Should We Be Worried About The BRICS?

BRICS is the influential economic alliance of Brazil, Russia, India, China, and South Africa, and it is reshaping the global economy. Plans for increased trade and a common currency may challenge the West, leading to concerns about political and economic shifts globally.

This video was made possible by our Patreon community! ❤️
See new videos early, participate in exclusive Q&As, and more!

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

Enjoyed the video? Comment below! 💬
⭑ Enjoyed? Hit the like button! 👍

Also on Apple Podcasts or anywhere else you listen!
Follow EE on social media:

#EconomicsExplained #BRICS #ReserveCurrency
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏

The video you’re watching right now would not exist without the monthly support provided by our generous Patrons:

MIDDLE CLASS PATRONS
Andrew, Petronio, Istvan, Donald, David, Patrick, Demo, Arjan, Andrey, Ash, Jim, Michael, Shane, Eric, Simon, Stefano, Marton, Tahsin Likes Chips, Alex, Elisabeth, Empyre18, Seth, Dragan, Tenebrion, Jason, Aimee, Jamie, Rick, John, Leah, Bacongravy, Klaus, Ps0Fa, Abel, Adam, Brian, Johann, Leonid, Thomas, Nicholas, TParkin, Kim, Ted, Joshua, John, Joe, Wees, Justin, Karan, Alex, roGER, Marton, Randy, Liubov, Jeff, Michael, Long, hunter, Craig, Kent, Stefan, ZETTAwith3TEEES, Zac, Jacqueline, Roman~1, Chris, Wesley, Robert, David, Anthony, Arend Peter, Daniel, Kamil, Dodd, Leo, How long can a profile name be... this long... Wow, this is longer than I would have expected. Good lord, the letters! Secunda!, Hugh, David, Will, Kheng Lai, Scott, Jane, Zachary, Michael, Steffen, skuerzo, Siegfried, PM, Jack, michael, Jonathan, Franklin, Trevor, Marcel, Daniel, Bradley, Connor, John, Kevin, Travis, Matthew, Andrew, Zachary, AZbytes, Johannes, Reuben, Nigel, Jacob, AB3, Sridev, Matt, Norrawed, Victor, Pedro, Michael, John, Rimvydas, George, John, Shivan, Caleb, Brenton, Hayden.

UPPER MIDDLE CLASS PATRONS
Anthony, Cy 'kkm' K'Nelson, Stephanie, JKH, Grégoire, Mikhail1, Laor, Maximiliano, Pineapples&bricks, Peter, std__mpa, Bac, Michael, Bob, Frank, David, Jay, Ryan, Sophie, Brett, Jill, Nathan, Post Apocalyptic In Missouri, Constanza, Kib, Forodon, Daniel, Paul, Igor, Mcfeld, Wendover Productions, Andrew, Morgon, Igor.

UPPER CLASS PATRONS
Jeromy Johnson, Juan Benet

[nkazi]

as a south african, I'm just happy to be included in something

[joaovitormatos]

I don't think people understand how little that matters. As someone living in a BRICS nation, BRICS is not an eastern NATO or an anti-US ASEAN. That whole "they're so close to each other they want to have a BRICS games" is just politicians. The average Indian and the average Brazilian don't see each other any different than Indians and Brazilians see, for example, Austria

[shellylofgren]

A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k

[kanikabhatia]

I love how he said “these countries will be able to do anything they want… which is of course the worst case scenario” as if he’s forgetting the USA has been doing exactly that for decades. So has most of Europe.

[MANISHSINGH-qjiu]

As an Indian, I think it's better to have more options, fewer enemies and use the current geopolitical climate to industrialise.
In the end, eveybody is looking out for themselves.

[OtavianoCanuto]

A mistake in matching NDB and IMF is made. The appropriate comparison would be with the World Bank, which provides long-term lending, whereas the IMF provides liquidity, via short- to medium-term finance.

[okellolester]

Make no mistake, as a South African, I recognise the destabilising effect that China and Russia are having on the global rule based order, and as such I have reservations about the group, and it’s intentions. BUT the idea that the developing world is somehow wrong for Pursuing economic sovereignty is, in my opinion. Unfair, and biased.

[swapniljain]

I think when you use 'WE' you think your only audience is US

[Miho_]

Well the truth is that Russia is an extreme example of sanctions to a historical event, however sanctions have been used for many years as a tool of coercion by the USA in even miniscule situations.. In 2018 Ecuador wanted to implement a UN breastfeeding resolution (to limit the use of baby formula) and the USA threatened them with massive sanctions, purely so they can protect the biggest player in the market (which is a U.S. company). And that was done to an independent democratic nation, that wanted to implement a UN accord to better the life of their own people - now put yourself in Saudi Arabia's shoes or China's shoes with their human rights records, in no way they would want to fall under the whims of USA and give up their sovereignty.

[balpreetsingh]

7:57 Wow, what an easy to understand graph

[dylanmoris]

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.

[kavanpuranik]

"Should we be worried about BRICS"
Who is we?

[appa]

It's not just China. In real terms, India is about half as powerful as China today, just with a much weaker currency. On paper, the Indian economy is the size of the UK, but in PPP, it's bigger than Germany + Japan

[devincharlvanvuuren]

Being in south africa and knowing we are both the weakest member and also most likely to get taken advantage of, especially with the corruption in country. Im scared.

[fongangamassana]

Saying the BRICS are like the Avengers with a terrible human rights track record is basically saying they are the AVENGERS. Since the Avengers too have a terrible human rights track record.

[skullfucker]

Well, you forgot to mention that:
Ahead of the BRICS summit, South Africa's Foreign Minister Naledi Pandor said that there are 12 countries interested in joining the initiative. Of the 12, she mentioned 7 countries specifically, namely Saudi Arabia, United Arab Emirates, Egypt, Algeria, Argentina, Mexico and Nigeria.

[balpreetsingh]

Waiting for Kazakhstan to join, so we can finally spell it the correct way 'BRICKS'

Also, Kazakhstan in the countryball universe is represented as a brick

[svnsk]

What is crucial to note is while the share of GDP of G7 nations based on PPP, reduced from 50.42% of the World's GDP in 1982 to 30.39% in 2022, the share of GDP of BRICS nations increased from 10.66% in 1982 to 31.59% in 2022. The share of India's GDP in World's GDP increased from 2.98% in 1982 to 7.21% in 2022.

[watchman]

Just a question, is it easy to have good human rights record when the country is not wealthy and don’t have that much resources to go around?
Or is it easier to accumulate wealth by colonise, pillage, genocide and exploit all over the world earlier then hopefully establish wealthy younger generations with good human rights records?

[dawoodwilliams]

It's so interesting how different people from different places can have different viewpoints on a specific BLOC like BRICS or the G7.