BRICS developing global reserve currency – Putin

It will be based on a currency basket of the five-nation bloc, according to the Russian president


June 22, 2022: Information Clearing House -- "RT" - President Vladimir Putin said on Wednesday that the BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on setting up a new global reserve currency.

“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.

Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

John Titus on the world reserve currency transferring away from the US.


Good. Central banking needs to cease and be no more. No more Wall Street/Stock Market, no more printing money out of thin air ..... good-bye to central banking for evermore. Good riddance.

Egyptian parliament approves agreement to join the BRICS bank

The Egyptian Parliament approved an agreement adopted by the Government that allows the country to join the New Development Bank of the BRICS group, the Al-Ahram diary reported.

The vice-president of the Economic Committee of the House of Representatives, Mohamed Abdel-Hamid, affirmed that joining the institution benefits the country.

“We will benefit from the Bank’s financial and technical assistance in areas such as sustainable development, health, infrastructure, transportation, water, and telecommunications,” he said.

The addition of Egypt will also relieve the state budget of the pressure to find dollars to meet imports because members of that bank can use their national currencies in bilateral trade, he said.

Parliamentarian Ahmed El-Awadi, head of the House National Security and Defense Committee, also praised the decision: “It represents a step in the fight against the dollarization phenomenon and opens up new markets for Egypt’s agricultural and industrial products,” he said.

Legislator Mervat Mattar, stated that “the BRICS group is an important forum that can divert the course of the international economy from US and dollar dominance.” He also welcomed the Russian central bank’s decision a week ago to add the Egyptian pound to its list of foreign currencies exchangeable for rubles.

Last December, the Egyptian Council of Ministers announced its decision to join the BRICS, after a proposal by President Abdel Fatah El-Sissi.

BRICS Nations Plan to Create a New International Reserve Currency

While inflation data in Europe and the U.S. has risen significantly higher last month, Russia and members of the BRICS countries revealed leaders in the five major emerging economies are in the midst of “creating an international reserve currency.” Analysts believe the BRICS reserve currency is meant to rival the U.S. dollar and the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) currency.

Vladimir Putin Reveals the Creation of a New International Reserve Currency at the 14th BRICS Summit — Turkey, Egypt, and Saudi Arabia Consider Joining BRICS

During the last month, the West has been struggling with red hot inflation and energy prices skyrocketing higher. Politicians in the U.K., Europe, and the U.S. have been trying to blame the economic calamity on a number of things like the Ukraine-Russia war and Covid-19.

Data from last month’s consumer prices in America and Europe have climbed to all-time highs and many analysts say Western countries are in a recession or about to experience one. Meanwhile, at the end of June, members of the BRICS nations met at the 14th BRICS Summit to discuss world affairs.

During the BRICS Summit, Russian president Vladimir Putin announced that the five-member economies — Brazil, Russia, India, China, and South Africa plan to issue a “new global reserve currency.”

“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” Putin said at the time. “We are ready to openly work with all fair partners,” he added. Additionally, Turkey, Egypt, and Saudi Arabia are considering joining the BRICS group. Analysts believe the BRICS move to create a reserve currency is an attempt to undermine the U.S. dollar and the IMF’s SDRs.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency

At this year’s BRICS Summit, Russian president Vladimir Putin announced a new international currency developed by BRICS was in the works.

“This is a move to address the perceived U.S.-hegemony of the IMF,” the global head of markets at ING, Chris Turner, explained at the end of June. “It will allow BRICS to build their own sphere of influence and unit of currency within that sphere.”

While the news of a reserve currency created by BRICS may be a surprise to some, specific accounts about the member countries countering the U.S. dollar have been reported on for quite some time. At the end of May 2022, a Global Times report noted members were urged to end their dependence on the dollar’s global dominance.

Russian Business Relations and BRICS Countries Intensify — China’s President Xi Jinping Says Countries That ‘Obsess With a Position of Strength’ and ‘Seek Their Own Security at the Expense of Others’ Will Fall

Putin explained the following month that “Contacts between Russian business circles and the business community of the BRICS countries have intensified.” The Russian president further noted that Indian retail chain stores would be hosted in Russia, and Chinese cars and hardware would be imported regularly. Putin’s recent statements and commentary at the BRICS Summit have made people believe the BRICS members are not “just a ‘talk shop’ anymore.”

In addition to South Africa, Russia has also increased foreign aid and has delivered weapons to Sub-Saharan African countries. Furthermore, Putin and other BRICS leaders have been targeting U.S. hegemony and exceptionalism in specific statements published by the media.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency

Putin has criticized and condemned the U.S. and West for financial sanctions on various occasions throughout the years.

