At the end of August, BRICS nations met and added six new member nations: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Additionally, there are dozens of other countries that want to join. This is a big indication the world is turning away from the West in regards to politics, global trade and commerce.
"The BRICS are not only the driving force of global strength in trying to change the fault lines in terms of global politics, they are also changing what happens in the global economic space", said South Africa's ambassador-at-large for Asia and the BRICS, Mr. Anil Sooklal.
"The current global architecture continues to be unequal, continues to marginalize developing countries (...) and continues to be dominated by a few hegemonies. We want a world where our voices are heard", he told African News.
With the new BRICS members, their share of global GDP is 32% and has surpassed the G7's global share of 29% GDP. Additionally, BRICS now makes up over 40% of the worlds population.
They are now a global force with real weight to throw around on the world stage. Talks of a BRICS currency is becoming a reality, with it being asset backed. Member nations are asset rich nations as well, especially with the addition of Saudi Arabia, the petro-dollar is likely to become extinct in the near future. Saudi Arabia has recently started trading oil without the dollar to other nations, which is something that has not happened in decades.
The rise of this BRICS currency is something we all should keep our eyes on and prepare for. This has the potential to crush the U.S. dollar, destroy our imports, and drive costs into a hyper-inflationary scenario.
We need to realize the dollar is a note, its debt, and it isn't worth the paper its printed on. When U.S. politicians can send close to $200 billion to Ukraine out of thin air, its a wake up call that our money isn't real. The world is watching us, and does not approve of our fiscal debauchery and corruption. It is possible they are about to move on without America, and it may put this country in very challenging financial environment. We need to be aware, and keep our eyes on any new BRICS developments going forward.