(From L-R) Russian President Vladimir Putin, Chinese leader Xi Jinping, Brazilian President Jair Bolsonaro, South African President Cyril Ramaphosa, and Indian Prime Minister Narendra Modi pose for a family picture during the 11th BRICS Summit in Brasilia, Brazil, on Nov. 14, 2019″
Zero Hedge: BRICS members call for cross-border payment in BRICS currencies to challenge the U.S. dollar.
The BRICS—an acronym for Brazil, Russia, India, China, and South Africa—held a summit on June 23. The meeting, chaired by Chinese leader Xi Jinping, was part of a lengthy series of BRICS cooperation events, which began on June 6 with the second finance ministers and central bank governors meeting and ended with the second meeting of the committee of senior energy officials on June 28.
In his opening remarks, Xi stated, “We should also expand BRICS cooperation on cross-border payment and credit rating to facilitate trade, investment, and financing among our countries.”
He went on to reaffirm the Chinese Communist Party’s (CCP) commitment to working together with the BRICS nations to achieve the CCP dream of the Global Development Initiative (GDI).
Chinese Foreign Minister Wang Yi presented the GDI to the United Nations in April 2022 as a CCP-led global development initiative. It was welcomed by the U.N. and has received messages of support from 100 nations. The Group of Friends of the GNI was established on the U.N. platform. So far, more than 50 countries have joined. Ostensibly, utilizing a China-led, non-dollar payment system would help facilitate the development the CCP is calling for. Read More …
Opinion: Three headlines:
3 years ago, Fed’s Powell: I don’t see US dollar under threat as reserve currency”
1 year ago: “Fed Chair Jerome Powell: Dollar is the world’s reserve currency, nothing else is close”
4 months ago: “Fed Chair Jerome Powell: It’s possible to have more than one reserve currency”
And there you go… God is about the shake the nations.
“For thus says the Lord of hosts: ‘Once more (it is a little while) I will shake heaven and earth, the sea and dry land” Haggai 2:6.
BRICS nations make up 3.2 billion people out of 7.9 billion, or 40% of the population of the world. A second world reserve currency is on the way that will challenge everything.
Article: The XIV BRICS Summit Beijing Declaration issued on June 23, which establishes the goals for the coming year, includes continued collaboration on “the BRICS Payments Task Force (BPTF) as a platform for exchanging experience and knowledge, and welcomes the central banks’ further cooperation on the payments track.”
Both Xi and Russian President Vladimir Putin called for payment alternatives to decrease the U.S. dollar’s dominance in international trade and to reduce U.S. control of the SWIFT system.
Flashback to September 30, 2016:
Effective October 1, the IMF is adding the Chinese renminbi (RMB) to the basket of currencies that make up the Special Drawing Right (SDR).
- Renminbi joins U.S. dollar, euro, yen, and British pound in SDR basket
- Change represents important milestone for IMF, SDR, and China
- Move recognizes and reinforces China’s continuing reform progress
In simple terms, the SDR is a basket of currencies that could act as world reserve currency in case of an emergency drop in the US dollar. The Chinese renminbi (yuan) being added to the SDR was/is a boost to China’s prestige on the world stage.
It is no secret that China wants to become the world’s lone reserve currency and while joining in the rest of the BRICS nations may be the first step, it will produce problems for the rest of the BRICS:
Article: Arguably, the Chinese yuan would be the most logical currency for the BRICS nations to use for internal trade. Currently, the Chinese Cross-Border Interbank Payment System (CIPS) is set up to handle trade in yuan. But by agreeing to conduct business in yuan and through the CIPS, the other BRICS nations would be ceding U.S. control of their cross-border trade for CCP control, which they may not be comfortable with.
An alternative recommendation by Putin and bankers in Russia would be to use a basket of currencies.
A second world reserve currency will force nations to sell some of their dollars and buy the new BRICS currency in order to trade with the BRICS nations. That would diminish the stature and wealth of the United States, raise interest rates, and set the stage for a new global leadership.
And, there is more. On June 28, Iran applied to join the BRICS group of emerging countries. If approved, that would would give the BRICS 2 major oil producers in Russia and Brazil, and a minor producer in South Africa,
The Bible tells us that with global economic chaos as prophesied in Revelation 6:5-6 in the last days, Europe will look for a charismatic leader, or prince, to ride in on a White Horse eerily similar to the 1933 rise of Adolf Hitler from the hyperinflation of the Weimar Republic.
Daniel 9:26 teaches the prince will be the final head of the Roman Empire, and Revelation 6:1-2 tells us he comes carrying a bow and no arrows meaning that the world government he establishes – is accomplished without firing a shot.