Putin Pushes for Alternative Payment System at BRICS | De-Dollarisation | Vantage with Palki Sharma
(https://www.youtube.com/watch?v=JBgitzPaLuw)
At the BRICS summit in Kazan, Vladimir Putin called for an alternative international payment system to counter the US dollar’s dominance, criticising its use as a political weapon. Russia is working on creating a payment infrastructure to bypass the SWIFT system, but the summit communique showed little progress on this front. This comes as the Russian economy faces a slew of western sanctions – which have pushed local banks out of the SWIFT system. Can India’s UPI emerge as a suitable alternative? Palki Sharma tells you more.
this week Russian President Vladimir
0:05
Putin scored a big win despite Western
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efforts to isolate him he just wrapped
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up a brick Summit Russia hosted leaders
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from 36 countries in the city of Kazan
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and Putin took this opportunity to make
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an appeal he asked brics Nations to
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ditch the Western banking order the
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dollar was used as a weapon it is true
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and we see
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that I think it is a great take by those
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who do it Putin says the West weaponizes
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the dollar and he has a point but what’s
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the solution well he says the bricks
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should have their own payment system an
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alternative to the Western system which
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is called Swift and what is Swift
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imagine you’re a banker a customer comes
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to you they want to send money abroad
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and they give you all the details like
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how much money needs to be transferred
0:53
the bank details of the recipients and
0:55
so on so you have those details now it
0:57
is your job to make sure that the money
1:00
ends up in the right place how do you do
1:03
that you see for international transfers
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banks have a special messaging system
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think of it as a secure WhatsApp for
1:11
banks or their version of
1:13
it this system is called Swift so as a
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bank when you transfer money for your
1:19
customer you open the Swift system there
1:22
you send a message to the recipient Bank
1:25
this message tells them how much money
1:27
is being sent and where it needs to go
1:30
go now while Swift does not move the
1:32
money itself it makes sure that the
1:34
money ends up in the right place Swift
1:36
stands for Society for worldwide
1:39
interbank Financial telecommunication
1:42
swif Swift is what enables International
1:45
banking so the system plays a vital role
1:48
without it you cannot participate in
1:50
international banking more than 11,000
1:53
Banks and financial institutions use the
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Swift system they are based in more than
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200 countries and territories now Swift
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is technically a neutral organization it
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is based in Belgium but the West wields
2:05
significant influence over Swift the
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system itself was created by a
2:08
Consortium of us and European banks in
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1973 so if Western nations want they can
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push a country out of Swift and that’s
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exactly what they did to Russia when
2:20
Russia invaded Ukraine in 2022 Western
2:24
Nations sanctioned seven Russian Banks
2:27
they were removed from the Swift system
2:29
effectively these Banks were cut off
2:31
from global trade and international
2:33
markets they could not Finance
2:34
International projects they could not
2:36
make or receive payments from their
2:38
customers
2:40
outside so you can imagine why Putin is
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upset with the Western system and why
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he’s pushing bricks to come up with an
2:48
alternative another villain in the story
2:51
is the US dollar it dominates the global
2:53
banking system so Putin is talking about
