With 21 Nations pledging to de-dollarize that will add pressure to US Treasuries that Yellen will need to contend with.
15, The rise of the BRICS vs G7: BRICS are now 31.5% of global GDP vs the G7's 30%
👉 BRICS = Brazil, Russia, India, China & SA
👉 G7 = Canada, France, Germany, Italy, Japan, UK & US pic.twitter.com/iWpB6kNc04
— Maverick Equity Research 🇺🇦✌️🇺🇦 (@Maverick_Equity) September 10, 2023
the rise of BRICS pic.twitter.com/AgpGAn4r4r
— ＴＨＥ ＭＡＲＫＥＴ ＤＯＧ (@TheMarketDog) September 4, 2023
The new BRICS will control 80% of global oil production with the addition of Saudi Arabia, UAE and Iran to the BRICS.
The same applies to the dramatic GDP growth of the new BRICS composition. It will amount to 30% of the world GDP and will exceed 30 trillion dollars. pic.twitter.com/cddlMC0GFD— Qmum (@Nancy023922191) September 8, 2023
BRICS share of global GDP to rise to 30% from January 2024 — State Bank of India
The biggest impact of the joining of the six new BRICS member states will be the share of world oil production that will increase to 40 percent from the current 18 percent, which is expected to be… pic.twitter.com/GS7V4SIUMi
— Sprinter (@Sprinter99800) September 5, 2023
The Rise of BRICS and the Fall of the G20
“When the the G20 aka Group of 20 was created in 1999, the United States was the big dog at the table and saw this new entity as another forum/tool giving Washington more de facto control over the international financial system — created in the aftermath of World War II in order to coordinate international economic policy with the the U.S. dollar as the reserve currency — via the International Monetary Fund and the World Bank, and the World Trade Organization. It is no coincidence that the G20 meeting in India comes on the heels of the successful BRICS summit two weeks ago in South Africa. What a contrast! BRICS is growing and has a long list of countries from the Global South clamoring for membership while the G20 is losing its luster and clout.
The current members of the G20 consist of:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the U.K. and the U.S..
It also includes two other regional organizations — the European Union and the African Union (just added) — who are allowed to attend and contribute to the discussion.
By this time tomorrow we will have the final communique from the G20 confab, but early reports indicate there is no agreement to condemn Russia’s military operation in Ukraine despite pressure from the United States and Europe. This is a key indicator that the U.S. effort to isolate and punish Russia is backfiring.
Two years ago Russia and China were chafing at being held hostage to the U.S. dollar in order to conduct international trade and did not have any viable alternative. That reality is now changing, and changing rapidly. At least 6 of the G20 members are working intensely to set up trade regimens that operate independent of the dollar. The United States and Europe’s egregious use of sanctions against Russia and China has fractured the foundation of the G20 and created a growing movement among the largest countries (in terms of population) who no longer are willing to submit to the U.S. using the dollar to punish them.”