this post was submitted on 19 Oct 2024
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Goodbye, dollar dominance: BRICS plans 'multi-currency system' to transform global financial order (www.youtube.com)
submitted 2 days ago by Comprehensive49@lemmygrad.ml to c/worldnews@lemmygrad.ml
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Ben Norton makes a great overview of the comprehensive new financial architecture that Russia is proposing at the BRICS summit to dedollarize and decentralize the global financial system.

These plans are incredible. The US-dominated financial system has lasted over 80 years. If carried through, BRICS will reshape global finance and equity for the next century.

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[–] queermunist@lemmy.ml 15 points 2 days ago (2 children)

I think toppling the petrodollar is still needed to end dollar dominance, but this sounds like an alternative to SWIFT banking and will be major step towards the ultimate goal.

[–] Comprehensive49@lemmygrad.ml 20 points 2 days ago

This is a sort of chicken-and-egg problem. Oil-producing nations don't want to join the BRICS financial system if the benefits and usage of the new system are not better than the current system. This wasn't an issue with the first US-created system because no international financial system existed before.

That's why BRICS is courting Saudi Arabia as a member, and will definitely have Iran join eventually. Having Russia, one of the world's largest oil producers, as a member definitely helps this along. Russia, China, and Brazil combined already produce more oil than the USA.