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dollarization in fact bricks has been
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discussing this for a while
3:00
in the last Summit too dollarization
3:02
came up South Africa was the host then
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bricks leaders agreed to keep talking
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but they haven’t been able to come up
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with any alternatives
3:11
yet individually bricks members have
3:14
their own Arrangements they trade in
3:17
their native currencies mostly through
3:19
bilateral arrangements and the group may
3:22
want to De dollarize but central banks
3:24
across the world are not ready for this
3:27
they still depend on the green back most
3:30
foreign exchange reserves are still held
3:32
in the US dollar the share of the US
3:34
dollar in Forex reserves internationally
3:36
stands at
3:37
59% so how can the bricks break the
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Dollar’s hijman can India help in
3:43
building an alternative system at the
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Kazan Summit Prime Minister Modi made a
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pitch for India’s
3:49
UPI bricks Beach Financial
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local
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currencies
4:05
or
4:14
cross payments
4:17
interface
4:21
UPI success
4:26
story Prime Minister Modi was referring
4:29
to the UAE the newly minted member of
4:31
bricks this year UPI was introduced in
4:34
Dubai UPI stands for unified payment
4:36
system it is the backbone of digital
4:38
payments in India so far the UPI has
4:41
been rolled out in seven countries and
4:43
this list is expected to grow in the
4:44
coming months over 30 countries have
4:48
shown interest in adopting this Indian
4:50
system so should the bricks consider
4:52
using it too the idea is appealing but
4:55
not without its own set of
4:57
challenges like how would a single
4:59
platform form handle multiple currencies
5:02
how do you settle transactions in real
5:03
time without the risk of currency
5:06
devaluation more importantly how do you
5:09
build consensus among member countries
5:12
to adopt the UPI would India for
5:14
instance be willing to share the UPI
5:16
with members like China a neighbor that
5:18
keeps challenging India’s sovereignity
5:21
clearly a lot of work needs to be done
5:22
on all these fronts having said that the
5:24
bricks must keep exploring all
5:27
Alternatives you see the global order
5:29
cannot be changed in one day but it can
5:31
certainly be challenged one initiative
5:34
at a
5:36
time first post decodes the US
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Can a Bigger BRICS Rewrite the Rules of Global Power?
(https://www.youtube.com/watch?v=CjMniNsBC4I)
China’s President Xi Jinping and India’s Prime Minister Narendra Modi were among the world leaders joining Vladimir Putin in Kazan this week for the 2024 BRICS summit. This marks the first such gathering since the group expanded to include new members: Egypt, Ethiopia, Iran, and the United Arab Emirates. Based on this week’s discussions, BRICS seems poised to grow even further, with countries from across the Global South eager to join.
But what does this all mean for the global balance of power?
Joining Juliet Mann on this edition of The Agenda are Arkebe Oqubay, former Senior Minister and Special Adviser to the Prime Minister of Ethiopia and now British Academy Global Professor at SOAS in London; Egypt’s former Assistant Foreign Minister, Hussein Haridy; Radhika Desai, Professor in the Department of Political Studies at the University of Manitoba and Director of the Geopolitical Economy Research Group; and Michele Geraci, former Undersecretary of State at the Italian Ministry of Economic Development.
this week on the agenda the model of a
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multi-polar world will examine the real
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impact of the latest brick Summit in
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Kazan and what it means for the future
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of the developing
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[Music]
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World China’s president xiin ping and
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India’s prime minister Narendra Modi
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were among the world leaders to join
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Vladimir Putin in Kazam this week for
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the 2024 brick Summit it’s the first
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such Gathering since the group added new
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members Egypt Ethiopia Iran and the
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United Arab Emirates and if this week’s
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discussions are anything to go by bricks
0:43
is only set to get bigger with countries
0:45
from across the global South pushing to
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join up so what does this all this
0:50
really mean for the global balance of
0:52
power we joining me now or our KB oku
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former senior Minister and special
0:58
adviser to the prime minister of
0:59
Ethiopia IOP and now British Academy
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Global professor at soas in London
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Hussein haridi Egypt’s former assistant
1:08
foreign minister radak Desai professor
1:11
at the department of political studies
1:13
at the University of Manitoba and
1:16
director of the geopolitical economy
1:18
research group and Michela gachi former
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under Secretary of State at the Italian
1:23
Ministry of Economic Development what a
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panel thank you all of you for for
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coming on the agenda um
1:30
let me let me start with you because
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this was the first bricks Summit since
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its expansion to include more countries
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than that original five um including of
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course Ethiopia what difference would
1:42
you say that’s made the expansion of
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bricks uh and its first session this
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year has significant uh uh implication
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and and and also it’s an important
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political uh statement uh first in terms
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of diversity and uh uh and
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inclusiveness uh now three African uh
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countries are members of bricks uh which
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have account about 20% of uh uh Africa’s
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population as well as accounting to a
2:15
set of Africa’s GDP in Middle East we
2:19
can also see that the three uh new
2:22
members also uh have significant
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economic size close to two trillion and
2:29
they are 1 of oil producers globally uh
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and this brings a new energy and
2:35
dynamism so it’s not about diversity but
2:38
also they come up with uh significant uh
2:41
strengths and uh this is now symbolic uh
2:44
because it’s the first time that bricks
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has expanded since this establishment in
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2010 and and all these member countries
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one common uh Factor has been the strong
2:58
development aspiration and also interest
3:01
to reform the global governance
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system husin I wonder do you agree with
3:07
all of that from an Egyptian perspective
3:10
yes definitely uh from an Egyptian point
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of view I would like to add that brings
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to our memory uh memories that we
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cherish uh as far as Egyptian foreign
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policy is concerned the history of the
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non-aligned movement and uh and and and
3:28
that the develop in the develop
3:31
developing countries of the third world
3:34
now they are called the global
3:35
sou uh had a voice in international
3:40
politics and pursued uh foreign a
3:44
foreign policy that protected and defend
3:47
defended their national interests away
3:49
from
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polarization uh of the Cold War years uh
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during the with the uh coming of the
3:58
Biden admin
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ation uh there is a new what I would
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call a new uh uh uh Cold War Spirit
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governing uh International politics and
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we here in Egypt we uh we we have
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suffered from the polarization that the
4:17
Biden Administration has produced has
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caused in the last three years and a
4:23
half and uh with with with with our
4:27
membership in in bricks we hope we hope
4:30
