Goodbye, dollar dominance: BRICS plans ’multi-currency system’ to transform global financial order

BRICS plans to challenge US dollar dominance and transform the international monetary and financial system by developing infrastructure for cross-border payments using local currencies. Russia made a detailed proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the US-dominated financial system benefits rich Western countries at the expense of the Global South -- which is why BRICS is pushing to change it. Sources and links here: Topics 0:00 US dollar hegemony 3:57 BRICS plan to transform international monetary & financial system 10:39 What are BRICS’ goals? 13:22 New International Economic Order (NIEO) & G77 15:32 Dedollarization 20:02 Summary of BRICS report on financial system 31:59 West controls IMF & World Bank 36:34 Global economy has changed, but financial system hasn’t 42:07 How rich countries drain capital from poor ones 45:16 Challenging the US dollar monopoly 47:29 Correspondent banks & SWIFT system 51:10 Central bank reserves & US Treasury securities 55:50 Triffin’s Dilemma 57:54 Sanctions & US freezing countries’ assets 1:00:18 Proposals for new cross-border payment architecture 1:03:15 Blockchain, DLT, & CBDCs (mBridge & Project Dunbar) 1:10:01 BRICS Cross-Border Payment Initiative (BCBPI) & BRICS Clear Platform 1:15:54 Dedollarizing foreign exchange reserves 1:18:22 New Development Bank (NDB) & BRICS Digital Investment Asset 1:20:10 Overview of Russian proposal 1:21:58 Will there be a BRICS currency? SDR (Special Drawing Rights) is a start 1:30:59 Conclusion || Geopolitical Economy Report || Please consider supporting us at Patreon: Podcast: Newsletter: