The members of the BRICS bloc of major emerging economies have recently met to decide on adding new members and creating a common currency to challenge the United States dollar.
The five nations that make up BRICS – Brazil, Russia, India, China and South Africa – represent more than 40 percent of the global population, and their share of the world economy – when measured in purchasing power parity – outperforms that of the American-led G7 bloc.
Once viewed simply as a loose association of disparate emerging economies seeking to find a way to make it easier to sign trade deals with one another, BRICS has in recent years taken on a more concrete shape as an economic bloc that stands in opposition to the West.
The foreign ministers of BRICS met in South Africa on June 1 and 2 for a summit along with senior officials from more than a dozen other nations looking to forge closer links with the BRICS bloc, either by signing lucrative deals or by joining the group. (Related: BRICS to lay foundation for EXPANSION: 13 Nations formally asked to join group, 6 others expressed interest.)
Eight countries sent representatives to Cape Town for a talk with the BRICS bloc, known as the “Friends of BRICS” discussions. These eight are Comoros, Cuba, the Democratic Republic of the Congo, Gabon, Iran, Kazakhstan, Saudi Arabia and the United Arab Emirates. Five other nations – Argentina, Bangladesh, Egypt, Guinea-Bissau and Indonesia – participated in the discussions virtually.
These are just some of the nations that have formally expressed their desire to join the bloc. Other prospecting nations include Mexico, Nigeria and Turkey.
Indian Foreign Minister Subrahmanyam Jaishankar remarked that some of the talks included deliberations on the guiding principles, standards, criteria and procedures of what an expanded BRICS bloc would look like. No set standards were released, as these are still a “work in progress,” according to Jaishankar.
South African Minister of Foreign Affairs Naledi Pandor said the foreign ministers were aiming to complete work on a framework for admitting new members and submitting them for the approval of BRICS leaders before they meet for a summit in Johannesburg, South Africa in August.
If the group does expand, BRICS is expected to provide other emerging economies with a platform to advocate for their interests and coordinate action contributing to each other’s economic growth. This will help BRICS in its ultimate goal of providing a credible alternative to the benefits offered by the current Western-led economic order.
BRICS to continue work on creating new currency
In light of the West’s weaponization of sanctions following Russia’s special military operation in Ukraine, BRICS has taken the lead in discussing creating a new currency that all member nations could use in international transactions.
The use of alternative currencies was among the prominent talking points during the recent BRICS meeting, with member nations discussing how this potential new currency could shield other member countries from the impact of Western sanctions.
Pandor noted that BRICS is looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions.”
Analysts have noted that BRICS members are also interested in pushing for a common currency to usher in a non-dollar-denominated world with multiple reserve currencies, which they believe would give them more autonomy in terms of internal policies. Without a common currency, for now, these nations are striving to sign trade agreements that settle payments in their own currencies.
India, for example, already has agreements with at least 18 countries, including Russia, to settle certain international transactions in Indian rupees. China has already signed currency swap deals with several nations, including Brazil, to allow them to conduct trade in the Chinese yuan to reduce the cost of bilateral trade and limit their exposure to fluctuations in the value of the American dollar.
In the New Development Bank, the Shanghai-based multinational bank created by BRICS, bank chief and former President of Brazil Dilma Rousseff revealed that the bank is gradually moving away from the dollar and is promising at least 30 percent of loans to be conducted in the local currencies of member states.
“It’s about financial independence and sovereignty,” said South African Ambassador to BRICS Anil Sooklal. “These countries want greater determination in terms of investments, trade and financing sources. They don’t have to be straitjacketed into a certain currency or financial institution.”
Several BRICS nations have already brought up proposals, which are being considered by officials at the New Development Bank. Pandor said the bloc “will be guided to them as to what the future model might be,” without providing any further details.
Learn more about the global shift away from primarily using the American dollar at DollarDemise.com.
- Preserve your retirement with physical precious metals. Receive your free gold guide from Genesis Precious Metals to learn how.
Watch this video discussing BRICS’ potential expansion and its pitch for the creation of a common currency.
This video is from the Thrive Time Show channel on Brighteon.com.
More related stories:
- World moving on from US dollar amid failed Biden presidency as BRICS countries announce they will adopt their own currency.
- De-dollarization efforts continue: BRICS member nations to discuss COMMON CURRENCY in August meeting.
- Two dozen countries align against US dollar as BRICS alliance seeks to form new global currency.
- BRICS nations rapidly working to create common currency to counter US dollar’s global hegemony.
- Potential BRICS expansion could mark end of dollar as world’s pre-eminent currency.
Sources include:
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
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