that this new grouping a new grouping in
4:34
international politics would play a
4:36
stabilizing role and would prevent
4:39
further polarization of the
4:42
International System so let’s talk a
4:44
little bit more about about that Global
4:46
um land stap radicar because you know
4:48
economic cooperation has really been at
4:49
the at the heart of bricks and the IMF
4:52
has reported that the combined GDP of
4:54
its members now outstrips that of the
4:57
the G7 but but how do you think that
5:00
that the global landscape has changed
5:02
since that last brick Summit and I
5:04
wonder what impact that might be having
5:07
then on the group shared
5:09
goals yeah I mean sure absolutely
5:12
economic cooperation is absolutely
5:14
Central and that is what this particular
5:17
phase you can say of South South
5:20
cooperation represented by the bricks um
5:23
that that’s a continuous with the
5:25
earlier phase which gave rise to the
5:26
non- Align movement and the demand for
5:28
the new international econom IC order
5:30
which was revived as recently as
5:33
September of 2022 so in all of those
5:35
ways there is a continuity and
5:37
development is absolutely at the core
5:40
now you ask how have things changed
5:42
since the last uh meeting well first of
5:45
all there has been the expansion and I
5:47
would say that’s huge because you have
5:49
to understand that on the that the that
5:52
the differences among the bricks also
5:54
exist so every time any step concrete
5:56
step is taken it represents that that
5:59
minimum of agreement that’s still
6:01
possible despite the differences and I
6:04
think that is very significant that they
6:06
were able to to to invite all these new
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members but there are some other things
6:11
this expansion includes Iran which since
6:15
the last Summit has become the target of
6:18
significant attack and I think that’s
6:20
important and it seems to me that there
6:22
is a there there there will be a fair
6:25
degree of agreement within the bricks to
6:27
stand behind Iran uh um and so and I
6:30
think beginning the commentary in the
6:32
west is beginning to register that they
6:34
have to take bricks seriously M I want
6:37
to bring you in now um because we keep
6:39
talking about um it’s non-aligned
6:42
perspective and Vladimir Putin has said
6:44
that he hoped um that bricks would
6:45
challenge what he calls Western hegemony
6:49
and that’s a key goal of of China’s um
6:51
foreign policy too isn’t it so I wonder
6:54
what you take it to mean and how maybe
6:57
this meeting might have moved that
6:58
agenda forward
7:00
idea that Putin has and I had a chance
7:04
to talk to him directly is that of
7:07
course he believes that the era of us
7:12
emony is over and of course he
7:16
personally lived through the early 90s
7:19
with the dissolution of the Soviet Union
7:22
and the beginning and the birth of the
7:25
unipolar world with the US dominance so
7:29
now after 25 years he with cin ping Modi
7:33
and others they don’t really want to
7:36
have a a gony substitution so the bricks
7:40
will become an emonic power on the rest
7:43
of the world rather they want to in a
7:46
way destroy the philosophy of zero some
7:50
game that is embedded in the DNA of as
7:55
Western leaders and the US where if I
7:58
win you must lose and move on into
8:02
something that of course is promoted by
8:03
China win-win Shar benefits where if you
8:07
win I also win and if I may I use a
8:11
metaphor the Western countries see the
8:14
relations with other countries like a
8:16
tennis match if I win you lose the
8:21
global South and the bricks are trying
8:22
to develop something that is more like
8:24
dancing Tango where you need to dance
8:27
well so that I can also dance well and
8:29
if you fall I will fall it is hard but
8:34
it is reassuring that especially these
8:36
days of Crisis and Wars we have a group
8:39
of countries that do not want to
8:41
supplant in fact I think Putin said any
8:44
NATO EU member that wants to join the
8:47
bricks can do so and I as a politician
8:52
in Italy want to see Italy to be part of
8:56
the capital of the new development Bank
8:58
the the Bri brick bank so we want I
9:01
personally as a politician I want Italy
9:03
to be involved in this new uh phenomenon
9:07
it’s not an alliance we don’t want to be
9:09
left out we don’t want to be seven
9:11
countries against
9:13
193 in the rest of the world we want to
9:15
be part of these new forms of
9:19
cooperation I didn’t call them Alliance
9:22
that goes across development of
9:24
infrastructure
9:26
exchanges uh find Alternatives not to
9:29
replace but to counterbalance the emony
9:33
so that the world becomes more balanced
9:35
now that India and China especially will
9:39
soon return to the role that has always
9:41
been theirs since 2,000 years which is
9:44
the two largest economies of the world
9:47
the dominance of the West is a something
9:50
blip in the last 180 years in the
9:52
history of
9:54
mankind it’s interesting the analogy you
9:56
use the the dancing although the Tango
9:59
you pict is particularly technical um
