The US/UK/EU move to impose sanctions via SWIFT restrictions means for US-contrarians (Russia, China, South Africa in the core BRICS-pillars, and most of the "+" countries), use of a dollar-based exchange system *only* is contrary to soveriegn interests - the sanctions catalyzed the shift to a US dollar & BRICS+ structure. Certainly a neo-con own-goal. I welcome the formation of multi-polar entities (OPEC+, BRICS+, a newly assertive Japan and S Korea, Americas, Middle East & African countries) as the obvious sources of the shadows in our modern cave = these are the geographic and cultural associations that reflect the Real Politik of our post-covid world. And like everything else human, these associations have obvious weaknesses that prevent an uber-hegemon from appearing. Economically, the US$/euro/UK Sterling pound block has enviable features: the richest and spendiest population on earth. Nasty neocon habits, mid-to-high gdp/debt metrics, somewhat-okay-fiscal transparency, and prone to fashionable periods of tragic social idiocy; also (relatively) resistant to fiscal defaults and not (yet) runnung on ruinously corrupt legal/civil guts. The BRICS+ are quite different, and not in a financially confidence-building manner: an argo-of-contrary interests save avoiding getting trapped using a western currency instrument; one very large mercantilist in the group, two strong energy producers, with the remainder in the "plus" bucket as a lengthy line of fiscally very challenged countries. Toss in non-transparent and varying from polite wily-corruption to aggressive stark-naked corruption. The result is an org of significant frailness. While the start of BRICS+ will look hefty and imposing, the energy producers will over time get uncomfortably leaned on by their BRIC-y friends for fiscal support. Under the hood, the BRICS+ crowd hedge their bets with trade 'the other way'. Essentially poor inter & intra trust issues result in a less effective, less efficient BRICS+ blok. Different, but not a basis for outsized concern
That would certainly explain Chinese expansion of their gold reserves. The chaos that a BRIC’s move like this would create for the US financial markets boggles the mind.
Talk about a “reset” in the international playing field! But I’m sure that our illustrious and far sighted leaders already have a backup plan for just such an occurrence.
Oh wait, “totally unexpected”, “didn’t see that coming”!
The US/UK/EU move to impose sanctions via SWIFT restrictions means for US-contrarians (Russia, China, South Africa in the core BRICS-pillars, and most of the "+" countries), use of a dollar-based exchange system *only* is contrary to soveriegn interests - the sanctions catalyzed the shift to a US dollar & BRICS+ structure. Certainly a neo-con own-goal. I welcome the formation of multi-polar entities (OPEC+, BRICS+, a newly assertive Japan and S Korea, Americas, Middle East & African countries) as the obvious sources of the shadows in our modern cave = these are the geographic and cultural associations that reflect the Real Politik of our post-covid world. And like everything else human, these associations have obvious weaknesses that prevent an uber-hegemon from appearing. Economically, the US$/euro/UK Sterling pound block has enviable features: the richest and spendiest population on earth. Nasty neocon habits, mid-to-high gdp/debt metrics, somewhat-okay-fiscal transparency, and prone to fashionable periods of tragic social idiocy; also (relatively) resistant to fiscal defaults and not (yet) runnung on ruinously corrupt legal/civil guts. The BRICS+ are quite different, and not in a financially confidence-building manner: an argo-of-contrary interests save avoiding getting trapped using a western currency instrument; one very large mercantilist in the group, two strong energy producers, with the remainder in the "plus" bucket as a lengthy line of fiscally very challenged countries. Toss in non-transparent and varying from polite wily-corruption to aggressive stark-naked corruption. The result is an org of significant frailness. While the start of BRICS+ will look hefty and imposing, the energy producers will over time get uncomfortably leaned on by their BRIC-y friends for fiscal support. Under the hood, the BRICS+ crowd hedge their bets with trade 'the other way'. Essentially poor inter & intra trust issues result in a less effective, less efficient BRICS+ blok. Different, but not a basis for outsized concern
That would certainly explain Chinese expansion of their gold reserves. The chaos that a BRIC’s move like this would create for the US financial markets boggles the mind.
Talk about a “reset” in the international playing field! But I’m sure that our illustrious and far sighted leaders already have a backup plan for just such an occurrence.
Oh wait, “totally unexpected”, “didn’t see that coming”!