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Currency Warfare: BRICS Sets Sights On Dethroning US Dollar

Currency Warfare: BRICS Sets Sights On Dethroning US Dollar

(ConcernedPatriot.com) – The possibility of creating a currency to compete with the U.S. dollar will not be discussed at the 15th BRICS summit, which starts on August 22 in Johannesburg, according to South African government officials who spoke to The Epoch Times.

However, other analysts are sure that this week’s gathering will signal the start of the creation of a BRICS currency backed by gold to halt what the group considers “U.S. dominance of global finance structures.”

The BRICS comprises Brazil, Russia, India, China, and South Africa. The bloc was formed in 2009.

U.S. Won’t Prevent Partners From Deciding to Join BRICS, Says White House

The New Development Bank (NDB), a financing arm of the BRICS, seeks to displace the World Bank and the International Monetary Fund (IMF) as a non-dollar alternative.

Anil Sooklal, the South African official organizing this year’s summit, claimed that developing nations now account for a significant portion of world commerce.

“Despite the fact that the United States no longer accounts for a significant portion of global trade, the dollar still represents over 50% of it. It’s absurd,” he said, according to The Epoch Times.

As a result, the Global South states that we must increase commerce, improve payment settlement, and change how we carry out financial operations.

The BRICS nations aspire to increase the use of local currencies in trade both within the group and with other countries from the Global South.

It’s not about de-dollarization; this is a natural development where countries are looking for greater financial flexibility, greater financial autonomy, and greater choices in how they conduct themselves on the global economic front.

However, Mr. Sooklal’s proposal that BRICS member currencies like the rand, rupee, and rouble be utilized in trade and other transactions moving forward was “too impractical” to be taken seriously, according to political economist and University of South Africa in Pretoria professor Everisto Benyera.

If that occurs, there will be significant issues simply because the economies from which these currencies originate are less stable than the U.S. economy.

“The United States continues to be the strongest, individually or collectively, in terms of security,” he told The Epoch Times. “These economies could be bigger in terms of GDP and so on,” he said.

According to Mr. Benyera, developing a BRICS currency with gold backing is the only viable method to end the dollar’s supremacy.

He emphasized that all of the BRICS nations, except India, were among the world’s top gold producers.

According to international economic organizations, China is the world’s biggest producer of gold, followed by Russia and South Africa. Brazil is ranked fourteenth.

“The developing world, including much of Africa, produces by far the most gold in the world,” Mr. Benyera continued.

“Therefore, gold could readily serve as the foundation of a new currency if other significant gold miners join an expanded BRICS, as is being proposed,” he adds.

“However,” he added, “this will take time.”

“I don’t see another currency challenging the U.S. dollar any time soon. A worldwide economic and political disaster would result from moving too quickly with something this important,” he continued.

Mr. Benyera stated, “Some are claiming that the current conflict between Russia and Ukraine has the potential to result in the creation of an alternative currency, but as of right now, I see the U.S. dollar continuing to be the de facto world currency.”

“The formation of a BRICS currency would “take a long time,” but according to Brazilian economist Paulo Batista, it was “inevitable.”

“The dollar will still exist, but it won’t have the same dominance it has had since the Second World War. Why? Because the U.S. itself is the dollar’s most significant foe,” according to the former IMF executive director and former NDB vice president.

“Washington undermines the credibility of the dollar and its own financial system when it uses it politically to target nations it deems hostile. The United States itself has damaged trust in the dollar,” the former director added.

He continued, “Therefore, there will be a gradual shift toward greater financial option diversification; the question is only when and how.”

Mr. Batista said, “The invasion of Ukraine by Russian President Vladimir Putin prompted the United States to freeze $300 billion in Russian foreign reserves. This action was observed by nations in the Global South.”

“They are turning to the BRICS to discover methods to lessen their reliance on the dollar because they are concerned that the same could happen to them,” Batista added.

Even as the leaders of the BRICS were preparing to consider the prospective admission of nations like Iran and Belarus into the group, he said he did not believe that BRICS would grow into an “isolationist, anti-West bloc.”

Batista continued, “I don’t believe there is a plan to utterly reject the West and eliminate the currency, the IMF, or the World Bank. The NBD and possibly a BRICS currency are meant to diversify and provide options. Diversification must occur.”

“China has already established the Asian Infrastructure Investment Bank (AIIB). As a result, emerging countries are leaving behind conventional institutions because they are unhappy with the current global governance system. It is unfair, unbalanced, and frequently subject to political manipulation,” he added.