10:02
but look president she put it like this
10:04
he says that um the world is really a p
10:07
well they want to be a pillar of global
10:10
multipolarity so Arab I wonder how close
10:13
you think bricks is to to achieving that
10:16
goal of becoming a real Global power but
10:20
a multi-polar world rather than one
10:21
which is um
10:24
bipolar yeah absolutely right I mean the
10:28
uh the bre has emerged as an important
10:32
uh uh representation or a pillar of the
10:36
global multipolarity and to understand
10:39
this we have to bear in mind that uh the
10:42
current Global Order was the foundation
10:45
was laid uh at the end of World War II
10:49
uh and and one of the key Milestones has
10:51
been the establishment of the Britain
10:54
Woods institutions for instance and on
10:57
major uh issues even after eight years
10:59
now it’s mainly G7 countries which
11:03
decide major issues if we remember last
11:05
year the African Union presented a case
11:08
on taxation of multinational
11:10
corporations and United Nation majority
11:14
members supported it unanimously with
11:16
the exception of G7 countries so this
11:19
clearly establishes the uh the global
11:21
order needs to shift because it has
11:25
excluded over 80% of world population is
11:29
have excluded major economic players in
11:33
1944 or 45 the global GDP was only 4
11:38
trillion now it’s uh 110 trillion uh
11:43
dollars if you look at global population
11:45
or world population it was only about
11:48
two billion population now it’s almost 8
11:52
billion so the world has changed but the
11:55
global governance has not shifted and
11:57
now the new bricks
11:59
have a significant economic contribution
12:02
to the global order and they are also
12:05
major players in global uh
12:09
transformation as well and I want to
12:11
highlight for instance on the global
12:14
green transformation in the fight
12:16
against climate change it’s not the
12:18
wealthy countries that are at the
12:20
Forefront the global leaders in green
12:23
transformation are the bricks country uh
12:27
presented by China as as well as India
12:30
so this is bringing that a new Global
12:34
multipolarity and I fully agree with
12:36
President she’s uh uh statement radika I
12:40
can see you nodding vifer usly um there
12:43
about the the clout that the the bricks
12:45
could have as a unit um yet Jim O’Neal
12:48
The Economist who coined the acronym
12:50
bricks back in 2001 he said I’m not sure
12:55
what fruitful purpose it serves other
12:57
than being a club that the US
12:59
is not part of I mean what do you think
13:02
or is that a too typically Western
13:05
View well you know it is a bit
13:08
disappointing to see that the man who
13:10
had the prean to see back at the turn of
13:13
the century that uh China and India as
13:16
the two most human resource intensive
13:18
countries and uh Russia and Brazil as
13:21
the two most uh natural resource uh uh
13:24
intensive countries had the capacity to
13:26
essentially shift the center of gravity
13:28
of the world economy um away from the
13:31
west where it has been only as as I
13:33
think Michel quite rightly pointed out I
13:35
was smiling when he said that because
13:37
that’s exactly the term I used in my
13:39
class the other day I said that this
13:41
Western dominance has been a blip if you
13:43
look at the longer uh span of human
13:46
history so Jim O’Neal could see that
13:47
already at the turn of the century and
13:49
remember we were still at the height of
13:51
the triumphalism about how the United
13:53
States had won the Cold War and that we
13:55
were in a unipolar moment and uh and and
13:58
we would enjoy a peace dividend of
14:00
course we have enjoyed nothing of the
14:01
sort so it’s it’s too sad to see that
14:04
this guy is now engaged in the
14:06
collective burial of the head in the
14:08
sand thing that the West is doing if you
14:11
read the Western papers you’d never know
14:13
that such an important Summit was taking
14:14
place in Kazan you’d never know
14:16
dollarization was on the agenda and I
14:18
think they are in denial about not just
14:21
one thing which is yes um the bricks
14:23
represent a kind of a nonwestern block
14:26
if not anti-western block and it has to
14:28
be non-western because as uh uh uh okai
14:32
just said the fact is that they are
14:33
being kept out by the the countries that
14:37
dominate uh the intern institutions of
14:40
international economic governance so
14:41
they have to create alternative they’ve
14:43
tried very hard to try to reform the IMF
14:46
the World Bank Etc so now they have to
14:48
do something else so that’s what they’re
14:50
doing and so it it’s it’s a different
14:52
philosophy of international economic
14:54
governance but there’s something else
14:56
the bricks are represent in potential
15:00
and will increasingly push be pushed
15:01
towards if they wish to continue robust
15:03
growth continue development away from
15:06
the kind of pro corporate governance
15:08
which has been the downfall of the West
15:10
because this shift in the center of
15:12
gravity is taking place because of the
