BRICS & New World Order Thread

[Bellum_Romanum]

That visit to Philippines is going to be a waste of time. Might as well as go to the US and meet with Philippines' boss directly

Just because the Philippines is reaffirming and aligning its foreign policy squarely to their master the U.S. it doesn't mean that China should automatically turn off or discontinue engaging in diplomacy with countries like the Philippines full stop. That's not what diplomacy means in theory and in practice come on bro.

 

[Overbom]

Just because the Philippines is reaffirming and aligning its foreign policy squarely to their master the U.S. it doesn't mean that China should automatically turn off or discontinue engaging in diplomacy with countries like the Philippines full stop. That's not what diplomacy means in theory and in practice come on bro.

Talk is talk, action is action

The visit will happen, we will hear some bs like "Philippines supports One-China", "friends with everyone" "peace in our region" and other such crap while in the meantime American military bases are coming online in Philippines.

Might even hear something like "the new bases don't target anyone"

 

[Bellum_Romanum]

Talk is talk, action is action

The visit will happen, we will hear some bs like "Philippines supports One-China", "friends with everyone" "peace in our region" and other such crap while in the meantime American military bases are coming online in Philippines.

Might even hear something like "the new bases don't target anyone"

Are you serious? For a guy who professed to be well versed on "realpolitik" and geopolitics you seem so dismissive on the nuances and importance of diplomacy which is an art that's been practice hand in parcel with the use of arms throughout the history of mankind.

Please do enlighten as to why the use if diplomacy under current circumstances regarding China's geopolitical tensions and issues facing countries like the Philippines is a non-starter unless China gets, demands, and or make the Philippines capitulate/back down from that countries national interests that happen to align with American interests perfectly.

The Philippines is a weak power with little to non-existent effective navy. The political class and military are some of the most corrupt and incompetent in the world along with having the loudest mouthes similar to their cousins in India albeit less technologically competent people. Both countries offer call center services to their western overlords.

In my opinion, China's diplomacy is not as useless as you seem to think or suggest it is have some utility and actually showcase to the people that aren't so into American bumhole that China is choosing the value of dialogue over the path of no return.

 

[Strangelove]

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BRICS de-dollarization push gaining momentum – Jakarta​

The economic bloc of developing nations has been working on establishing a new reserve currency

Indonesia is following the lead of the BRICS group in its policy of shifting away from the US dollar in trade and financial transactions, according to the country’s central bank.

Jakarta has introduced transactions in the local currency to settle cross-border trades, the portal SINDOnews has reported, citing Bank of Indonesia Governor Perry Warjiyo.

“Indonesia has initiated diversification of the use of currency in the form of LCT [local currency trading]. The direction is the same as the BRICS. In fact, Indonesia is more concrete,” Warjiyo said on Friday, addressing a press conference with the board of governors meeting.
Indonesia has already implemented the practice with a number of countries, such as Thailand, Malaysia, China, and Japan, he added. It also plans to sign a cooperation agreement with South Korea regarding local currency trading in early May.

Warjiyo’s statement comes as the BRICS economic bloc – comprising Brazil, Russia, India, China, and South Africa – claims to be working on establishing a joint payment network to cut reliance on the Western financial system, and on the dollar in particular. The member countries have been increasing the use of local currencies in mutual trade and also working on establishing a new reserve currency.

Last month, Brazil and China signed an agreement to trade in their own currencies, thus abandoning the greenback as an intermediary.
China’s attempts to ditch the dollar in international trade have intensified against the backdrop of the sweeping sanctions introduced by Western nations against Russia, a major global energy producer and exporter. Indian policymakers have also taken several steps towards shifting away from the greenback to rubles and rupees in mutual trade with Moscow.

Russia began de-dollarizing its economy in 2014, when the West introduced the first round of sanctions against the country over Crimea. Moscow has been boosting the use of alternative currencies in transactions since last year, with President Vladimir Putin suggesting earlier that the Chinese yuan should be used more widely, not only in trade with China, but also in Russia’s transactions with countries in Africa and Latin America. The latest data from the Bank of Russia shows that the yuan has become a major player in Russia’s foreign trade.

 

[Strangelove]

 

[luminary]

A BRICS alternative to the World Bank, the USD, and the IMF​

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​

The two most important instruments

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are the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).

The first has the objective of financing several development projects, with an emphasis on sustainability, and is regarded as a possible alternative to the World Bank.

