Escobar: De-Dollarization Bombshell – The Coming Of BRICS+ Decentralized Monetary Ecosystem

• Escobar: De-Dollarization Bombshell – The Coming Of BRICS+ Decentralized Monetary Ecosystem
  by Pepe Escobar, https://www.zerohedge.com/
  Get ready for what may well be the geoeconomic bombshell of 2024: the coming of a decentralized monetary ecosystem.
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  Welcome to The Unit  – a concept that has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.
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  According to Alexey Subbotin, founder of Arkhangelsk Capital Management and one of the Unit’s conceptualizers, this is a new problem-solving system that addresses the key geoeconomic issue of these troubled times: a global crisis of trust.
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  He knows all about it first-hand: a seasoned financial professional with experience in investment banking, asset management and corporate matters, Subbotin leads the Unit project under the auspices of IRIAS, an international intergovernmental organization set up in 1976 in accordance with the UN statute.
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  The Global Majority has had enough of the centrally controlled monetary framework put in place 80 years ago in Bretton Woods and its endemic flaws: chronic deficits fueling irresponsible military spending; speculative bubbles; politically motivated sanctions and secondary sanctions; abuse of settlement and payment infrastructure; protectionism; and the lack of fair arbitration.
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  In contrast, the Unit proposes a reliable, quick and economically efficient solution for cross-border payments. The – transactional – Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level.
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  The Unit offers a unique solution for bottlenecks in global financial infrastructure: it is eligible for traditional banking operations as well as for the newest forms of digital banking. The Unit can also help to upend unfair pricing in commodity trading, by means of setting up a new – fair and efficient – Eurasian Mercantile Exchange where trading and settlement can be done in a new currency bridging trade flows and capital, thus paving the way to the development of new financial products for foreign direct investment (FDI).
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