Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

Putin welcomes Iran, India, China to BRICS Summit to discuss ‘new world order’ to challenge the West

by October 24, 2024
October 24, 2024

This week, Russian President Vladimir Putin convened more than two dozen countries to discuss a ‘new world order’ free from Western hegemony and the global dominance of the U.S. dollar. 

From Tuesday to Thursday, some two dozen members will descend on Kazan, Russia, for this year’s BRICS Summit — offering Putin his biggest global platform since Russia invaded Ukraine in 2022. 

By reducing reliance on the dollar, the alliance hopes to evade sanctions imposed by the U.S. and the West.

‘The dollar is being used as a weapon,’ Putin said at the summit. ‘We really see that this is so. I think that this is a big mistake by those who do this.’ 

In a pivotal move, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi used the summit to showcase their hopes for a more harmonious relationship after decades of cross-border strife. 

It came days after China and India agreed to a deal meant to bring to a close their four-year military standoff over the disputed Himalayan region. 

‘Russia-China cooperation in international affairs is one of the main stabilizing factors in the world,’ Putin told Xi at the summit. 

Meanwhile, India has been propping up Russia’s economy by purchasing discounted oil that has been sanctioned by much of the rest of the world. 

BRICS — which stands for Brazil, Russia, India, China and South Africa — was an idea thought up by Goldman Sachs analysts to describe the growing economic hegemony of China and other emerging markets.

The group is rapidly expanding: Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia joined in January. Turkey, Azerbaijan and Malaysia formally applied — Turkey being the first NATO member to take an interest in the group. Pakistan has also expressed an interest in joining the group.

The alliance now makes up half of the world’s population and 35% of global output. 

Some member states like Egypt receive U.S. military aid and the United Arab Emirates (UAE) hosts U.S. military bases. 

Russian officials already view the three-day summit as a massive success: Putin’s foreign policy aide Yuri Ushakov said 36 countries confirmed participation and 24 will send representatives. 

Russia is also courting more nations to join a payment system that would serve as an alternative to SWIFT, which has been used to sanction Russian officials by the West.

While Russia is pushing an anti-western agenda at the summit, members like Brazil, India and South Africa want a less combative tone. They believe the alliance should be used to tailor international institutions to meet the needs of the Global South. They believe they could work to reform the World Bank and the International Monetary Fund to serve the needs of the developing world. 

Creating an alternative to SWIFT would require BRICS-based currencies and financial institutions to conduct international business — and so far BRICS members have not presented a clear plan to replace the dollar. 

Iranian President Masoud Pezeshkian said in an address to the summit that BRICS must act as more than a ‘dialogue club,’ and said that 15 years after the creation of the alliance, many of its goals remain unfulfilled. 

He tore into the West’s increasingly frequent threat of sanctions. 

‘Over more than three decades since the collapse of the bipolar system, it has become increasingly clear that from the perspective of Western powers, peace, democracy, prosperity, and development can only be achieved through pathways defined by them,’ he said.

‘This monopolistic outlook has resulted in increased violence, war, and terrorism on the one hand, and unprecedented use of economic and political sanctions on the other.’

Dollar assets currently comprise around 59% of global foreign currency reserves, down from 70% in 1999. 

Former President Donald Trump has promised ‘100% tariffs’ on nations that snub the U.S. dollar, arguing that losing the dollar as the world currency would be like ‘losing a war.’ 

‘I was a user of sanctions, but I put them on and take them off as quickly as possible, because ultimately it kills your dollar, and it kills everything the dollar represents. And we have to continue to have that be the world currency. I think it’s important. I think it would be losing a war, if we lost the dollar as the world currency,’ he told the Economic Club in New York in September. 

‘That would make us a Third World country. You’re losing Russia. China is out there trying to get their currency to be the dominant currency.’

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
DOJ warns Elon Musk’s America PAC that $1 million giveaway may break the law
next post
Harris likens Trump to Hitler in scathing remarks, says he wants same military loyalty as German dictator

You may also like

2024 Wildcard: Trump criminal trial verdict throws 2024...

May 31, 2024

SICK: Crooked Hillary Rotten Clinton Likens Pro-Lifers to...

December 3, 2022

GREAT NEWS! Ninth Circuit Court of Appeals Agrees...

December 1, 2022

Mississippi Senate leaders unveil health care proposals

January 19, 2023

Conservatives rally around Trump after meeting with Zelenskyy...

February 28, 2025

Prince William calls for end of war in...

February 21, 2024

White House calls Democrat criticism of DOGE ‘unacceptable’...

February 5, 2025

‘Ridiculous’: Bondi personally strips DOJ walls of Biden,...

February 12, 2025

Trump believes SCOTUS will ‘intervene’ in state ballots...

January 19, 2024

Tennessee offers $2M in grants for life-saving equipment...

January 17, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Elon Musk warpath against Trump’s ‘big, beautiful bill’ rattles House GOP

      June 4, 2025
    • Durbin obstruction threat chills Senate as Trump nominees hang in balance

      June 4, 2025
    • Elon Musk posts ‘Kill Bill’ meme in latest push to nix Trump’s ‘big, beautiful bill’

      June 4, 2025
    • Why ADX Can Mislead You — And How to Avoid It

      June 4, 2025
    • S&P 500 on the Verge of 6,000: What’s at Stake?

      June 4, 2025
    • Johnson says Republicans ‘don’t have time’ to craft new Trump plan despite Musk’s call to ‘KILL the BILL’

      June 4, 2025

    Categories

    • Business (8,143)
    • Investing (2,006)
    • Politics (15,518)
    • Stocks (3,127)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved