- By Taking on American Hegemony And Challenging the Dollar, BRICS Members Represent the Best Hope for a Fairer World Order
by Bradley Blankenship, https://www.rt.com/
With the potential for a new reserve currency and investment without political strings attached, the group can present an alternative to a world choked by Western dominance
The 14th BRICS Summit in Beijing is just wrapping up amid a turbulent international geopolitical landscape, which highlights the importance of the organization in general. Given the combined challenges of the ongoing Covid-19 pandemic, global conflict, a looming economic crash and climate change – the current international system is failing and a new, multi-polar alternative must take its place.
It’s worth noting the context of the BRICS (Brazil, Russia, India, China and South Africa) format. Started in 2009 amid a financial crisis, the main goal of that year’s first BRICS (or BRIC as it was then) summit in Yekaterinburg was to improve the global economic situation and reform financial institutions.
Although these countries are not joined by any particular ideology, each saw the need to democratize the global economic system that had been crashed pretty much single-handedly by the United States in an extraordinarily irresponsible – even illegal by US law, in some instances – manner. The head of China’s Central Bank bluntly called for abandoning the dollar as the global reserve currency in 2009 because of a lack of faith in US monetary leadership.