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(Natural News)—It is time for all member nations of BRICS (Brazil, Russia, India, China, South Africa, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates) to drop the United States dollar in favor of local currencies for financial relations and settlements, according to Russian Finance Minister Anton Siluanov this week, at the Russia-China Financial Dialogue forum in Beijing.
At the meeting Siluanov met with Lan Fo’an, his Chinese counterpart, to discuss new ways to facilitate making trade payments in local currencies rather than the U.S. dollar as part of a long-term de-dollarization strategy that aims to unseat America from global trade dominance.
“We need to further develop financial cooperation within the BRICS countries,” Siluanov added. “Here we see opportunities … to develop a payments system that would be independent of the infrastructure, which does not always fully fulfill the goals of individual countries.”
“Therefore, the sustainable development of financial relations and settlements on the BRICS platform is important for us, and we believe that it is necessary to work out such issues, and today we will consider a number of them.”
(Related: Check out our earlier report about Russia’s upcoming plans to release a new BRICS currency to compete with the dollar – it should be ready by next summer, Russia says.)
The U.S. dollar won’t be king for much longer
Many BRICS partners are already making trades with local or alternative currencies after sanctions stemming from the war in Ukraine effectively cut Moscow off from the Western financial system.
Rather than kowtow to Western demands, Russia and its partners have instead been laying the groundwork for a new world order that will eventually cut off the West from global trade after the U.S. has been unseated as the global economic superpower.
Communist China is quickly rising to the top of the trade heap with all of its cheaply made junk, and Russia is helping it and the other BRICS member nations further dethrone the U.S. by encouraging financial transactions in other currencies.
“Ditching the dollar is the only sane thing to do to establish multi-polar prosperity for non-dollar nations,” wrote one commenter at RT in favor of Russia’s agenda.
“Ditching the dollar as fast as they can will liberate their economies,” wrote another.
“The U.S. dollar has become a weapon of mass destruction to the world,” suggested someone else. “Money should be a produce of labor, not debt labor.”
One idea for BRICS, as proposed by someone else who left a comment, is for member nations to use a basket system of only member-state currencies, all of which have to be backed by gold.
“And no member may use the U.S. dollar in their international trade,” this same person added. “I think this will work out well for BRICS and poorly for those who think that this will never happen … because it will (one day).”
“Previously, the world was using the U.S. dollar due to convenience and free will,” said another. “And now they will stop using it since it has been repeatedly weaponized.”
“The smart countries will not be swayed by any USA concessions or curveballs.”
Another wrote that ditching the dollar is a top priority. BRICS needs its own reserve currency and independent SWIFT system, as well as its own shipping, insurance and international lending mechanism in order to out-compete the dollar and complete the de-dollarization process.
“However, the goal must not be to completely ditch the dollar or euro, but to have an alternative because competition is the best because what if BRICS itself becomes arrogant with members?” this person added.
How much longer will the United States be top dog on the world stage? Learn more at Collapse.news.
Sound off about this story on our Economic Collapse Substack.
Sources for this article include:
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