At this year’s St. Petersburg International Economic Forum, Putin addressed the crowd with a 70-minute speech and talked about the U.S. ruling the world’s financial system for years. “Nothing lasts forever,” Putin said. “[Americans] think of themselves as exceptional. And if they think they’re exceptional, that means everyone else is second class,” the Russian president told the forum attendees.

Speaking with Russian ambassadors in a biennial speech, Putin said the West was weakening a great deal in terms of economic power. “Domestic socio-economic problems that have become worse in industrialized countries as a result of the (economic) crisis are weakening the dominant role of the so-called historical West,” Putin remarked to the ambassadors. “Be ready for any development of the situation, even for the most unfavorable development.”

Russia and Putin have been saying that the U.S. dominance in the world of finance has been dying for years now. In October 2018, speaking at the Valdai forum, Putin said the U.S. sanctioning specific countries (including Russia) would undermine trust in the U.S. dollar.

The Russian president noted that most of the fallen empires have made the same mistake. “It’s a typical mistake of an empire,” the Russian leader declared at the time. “An empire always thinks that it can allow itself to make some little mistakes, take some extra costs, because its power is such that they don’t mean anything. But the quantity of those costs, those mistakes inevitably grows.” Putin continued:

“And the moment comes when it can’t handle them, neither in the security sphere or the economic sphere.”

Moreover, in June, Bloomberg published a report about the BRICS Summit and noted that China’s president Xi Jinping suggested that NATO was responsible for antagonizing the Russian Federation. Xi also said that certain countries that bolster exceptionalism will falter by suffering from security vulnerabilities.

“Politicizing, instrumentalizing and weaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering,” Xi detailed. “Those who obsess with a position of strength, expand their military alliance, and seek their own security at the expense of others will only fall into a security conundrum.”

The Financial World Splits in Half: Alternative Payment Rails, Stockpiling Gold, and the Clash of a Robust Dollar and Ruble

The strengthening of the BRICS nations has been going on well before the conflict in Ukraine began. For instance, in 2014, Russia developed ​​the System for Transfer of Financial Messages (SPFS), and later the Mir payment system was launched. That same year, in response to the annexation of Crimea, Russia started to stockpile gold in vast amounts.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency

Financial messages using SPFS have increased a great deal over the years alongside the use of CIPS and the Mir payment system.

China has been hoarding massive amounts of gold as well, as both countries hiked their gold reserve purchases a great deal a few years before the war. Russian banks also joined the China International Payments System (CIPS) making it easier for the two countries to trade. In April last year, China opened its borders to billions of dollars of gold imports, according to a report from Reuters.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency

Both China and Russia have been stockpiling gold over the last few years.

Continued at link.

BRICS | Is BRICS On the Verge of Destroying the U.S. Dollar with the 5R Currency System
(Duration 1:30:26)

BRICS | Is BRICS On the Verge of Destroying the U.S. Dollar with the 5R Currency System (Rand, Ruble, Rupee, Renminbi, & Rand)? The Connection Between w/ BRICS, the Great Reset, CBDCs and the Internet of Bodies?

Many topics are discussed including CBDCs, vaccines, the petro dollar, gold moving from the west to the east, BRICS as not being against globalisation but being its new face, China's 100 year war plan to defeat the USA, via its military strategy of "unrestricted warfare" since the mid-90s, and more.

Lengthy and have not watched it all yet, but interesting so far (27 minutes in).

  • He says that all organized religions are evil.
  • Predicts dollar will lose 30% value around the spring of this year.
  • Leviticus Jubilee mentioned.

Other interesting predictions.

WOW! They Leaked BRICS' Master Plan For Gold & Silver - Andy Schectman

WOW! They Leaked BRICS' Master Plan For Gold & Silver - Andy Schectman |...

Andy Schectman is the president of Miles Franklin Precious Metals. He has 25+ years experience in the financial services industry. Andy is an expert in economics, global investing, foreign currencies, and precious metals investments.

He says that large quantities of precious metals have been moving out of COMEX and the London Metals Exchange systems. According to Andy, who mentions it being picked up by a couple of mainstream financial news sources, much of it is being physically moved out of these systems and into the BRICS countries - naming them as China, Russia, India and Saudi Arabia.

A couple of comment that seem to help explain more about what the video is saying in other words:

"Andy explains clearly the importance of PMs being moved outside the Comex storage system. Previously metal would be purchased but left within Comex vaults, most likely as a physical hedge ect.. When needed the metal could be sold back to a Comex buyer. All within the system. Really seems the PM exchanges are being run dry and at some point won’t be able to sell contracts on metals that do not exist. World is moving to gold backed currencies before our eyes. Smart person can see a revaluation in the not too distant future."

