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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    With the participation of 3 Arab countries.. BRICS Summit discusses getting rid of America's economi

    Rocky
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    With the participation of 3 Arab countries.. BRICS Summit discusses getting rid of America's economi Empty With the participation of 3 Arab countries.. BRICS Summit discusses getting rid of America's economi

    Post by Rocky Wed 23 Oct 2024, 5:05 am

    With the participation of 3 Arab countries.. BRICS Summit discusses getting rid of America's economic hegemony

    With the participation of 3 Arab countries.. BRICS Summit discusses getting rid of America's economi 53836



    Arabic and international
       


    Economy News - Follow-up
     Today, the BRICS summit activities begin in Kazan, the capital of the Republic of Tatarstan in Russia, amid aspirations to enhance economic cooperation between the group’s countries to protect them from the challenges they face, amid openness to increasing the number of the bloc’s countries after it increased to 10 during the current year, after it was only 5. The five new members are Saudi Arabia, Egypt, the Emirates, Iran, and Ethiopia.
    The summit will focus on food and energy security issues, with special attention to the Middle East, and the main theme of the meeting will be: BRICS and the Global South: Building a Better World Together.
    The meetings are attended by 36 countries, including 22 at the highest level and leaders of 6 international organizations, who will discuss issues of interaction between the countries of the global majority, in resolving urgent crises, including improving the structure of international relations, ensuring sustainable development of food and energy security, in addition to the worsening situation in the Middle East.

    get rid of dollar

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    The events, which are scheduled to continue until October 24, are at the top of the agenda of the events, especially with the increase in US sanctions on Russia since the start of the war in Ukraine, one of the pillars of which was US control over payment systems and money transfers globally, especially since it is the source of the dollar currency used in global trade and most of the countries’ cash reserves as well.
    This comes at a time when there are increasing requests for new countries to join BRICS, which is one of the points that will be studied during the summit.
    It is noteworthy that although central banks have worked to diversify their holdings, including gold, about 58% of foreign exchange reserves are held in dollars, and the effects of the dollar network put American banks at the center of global payments systems.
    All banks deal in dollars through a correspondent bank in America, which enables the country issuing the greenback to monitor flows for signs of terrorist financing and sanctions evasion.
    After the war in Ukraine broke out, the West froze $282 billion in Russian assets held abroad, cut Russian banks off from the SWIFT system and barred them from processing payments through U.S. banks. Washington also threatened to impose “secondary sanctions” on banks in other countries that support the Russian war effort. Even European policymakers who support sanctions were appalled by the speed with which Visa and Mastercard (two U.S. companies that the eurozone relies on for retail payments) closed their doors in Russia.
    Sputnik Russian news agency quoted economics professor Wafaa Ali as saying that the BRICS summit comes at a time when the world is suffering from a state of erosion of confidence in light of wars and economic crises.
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    Not easy

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    The agency quoted international economic expert, Dr. Karim Al-Omda, as saying that the transition to a new mechanism for payment between countries is not an easy procedure, but it will be gradual and will take time, as countries move in this direction.
    The mayor pointed out that “China and Russia have already begun the process of reducing dependence on the US dollar, given the importance of the dollar in international transactions, which gives the United States additional power.”
    The mayor described the dollar as “not just a means of trade, but a means of American hegemony,” saying that mutual investments between BRICS countries would enhance the group’s presence, noting the experience of non-dollar payments between Brazil and Argentina, in addition to the experience of dealing in local currencies between the UAE, India, Russia and China, especially in the energy sector.
    The number of people subject to US sanctions has increased by more than 900% (to about 9,400 people) in the two decades up to 2021, according to the British newspaper The Economist.
    The British newspaper, The Economist, reported that the Russian-named “BRICS Bridge” payment system is scheduled to be built within a year, which will allow countries to make cross-border settlements using digital platforms run by their central banks, according to the Economist.
    The newspaper expected that the discussions during the summit would focus on the race to reshape money transfer routes. China has long bet that payment technology would reduce America’s power as the center of global finance (by controlling money transfer systems), and the BRICS plan could provide cheaper and faster transactions, and these benefits could be enough to entice emerging economies.
    The new BRICS plan, which focuses on central bank-run digital currencies, appears to be at least partly inspired by an experimental payments platform called mBridge developed by the Bank for International Settlements along with the central banks of China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia, as well as 31 other observer members, according to the Economist.
    In another economic context, Russian President Vladimir Putin, during his meeting with the President of the New Development Bank of BRICS, Dilma Rousseff, described the BRICS Development Bank as a promising financial institution, noting that the bank has financed projects worth $33 billion since 2018.[/size]


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    Added 10/23/2024 - 11:22 AM
    https://economy-news.net/content.php?id=49054
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