMiranda-sboc]

BRICS sempre avante e com espaço para crescer!
Fron Brasil 🇧🇷

[t-somethingingodwetrust]

Brics is the best progressive movement since America was discovered

[JosephHoggang-bkbk]

This should have been done decades ago. Any way, better late than never.

[GaryWinstonBrown]

A financial professional you work with could really prepare you for life. I'm glad I was able to get in touch with my coach Gregory Thomas Patchak' earlier this year because I was actively cashing out from my portfolio and finally earned over 370k just in the first quarter while everyone else was complaining about the downturn.Gregory Thomas Patchak helped pay down our debt and save up for retirement.

[shanjanusman]

I hope The USA, UK and EU27 face the music for their war crimes in Iraq, Syria and Libya.😊

[evolvedanimeisland]

Thank you Shirley for checking that comparison about EU monetary union and BRICS common currency.