"Shows that something big is happening. When people who normally leave their wealth in the loop are pulling it out. So they can hold it, this means they actually own it now. Something big is going down. Funny how the price hasn’t gone up like it should."

South Africa's BRICS Coup opens Nigeria to Join? Why is S. Africa a BRICS?

There are 54 countries in Africa, the second-largest and most populated continent after Asia, all of which have unique histories and development paths. South Africa is unusual among the other BRICS members because of its distinct history and divergent economic development. While it doesn't actually "represent" the other African nations, it does share their worries about issues like democracy, preventing violence, maintaining law and order, economic disparity, a population with a variety of social and cultural backgrounds, poverty, and unemployment.
In December 2010, China lobbied for South Africa to join BRICS. The South African government refused the Dalai Lama a visa in October 2011 so that he could not attend Desmond Tutu's birthday festivities, a fellow Nobel laureate. Was that a compromise?
South Africa's admission to the BRICS is unmistakably influenced by China, despite this being unspoken. China is unquestionably the BRICS member with the most clout. It is deeply invested in South Africa's banking, infrastructure, mining, transportation, and renewable energy sectors. For instance, the Standard Bank of South Africa is the recipient of a sizable investment from the Industrial Commercial Bank of China (ICBC) totaling 237.6 billion rupees ($4.7 billion), or 20% of the bank.
The largest trading partner of South Africa is China, which enjoys a surplus. The influx of Chinese yuan has kept South Africa afloat during the global economic downturn. It is clear why China is significant in South Africa's foreign policy.
A decade and a half ago, in 1996, the Dalai Lama paid his most recent visit to South Africa to meet Nelson Mandela. The Dalai Lama was not granted a visa for the first time in order to attend Desmond Tutu's 80th birthday celebrations. He was denied a visa in 2009 under the justification that his presence would interfere with the 2010 World Cup planning. The Dalai Lama is an outspoken opponent of China's denial of the Tibetan people's right to self-determination and human rights. Locally, the recent denial of a visa drew criticism; COSATU, the Coalition of South African Trade Unions, referred to this decision as a "trade of morality for yuans."

This unmistakably demonstrates that South Africa places a high priority on its business ties with China and supports the notion of "one China," which opposes Tibet's bid for political independence.
South Africa is a member of the BASIC group, which consists of developing nations that resist Western pressure to comply with legal emission obligations. Given that South Africa is the biggest polluter on the continent and that it is said to rely heavily on coal in its mining industry, much like Australia and Canada, she is responsible for around 40% of all greenhouse gas emissions on the continent.
As one of the BASIC nations, South Africa remained steadfast in its belief that developed nations should shoulder the majority of the costs associated with climate change, take the initiative in reducing emissions, contribute to the proposed Green Climate Fund, and give developing nations access to technology for improved climate change adaptation and mitigation.
The Doha Development Rounds must be founded on the premise of "reciprocity," demanding proportional commitments between poor and wealthy countries, and this was reaffirmed by South Africa, Brazil, India, and China at the Davos meeting in January 2012. The interests of the poor, which might be seen as "national interests" in each country's setting, would be at the heart of the agreements. South Africa unquestionably concurs with the developing nations' position.
South Africa and the other developing nations of the South are largely on the same page at the Doha negotiations. They do, however, disagree in discussions when it comes to questions of market access and the requirement to safeguard their local industrial and agricultural sectors. Here, they engage in defensive tactics against one another, with Brazil and South Africa serving as examples to prevent any "damage" to their "sensitive products". To safeguard domestic livelihoods, several nations deploy import triggers related to pricing and quantities. Brazil contested the implementation of high duties on the 70 percent of South Africa's chicken imports that Brazil exports. Brazil refuted the South African claim that it was dumped on the market.

The next BRICS summit is scheduled to be held later in 2023 where it is expected that new memberships, such as formally adding Saudi Arabia to the bloc, will be discussed. According to this video, Nigeria may also be a possibility, as it is another large economy on the African continent. Many other countries have expressed a similar interest. One of the appeals appear to be that the BRICS alliance wants to be focussed on enabling business between member countries for mutual benefit, while allowing countries to maintain their own sovereignty and systems of government and religion, without interference from other members. For instance, the current BRICS alliance already consists of various countries with widely different political systems and views with regards to governance and religion. Whether that will always be the case will remain to be seen, but in either case, interest from other countries in joining the alliance appears to be growing.