According to Mr. Batista, the BRICS nations are pushing for “a multi-polarization of the currency system, a diversification,” rather than the demise of the U.S. dollar.

For instance, the (Chinese) renminbi has become more significant and will do so. This will be crucial if the BRICS nations create a reliable alternative currency.

According to Mr. Benyera, a gold-backed currency has been “a long time coming.”

He emphasized that the early African politicians, such as Ghanaian nationalist leader Kwame Nkrumah and Guinea’s first president Sekou Toure, sought a single African currency backed by gold when colonialism ended in Africa between 1945 and the 1960s.

Therefore, Mr. Benyera added, “History demonstrates that the emergence of a gold-backed currency is not so easily achievable.” Africa essentially holds all the gold in the world. Still, due to the continent’s continued division and the fact that each mineral-rich nation has decided to pursue its own specific limited interests, this has never happened.”

Mr. Benyera said, “However, gold is the best option. The late (Libyan leader) Colonel Moammar Ghaddafi argued that for Africa to be strong and united, it must focus on the easiest targets to capture.”

“And if we start using our gold as a form of payment among ourselves, the entire globe will adopt it,” he added.

Among the BRICS nations, Mr. Benyera projected that India would oppose creating such a currency.

India is encroaching on American territory.

When Prime Minister Modi visited Washington recently, his discussions with President (Joe) Biden were excellent, and they made several announcements regarding cooperation. Indian officials hold prominent roles at the IMF and the World Trade Organization.

“BRICS was not as united as its diplomats would have the world believe, according to the Indian perspective,” he claimed.

Since 2009, it still hasn’t outlined its goals and mission clearly. It struggles with its identity. Even the BRICS secretariat lacks sufficient power.

Compared to other blocs, such as the European Union, they advanced quickly, quickly consolidated, and promptly developed a currency and a parliament. But BRICS lacks all of these after 15 years.

Mr. Benyera states, “This is because the BRICS nations are still not fully committed to the group and are still centered on accomplishing their own unique goals.”

When there is no vision, you can’t come together behind it, he insisted.

Copyright 2023. ConcernedPatriot.com

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Mayorkas in Hot Seat For Allegedly Encouraging Illegals to Vote for Biden

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During a recent congressional budget hearing, DHS Secretary Alejandro Mayorkas found himself under intense scrutiny by Rep. Dan Bishop (R-NC) concerning a deeply troubling allegation. The Heritage Foundation’s Oversight Project reported the discovery of a flyer, purportedly from Resource Center Matamoros, which brazenly encourages migrants to vote for President Joe Biden, promising, “We need another four years of his term to stay open.” This inflammatory material, allegedly found by independent journalists in Mexico and reported by Muckraker, raises grave concerns about the integrity of our electoral process.

The flyer, still unverified by mainstream media outlets and missing from the Resource Center Matamoros’s official resources, points to a potential scandal of significant proportions. The implications are severe—suggesting a concerted effort to manipulate U.S. elections by influencing the migrant population, a group explicitly ineligible to participate in our voting system.

Rep. Bishop confronted Mayorkas directly: “The Heritage Foundation Oversight Project has released this document that is allegedly a flyer distributed by a non-governmental organization in Mexico called the Resource Center Matamoros … which is said to read, in part, if translated, ‘Reminder to vote for President Biden when you are in the United States. We need another four years of his term to stay open,'” illustrating a critical lapse in border security and immigration enforcement under the current administration.

Mayorkas’s response was both dismissive and inadequate, stating that “individuals who are not citizens of the United States cannot vote in federal elections” and claiming that DHS does not oversee election enrollments but merely enforces border policies. However, this response starkly highlights the core issue—the Biden administration’s lax enforcement and oversight policies, which have allowed millions, including two million undocumented ‘got-aways,’ to potentially exploit loopholes in the electoral registration process.

Secretary Mayorkas and the Biden administration must be held accountable for their role in what appears to be a flagrant disregard for the laws that safeguard both our borders and our ballots. This incident is not an isolated blip but a symptom of a broader, more disturbing trend under Secretary Mayorkas’s DHS: a deliberate softening of immigration policies that seem designed to favor political over practical interests.

It’s imperative for the integrity of our democratic process that thorough investigations are conducted. If migrants are indeed being instructed, implicitly or explicitly, to support a particular political outcome, such actions must be met with the full force of the law. We must demand more than lackluster assurances from our leaders; we need concrete actions and transparent accountability to restore faith in our immigration system and electoral integrity.