The second could become an alternative fund to the International Monetary Fund (IMF), but the lack of strong leadership since its inauguration in 2015 and the absence of a solid strategy from the five member countries has prevented the CRA from taking off.

Another untapped potential so far is the use of the

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(totaling $100 billion) to rescue insolvent countries.

Countries including

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, Sri Lanka, Pakistan,

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and Bangladesh find themselves

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. If they could access the CRA, with better conditions for repaying loans, this would mean a political breakthrough for BRICS, which would begin to demonstrate the ability to build alternatives to the financial hegemony of Washington and Brussels.

Right now, there is a working group within BRICS whose task it is to propose its

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for the five countries that could be based on gold and other commodities.

The

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because of the coincidence that all the currencies of BRICS countries start with R: renminbi, rubles, reais, rupees, and rands. This would allow these countries slowly to increase their growing mutual trade without using the dollar and also decrease the share of their international dollar reserves.

 

[luminary]

The BRICS global mission​

The question of what the true mission of BRICS is today is still an open one – is it about creating a “club of heavy-weights” or rather a wide platform that can include not just the giants of the developing world, but also the mid-sized and small economies of the Global South? In other words, is BRICS to evolve in the direction of an exclusive and introvert club or an open inclusive platform that offers a range of modalities of economic cooperation?

Development towards greater inclusiveness and the integration of an African economy into the platform is what sets the BRICS apart from the G7 – a grouping that brings together the largest developed economies. While the G7 has also embarked on outreach formats with the participation of developing economies, it remains in essence an elitist club whose core is limited only to advanced economies with the largest GDP size, with no clear prospect of including developing countries into the core. In the case of BRICS, not only has the core already expanded to include South Africa, there are also active discussions on the possibility of the BRICS core to incorporate more African economies. The inclusion of South Africa marked a departure (in some ways an innovation) from the track charted by the developed world in building alliances that are meant to serve as a basis for global governance.

Building a platform for regional arrangements that brings together regional blocks of the developing world may be an innovation and a lasting contribution not only to BRICS development per se, but also to the creation of a new, regional layer of global governance. Africa is in a strong position to spearhead such efforts as it already leads the Global South in building a pan-continental free trade area – the African Continental Free Trade Area (AfCFTA), while the African Union is arguably one of the most active and effective pan-continental/regional blocks that is likely to receive full-fledged membership in the G20.

The creation of a platform for regional organizations in which BRICS countries are members – including the likes of the AU, ASEAN, SCO and CELAC – could broaden the outreach of BRICS+ to cover the vast majority of the Global South. A regional platform that brings together the regional financing arrangements of BRICS+ countries (including the EFSD, FLAR and BRICS CRA) could become the basis for a more effective BRICS Contingency Reserve Arrangement (CRA) – until now as pointed out by Marco Fernandes, “the lack of strong leadership since its inauguration in 2015 and the absence of a solid strategy from the five member countries has prevented the CRA from taking off1”. Most importantly, a platform for regional trading arrangements – such as the AfCFTA as well as MERCOSUR and the Eurasian Economic Union – could serve as the basis for bolstering trade integration within the BRICS+ format. As has been the case with BRICS CRA, trade integration stayed on the back-burner of BRICS agenda, but with the greater advances made by BRICS members in their respective regional trade blocks it may be possible now to pursue the “integration of integrations” route.

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[KYli]

Asking BRICS bank to bailout Argentina is a costly endurance with little upside and a lot of downside. Therefore, Argentina needs to offer something attractive in return before getting the help.

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[coolgod]

Asking BRICS bank to bailout Argentina is a costly endurance with little upside and a lot of downside. Therefore, Argentina needs to offer something attractive in return before getting the help.

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Cancel US weapons deal and buy Chinese ones. Host regular naval training exercises with China in Argentina. A few billion dollars just to fuck with UK is pretty worth it.

 

[Hitomi]

Asking BRICS bank to bailout Argentina is a costly endurance with little upside and a lot of downside. Therefore, Argentina needs to offer something attractive in return before getting the help.

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Argentina's financial track record is quite bad, some might argue they are just being suppressed by the West through the US and more recently the UK after the Falklands but I feel their politicians are too beholden to the West after years of bailouts from the IMF and hence their slow transition towards China.

BRICs will definitely be a breath of fresh air for them financially and might be a turning point for them but I can't help but feel they are a financial hot potato thrown by the West into the lap of BRICs.