Until recently, BRICS rarely made headlines. But after the financial war on Russia, more than 50 countries in the Global South applied for membership.
Until recently, BRICS rarely made headlines. But after the financial war on Russia, more than 50 countries in the Global South applied for membership.
The weaponization of the financial system has led to a growing number of “peer-to-peer” cross-border payment agreements. Countries are increasingly trading in their own currencies, bypassing SWIFT and the global dollar system. Peer-to-peer cross-border payments are immune to Western sanctions.
Another concern of BRICS and the Global South is the debt levels of the advanced economies. Countries in the Group of Seven are drowning in a sea of debt. US debt alone exceeds $32 trillion, or 120% of GDP. Interest payments on the national debt will soon be the largest item in the US budget.
Redesigning global finance – Asia Times