 

Illegals Get the VIP Treatment from Biden's DHS!

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Biden’s Blunders: Scripted Leadership in Crisis Times?

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Once again, President Biden has been caught on camera, not trusting his own words during crucial moments. During a recent Oval Office meeting with Iraq’s Prime Minister, while the world reels from a violent missile and drone attack by Iran on Israel, Biden couldn’t step away from his pre-written scripts.

Photographs reveal that Biden, aged 81, resorted to a detailed cheat sheet, which embarrassingly included all-caps stage directions for pausing, allowing for translation. This was during his first public address since the devastating attack on Israel over the weekend. The contrast was stark next to Iraqi Prime Minister Mohammed Shia’a Al-Sudani, who spoke freely, without the aid of notes.

Instead of addressing the nation live while missiles were still threatening lives, the White House chose to “call a lid” early in the evening, opting only to release staged photos of Biden in the Situation Room. It was only after the immediate crisis had eased that Biden communicated with Israeli Prime Minister Benjamin Netanyahu to express U.S. support, and convened a discussion with G7 leaders—again, following the script too cautiously, reportedly urging Netanyahu to limit Israel’s response, seemingly more worried about political optics than decisive leadership.

In public, Biden stated, “The United States is committed to Israel’s security…We are committed to a cease-fire that will bring the hostages home and prevent the conflict from spreading further.” Yet, these words, read from his script, now ring hollow, reflecting a pattern of relying on scripted safety nets even in supposedly spontaneous discussions.

This tendency to lean heavily on pre-written prompts was noted not only in moments of international crisis but also in less formal settings like private fundraisers, causing discomfort among his own supporters, as per reports from Axios.

As crises unfold, the leader of the free world should be expected to address his nation and the world with conviction and authenticity, not hide behind carefully curated words. The frequent appearance of Biden’s cheat sheets raises concerning questions about his ability to lead through unscripted challenges—where real leadership is tested not by the ability to follow a script, but to speak from the heart and adapt with strength.

 

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POLL: Is Joe Biden mentally fit to be President?

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Migrant Invaders Brazenly Charge at Swimmers in Speedboat

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In a blatant affront to American sovereignty, a dozen illegal immigrants executed a dangerous and illegal invasion of our shores, arriving at a California beach via speedboat with reckless disregard for the safety of Americans enjoying their leisure time. One surfer narrowly escaped harm as the vessel tore through the water at high speeds, a clear symbol of the contempt these lawbreakers hold for our laws and our people.

This latest episode in Carlsbad, a mere 30 miles north of San Diego, is a chilling reminder of the organized lawlessness that is being orchestrated across our borders. Once ashore, these illegal entrants scurried toward luxury vehicles, suggesting a level of premeditation and support that borders on an invasion facilitated by criminal networks.

Compounding the audacity of this episode was the abject failure of local law enforcement to respond, leaving law-abiding citizens to fend for themselves. Such incidents underscore a terrifying erosion of law and order, signaling to criminals everywhere that our borders are open for exploitation.

This incident is not an anomaly but a stark representation of a broader crisis fueled by a border policy that might as well hang a welcome sign for criminals and opportunists. The alarming influx of illegal crossings, particularly in the San Diego sector—where nearly 7,000 breaches were reported last week alone—is a direct result of deliberate inaction and misguided policies that invite chaos and endanger American lives.

The economic and social strain this unchecked immigration inflicts on our communities is unsustainable. The closure of local migrant shelters, once hemorrhaging millions of taxpayer dollars monthly, is a testament to the fiscal burden imposed by these continuous waves of illegal entrants. This burden has now shifted to our airports and bus stations, turning them into makeshift shelters and degrading the quality of life for residents and tourists alike.

It is evident that our current administration lacks the will to address this crisis effectively. The projected figures are a dire warning: with over 8 million people potentially on our streets, including two million with criminal intentions, the situation is nothing short of a national emergency.

Congress must act with urgency to secure our borders and overhaul an immigration system that has been exploited far too long. We need robust enforcement of our immigration laws, substantial penalties for those who violate them, and an end to policies that encourage illegal entry into our country. The time for tolerance of this disorder is over. The safety, security, and sovereignty of the United States must be enforced rigorously and without apology. We must protect American citizens and the integrity of our nation.

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POLL: Is the Biden regime securing our borders?

 

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