BRICS will become economically more powerful than the G7, the Russian president said in an address to the Johannesburg summit
The US dollar is losing its global role in an “objective and irreversible” process, the Russian president told participants at the BRICS Summit in South Africa on Tuesday. Vladimir Putin spoke via videolink, after choosing not to attend the event in person.
De-dollarization is “gaining momentum” Putin declared, adding that members of the group of major emerging economies are seeking to reduce their reliance on the greenback in mutual transactions.
The Russian leader claimed the five BRICS members – Russia, China, India, Brazil and South Africa – are becoming the new world economic leaders, adding that their cumulative share of global GDP has reached 26%.
He noted that if measured by purchasing power parity, BRICS has already surpassed the Group of Seven leading industrialised nations – accounting for 31% of the global economy, compared to 30% for the G7.
Over the past 10 years, mutual investment between the BRICS member states has increased by six times. Their total investments in the world economy have doubled, while cumulative exports account for 20% of the global total, Putin said.
Moscow is focusing on re-orienting its transport and logistics routes towards “reliable foreign partners,” including BRICS members, to ensure an uninterrupted supply of energy and food to the international market.
Russia’s primary goals include developing the Northern Sea Route and the ‘North-South’ transport corridor, Putin stated. The first, passing through the Arctic Ocean, along Russia’s northern coastline, will ensure faster goods deliveries between Europe and the Far East. The second will connect Russia’s northern and Baltic ports to the Persian Gulf and the Indian Ocean, facilitating cargo movement between Eurasian and African nations.
“We are consistently increasing fuel, food and fertilizer supplies to the states of the Global South,” and actively contributing to global food and energy security, the Russian leader said. He blamed the current international food crisis on the West’s unilateral sanctions, describing them as “unlawful.”
“Illegitimate sanctions… seriously weigh on the international economic situation,” and the “unlawful freezing of sovereign states’ assets” constitutes a violation of free trade and economic cooperation rules.
The resource deficit and growing inequality worldwide are a “direct result” of such policies, the Russian president argued. He highlighted skyrocketing grain and food prices as the latest manifestation of this process, primarily affecting the most vulnerable nations.
Moscow is represented at the Johannesburg summit, which runs from August 22 to 24, by Russian Foreign Minister Sergey Lavrov. Putin opted not to attend the event after a decision by the International Criminal Court (ICC) to issue a warrant for his arrest in March. The court based the order on Ukraine’s allegation that the Russian evacuation of children from the conflict zone amid hostilities between the two nations amounted to “unlawful population transfers.”
South Africa is a signatory of the Rome Statute of the ICC, and the US and its allies had pressured it to detain Putin should he travel to the country. Moscow has repeatedly denied the ICC’s allegations and stressed that it does not recognize the court’s authority, declaring the warrant legally null and void.
Although South African President Cyril Ramaphosa repeatedly stated that he would not carry out the order, claiming it would amount to a “declaration of war,” Moscow ultimately decided to send Foreign Minister Sergey Lavrov to the BRICS summit to represent Russia.
Putin video address at the BRICS Business Forum 2023 pic.twitter.com/tNEErvTrhX
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Yeah, because he would ever say it isn’t, right? Who cares what Putin says about the dollar?
Well, you will care if the BRICS looks to other nations as a more attractive and just place to invest money. That is money that will not be invested in dollars. If that happens, with the profligate and out of control money launderin, er, spending of the rich men North of Richmond, we will all start to experience hyperinflation on an order of Venezuela or The Weirmar Republic. The only way forward, it will be claimed, is the glorious CBDC engineered by the Fed.
But who cares, right, LA?
Which they won’t because the BRICS nations are a bunch of backwards, authoritarian, craphole nations.
LOL! And what is the US?
A Lolbertardian will drag you down to their level and beat you with experience.
Might want to think about packing the bags and moving to Russia, if they will have you. Those other countries, no thanks. Here is the deal, he with the gold rules.
Did you think what I said was pro-Russia at all or something?
Looks like there are a bunch of idiots on here that think a bunch of poor BRICS nations are going to take down the Eurodollar with all of their capital controls and small currencies.
Correct. But those small countries can cause a thousand small cuts. People who have never worked with dangerous tools and had to work thru a batch of small pains panic easy. A couple of those poor BRICS nations will get a couple of surprise crippling hits in. That will be edutainment.
No they can’t. There aren’t a thousand of them. BRICS is currently only five countries. How exactly are they going to cripple anyone? All of their economies being extremely DEPENDENT on the United States economy.
It isn’t Putin who destroyed the health of the current US Fiat currency commonly referred to as the US Dollar.
The actual US dollar was killed by the traitors at the Fed, and replaced with a Fiat currency and non precious metal coins that it’s value has been eviscerated by many decades of printing and digitizing trillions of dollars to fund deficits.
That being said, the Yankee “dollar” is so, so weak that it won’t take much for the final death blow against the non interest bearing bearers bond that is commonly referred to as the US Dollar. And when that’s gone, well…… “That’s all folks” what that means is that all those payroll patriots who terrorized us during covid, all those “just doing their job, law.enforcement types, and the Feds who just did what they did because “their pensions” they’re going to end up with bupkis.
Will they get their pensions after their 20 years of government “service” ? Sure. Will those pension “dollars” be worth anything? Nope. Nada, zero, zip. In other words, these traitors to the Constitution, to the Bill of Rights, to our civil liberties, they’re going to get the pension that they so justly deserve. A worthless one.
I sure hope so.
What killed the dollar was the jews using it as a weapon against any country that refused to be enslaved by the jew.
Yup, the Fed, that’s the same thing.
The dollar is going the way of all fiat currencies. The physics of money have not changed and consequences of Fed policy are manifesting.
You mean ‘debts [still] don’t matter’?
They’ve got a new con-game waiting in the wings. They just roll those pensions over into the new
schemescam.Maybe, but I doubt it. Because the payroll patriots fed workers are just another version of Useful Idiots. Aside from their personal, and doomstead security teams the elites are going to cut the rest loose.
…and we all know what happens to loose ends, don’t we?
Countries relying on fossil fuels are the future. Not those tilting at windmills.
I don’t recommend the Republic of Texas. Those people can be cantankerous, say “Bless yer heart” and carry guns. You people are better off in Commie-fornia and New York. Hey, we keep sending workers…
You should have used the sarcasm font.
Why is it that Auntie is hoping the BRICS consortium wins this global financial arrangement conflict?
Because the USSA government has become, completely and unapologetically, the enemy of the world except for Donald Trump’s favourite country in the Middle East.
Lebanon?
Satan’s best lies always contain a grain of truth in them. That’s why they work so well.
If the BRICS go to a gold backed multinational currency, it will quickly become the new World Reserve Currency.
Wow. Watch out for the TDS loons.
Them BRICS hate us because of our edible-tuckable faggot underwear !
Putin is cleaning up more loose ends.
“We will bury you.” – Nikita Krushev
“I once said, ‘We will bury you,’ and I got into trouble with it. Of course we will not bury you with a shovel. Your own working class will bury you,” – Nikita Krushchev