Archives BRICS - Page 29 of 33 - New Eastern Outlook

As of this writing, US dollar reserves have fallen by 6.5% as foreign central banks cut ties with the currency. The BRICS countries, especially those in the global South, are leading the charge to depart from the decades-long dominance of the American currency. China and Japan’s central bank shares show the most significant rise in central banks. Interestingly, the Euro is just slightly behind in losing a share in the world currency market. If BRICS stops using the USD, there will likely be a financial disaster in the United States, with hyperinflation wreaking havoc across all sectors in the US…

Despite the strong strengthening of the position of non-Western powers in relations with the African continent, the West continues to insist that it is, collectively, Africa’s main economic partner. But statistics is a delicate matter. And in fact, BRICS is already the largest trade and economic partner of African states. For many years now, China, as a separate state, has been considered Africa’s main trade and economic partner. At the same time, the Western establishment does not lose the opportunity to oppose this reality with all its might and impose the view that it is the West, more precisely the European Union…

Within hours of Javier Milei’s election win over Argentinian President Alberto Fernández, Latin America’s 3rd largest economic power withdrew its petition to join the BRICS. Scheduled to become a member of the bloc at the start of the coming year, Argentina will shun what Fernández and many financial analysts called a “great opportunity.” The struggling Argentinians will sink with the other nations clinging to the dollar hegemony. For those who question “why” – the reasons are obvious. Who could stand in the wings of such a reversal of fortune for South America’s 2nd biggest economic power?