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Western Hegemony FALLING APART, BRICS Now Controls 40% WORLD'S GDP & DE-DOLLARIZING
BRICS Summit Expanding and Challenging Western Hegemony
The 15th annual BRICS Summit, held in South Africa, discussed topics such as de-dollarization and countering Western global hegemony.
Chinese President Xi Jinping mentioned in his statement that countries obsessed with maintaining hegemony go out of their way to hinder emerging markets and developing countries.
The expansion of BRICS includes adding new member countries, such as Egypt, Ethiopia, Argentina, the UAE, Iran, and Saudi Arabia, to the current bloc.
"One country obsessed with maintaining a hegemony has gone out of its way to contain the emerging markets in developing countries...but this is futile."
Historic Significance of the BRICS Gathering
The BRICS group, founded in 2009, aims to counter the unipolar world that emerged after the collapse of the Soviet Union and to foster multi-polarity in international trade and institutions.
The new development bank established by BRICS has the potential to challenge the dominance of the dollar, especially if countries like Saudi Arabia and the United Arab Emirates begin trading in local currency.
The expansion of BRICS to include significant countries like Saudi Arabia and the United Arab Emirates adds political complications.
"Bricks is actually talking about expanding, and has pledged to expand to some very significant countries, including Saudi Arabia and the United Arab Emirates."
US Influence and the Decline of Western Hegemony
The US has been trying to maintain its global influence by flexing its power and spending significant amounts of money worldwide.
Despite these efforts, the US's influence is declining, leading to a feeling of being cheated by the American people.
American and British reporters present at the BRICS conference represent the interests of the G7 and are threatened by the growth of BRICS, which aims to counterbalance Western economic dominance.
"They [American and British reporters] sort of represent the interests of the G7, who are threatened by what's happening at BRICS."
The Desire for De-Dollarization and U.S. Policy
Xi Jinping's statement reveals the explicit policy of the United States to suppress other countries' growth and development in order to maintain global dominance.
Financial organizations like the International Monetary Fund (IMF) act as tools of the U.S. government, imposing conditions and influencing countries' economic decisions.
The new development bank established by BRICS seeks to provide loans on favorable terms without political conditions imposed by the United States and its transatlantic partners.
"That's the point of the new development bank, to give out loans that are favorable to countries who do not want to meet the political conditions that the United States imposes on them."
BRICS as an Alternative to U.S. Control
The IMF has been used by the United States to control other countries, as seen in the case of Ukraine, where Joe Biden threatened them with an IMF loan.
The growth of BRICS presents an alternative to U.S. economic control, especially due to the prospect of de-dollarization.
The presence of American and British reporters at the BRICS conference signifies the importance of the alliance in shaking off the shackles of U.S. economic control.
"Bricks is presenting an alternative, and it's also politically significant that Russia and China are able to break through the attempts to isolate them."
Africa's Challenges and Opportunities
Africa has been heavily impacted by the Ukraine proxy war, U.S sanctions, and complications in grain exports.
The Sahel region in Africa has seen popular coups overthrowing governments that were previously aligned with the West, specifically Niger, Burkina Faso, and Mali which were tools of France.
Niger is now taking steps towards a multi-polar development by establishing a new company to not only export tomatoes but also produce tomato-based products and industrialize their gold production.
These developments will have a ripple effect throughout the African continent.
"This is a massive development that will have a ricochet effect throughout the African continent."
France's Influence in Africa
Many African countries in the so-called post-colonial era are still under the control of France through their currency and have been victims of a highly extractive relationship.
France has thwarted the infrastructure and development of these countries intentionally.
In contrast, China's approach in Africa has been focused on building stadiums, infrastructure, and fostering development.
"China's approach has been to build stadiums and infrastructure, and that's part of why it's been so dominant."
American Perception of Global Dominance
Since the end of the Cold War, the American public has been convinced that America's efforts to maintain global dominance are in the interest of the American people.
The idea of beating other global powers, such as the Soviet Union, has justified various wars and investments.
However, there is a changing perception as more Americans are opposing aid to Ukraine and questioning the benefits of maintaining global dominance.
The emergence of China is being used by some to justify a stance of war.
"Americans need to understand how their government sanctions have a boomerang effect at home."
American Hegemony and Economic Decline
The decline of American hegemony does not necessarily mean an economic decline for the U.S.
The U.S. economy is heavily financialized and based on artificially backed currency.
If the U.S. sought to do so, they have the means to fuel their own development like other countries, but this has not been the reality due to selling off the industrial base.
Many Americans now oppose aid to Ukraine and question the benefits of the so-called rules-based order.
"Americans would like to have friendly trade relations to benefit their economic future."
American Government Sanctions
American government sanctions have a boomerang effect at home.
The oil that the U.S. refused to import from countries like Iran and Venezuela due to political sanctions caused a price hike and negative impact on Americans.
Americans are beginning to understand that the so-called rules-based order, where the U.S. seeks to make the rules and others follow, does not benefit them.
The negative effects of American government sanctions are not as strongly felt by Americans compared to Europeans or Africans, but there is a growing recognition.
"Americans understand they don't benefit from this so-called rules-based order."
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