Basically Putin is setting up an agenda for addressing how to structure the BRICS in 2nd meeting.
How the BRICS will avoid being used; as a “Western” target, as is Russia.
The 2nd meeting will also be focused on avoiding the financially weaponized West’s debt bombs;
plus other Western tools, attacking Russia.
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Thanks for posting this Robert. I like Michael Hudson but on this topic his MMT bias is hurting his analysis. He thinks of BRICS as some kind of faction like the G7. That would actually be the best possible thing for the G7.
The worst outcome is if its not an alliance (it isn"t) and that these countries switch to something backed by gold rather than create their own Fougazi system. The FED, ECB, and BOJ will be forced to audit the amount of gold they have to defend their currencies.
I guarantee you the official numbers are fake (even way off for Europe), and that’s a big problem. Now if we had good leaders, none of this will happen and some arrangements can be made. But I look at Von Der Leyen, Blinken and Starmer and I fear the worst. I have high hopes for Trump, lets see what he can do.
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Oh yes.
Statistics are like whores; my friend used to say, you can make them do, whatever you want.
He kept his trusted 38, keeping it, close at hand.
I’m sure he’d trusts the BRICS, as about as far - as you could throw one.
Still, it’s the narrative spin[s] I’m interested in.
What’s behind the scenes; are nothing, but the barrels of a guns.
“They” have a Mao Tse-Tung concept of power.
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Yeah why isn’t the military’s role in these plans mentioned? Guess they’ll be the debt collectors and enforcers of exchange.
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There is that other kind of warfare the globalized media is dead silent about.
Weather warfare is going on in spades!
Spain just got hit.
The list is global.
Is that the stick being wielded; along with the silver carrots?
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Because its not a global financial system with a central clearing system. No central system means no army is needed to defend it. India will never accept Chinese troops for example and vice versa.
Everyone will use their own currency which is highly inefficient, but its the default state. Hence the current rush for gold. Maybe that’s why Milei sent all Argentina’s the gold to London or the Fed or wherever. It will be very important in the near future.
I remember seeing some figures a couple of years ago that indicated that Russia, China and, oddly, Nigeria are all buying up gold. Canada, on the other hand, has a couple of ounces left.
I’m interested in what you mean by saying it’d be a bad thing if the BRICS were setting up something gold-backed, and what you mean by a ‘fugazi’ system?
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It means the post Nixon shock system where financial flows are erratic and trade imbalances are a feature and not the exception. Gold is what imposes discipline.
Historically gold is associated with alchemy and turning lead into gold was a metaphor for moral and spiritual self improvement. In financial terms it means valuing industriousness, family formation, work and saving etc…
The problem we have here in western Europe and the United States is that these Trotsky fans or nazi international or whatever you want to call them have been in charge after the end of WW2. And their outlook is that of self indulgence, supremacist views, self centered ideologies like existentialism etc… Ideas that raiding nomads would hold, and not those of a civilized people.
The current system with its chronic imbalances, and perpetual razzia wars against defenseless nations is a reflection of that cultural change. When you look at the leadership right now you see this:
This is not the kind of lifestyle that will allow one to build up savings or value work. So Gold will flee nations where people like this are in charge. Hence the natural disadvantage it would put us in, in the context of a gold backed finance world.