In what appears to be an unfortunate indicia of Joe Biden’s weak economic and diplomatic leadership, as well as CCP-controlled China’s ascendancy as potentially the globe’s primary superpower, the so-called BRICS group has added five new countries to its roster.
The expansion poses serious implications for energy production and access, as well as for America’s continued influence on world affairs.
Iran, Saudi Arabia, the United Arab Emirates, Egypt and Ethiopia are signing up for the multilateral trade organization, Bloomberg reported.
BRICS is an acronym for its five original members: Brazil, Russia, India, China and South Africa, which formed as an alternative to the G7.
This expansion is significant in that it pairs “some of the planet’s largest energy producers with some of the biggest consumers among developing countries,” Bloomberg noted.
Similarly, according to CNN, “The expansion adds the muscle of major oil-producing Gulf economies to the body and comes as both Russia and China have bolstered their relationships with sanctions-hit Iran.”
The endgame could theoretically render America an economic backwater. And economic security and national security are deeply intertwined.
Argentina, under its new president, Javier Milei, the firebrand pro-American libertarian foe of socialism, declined the BRICS invitation in a reversal of a decision by his predecessor in office.
More than 30 additional countries, however, are said to be waiting in the wings to link up with BRICS.
It seems that these emerging-market nations may have concluded that aligning with BRICS rather than with the U.S. is a better bet when it comes to the bottom line.
The market union for all of these countries is also significant because it could minimize the effect of economic sanctions that the U.S. might impose amid international conflicts. With that in mind, it appears to lay the foundation for closer cooperation between and among many U.S. adversaries.
The expansion is a big win for China, America’s main economic rival, as well as the Putin regime, CNN suggested.
“China has been a key driver of its expansion as leader Xi Jinping pushes an alternative world order, forging closer partnerships with key global players from Russia to the Middle East and strengthening international bodies where Beijing holds sway. The expansion and continued interest from dozens more countries are also a boon for Russia, which has been shunned economically and diplomatically by the West following its invasion of Ukraine,” CNN explained.
This is a new world order that the globalists in the U.S. and the European Union—and in the West in general—probably never anticipated.
As a negative byproduct of the tragic war in Ukraine in addition to the massive human suffering and destruction in the region, authoritarian regimes in China, Russia and Iran (the latter which the U.S. State Department has designated as a state sponsor of terrorism) have drawn closer together, which is hardly good news for peace, freedom and free markets.
Reports have also emerged that China’s yuan could eventually replace the U.S. dollar as the world’s reserve currency for global transactions, which gives another meaning, perhaps, to the term “great replacement theory.” The yuan has already become the third most demanded currency on The Moscow Exchange, and 17 percent of Russia’s foreign reserves are in yuan, according to Yahoo Finance.
The next in-person BRICS meeting is scheduled to take place in Russia in October.
In a September essay for Fox News, pundit Carol Roth asserted that climate extremism and hostility to fossil fuels play into the hands of China in several ways, including its effect on the U.S. dollar.
“Arguably, our biggest export is U.S. dollars, which provides cheap financing for the U.S., particularly for the government and its unwieldy expansion. … Moving away from traditional energy is weakening the dollar’s role in terms of global oil trading, meaning potentially less oil traded in U.S. dollars and fewer ‘petrodollars” to be plowed back into the U.S. Treasury market,” she wrote.
“China is trying to capitalize on this as well, working to form stronger alliances with countries like Saudi Arabia and the UAE. The hope is that this will move even more global trade away from the U.S.’s highly entrenched position,” she added.
Last year, reports emerged that BRICS contemplated a gold-based common currency aimed at depreciating both the U.S. dollar and the euro.
via westernjournal