15:14
rise of the other countries the bricks
15:16
and other countries but also because of
15:18
the relative decline of the West which
15:20
is because they are pursuing policies
15:23
that are self-destructive you can’t just
15:25
promote the interests of a small number
15:27
of Corporations and expect the whole
15:29
economy to thrive and yet there are big
15:33
issues that a lot of the members have
15:35
different opinions on um so M I want to
15:38
bring you back in here because you know
15:40
so many Global entities and I’m thinking
15:43
the European Union um for for example
15:45
have a problem speaking with one voice
15:48
on on any number of issues and how much
15:51
of a problem is that within bricks
15:54
to H it is a problem you very smartly
15:59
May pointed out and I didn’t use the
16:01
Tango metaphor by chance Tango is
16:04
difficult and challenging and it does
16:07
need a lot of coordination and
16:09
preparation when it works it works very
16:11
well but indeed there are problems
16:13
because these are 10 maybe growing to 15
16:17
countries that have different economic
16:21
structures uh Rica mention one is a
16:23
population the others are resources
16:26
other are other types of resources
16:28
remember the new bricks together now
16:31
control 45% of the overall World oil
16:37
Reserve so half of the oil is inside the
16:39
bricks so this is not a group of
16:41
countries that we should wage uh
16:46
commercial Wars against the European
16:50
Union sadly is a non entity in the
16:55
global Arena uh it has no common foreign
16:59
policy uh he has no common view of which
17:03
way to look at I must also even more
17:07
sadly admit that the level of knowledge
17:11
skills of the current ministers and I
17:15
don’t mention names of the 27 countries
17:18
is not adequate to face the complexity
17:23
of today’s challenges we’ll pause there
17:25
but stay with us as still to come here
17:27
on the agenda a new power for peace can
17:31
the bricks Nations become the Guardians
17:33
of Global Security
17:36
[Music]
17:43
[Music]
18:11
we are all
18:13
connected across
18:16
borders across
18:18
continents connected by
18:21
ideas a shared
18:24
[Music]
18:25
Humanity stay connected
18:35
[Music]
18:39
welcome back to the agenda and let’s
18:41
return now to our discussion of the
18:43
recent brick Summit in Kazan still with
18:46
me R KB okabi former senior Minister and
18:49
special advisor to the prime minister of
18:51
Ethiopia and now British Academy Global
18:54
professor at soas in London Hussein
18:57
haridi Egypt’s former assistant foreign
19:00
minister radak Desai professor at the
19:02
department of political studies at the
19:04
University of Manitoba and director of
19:07
the geopolitical economy research group
19:10
and Michaela gachi former under
19:12
Secretary of State at the Italian
19:14
Ministry of Economic Development let’s
19:16
talk a little bit more about expansion
19:19
um husin Putin has said that there were
19:21
around 30 countries who are interested
19:23
in joining or cooperating more closely
19:26
um with bricks what’s really in it um
19:29
for countries like Egypt no I guess it’s
19:32
uh it’s uh politics International
19:36
Security Regional security uh and a host
19:40
of other issues that are of major
19:42
concern not only uh for Egypt but for
19:47
African and Arab countries like for
19:49
instance climate change and the negative
19:52
impact that the climate change has on
19:56
our uh economies so it’s a it’s a a as
20:00
far as Egypt is concerned it’s more of a
20:03
comprehensive approach to the future of
20:06
the International System uh I wouldn’t
20:09
say that our interests our national
20:12
interests have been uh greatly served by
20:16
the uh polarization taking place in the
20:19
world to today economically and
20:22
financially we we have suffered we have
20:25
suffered a lot during the last three
20:27
years before because of the war in in in
20:30
Ukraine and I’m not going to get into
20:33
the true causes of the outbreak of this
20:35
of this war but definitely we we we we
20:39
we have welcomed the attitude taken by
20:43
the Kazan Summit of the bricks plus
20:46
countries in the LA and and this week uh
20:50
about calling for a peaceful settlement
20:54
of the war of Ukraine and if there is a
20:57
country in the world
20:59
that wants to see uh that happening not
21:03
tomorrow but right now it’s it’s it’s
21:06
it’s Egypt so this is one point the
21:08
second point is that of course being a
21:10
member being a member in This Club of of
21:14
of of I would say uh big Powers emerging
21:18
power for instance I would for instance
21:21
India India is projected to become the
21:24
third H economic power in the world by
21:28
the year 2030 so we we would like being
21:32
we we believe that being a member in
21:34
this club o of Nations that are not
21:37
seeking hegemony over World politics
21:41
would magnify the role of Egypt on the
21:44
international scene and in the meantime
21:46
would help us defend our interests uh
21:50
whether in the region or worldwide
21:53
whether we are speaking about security
21:55
questions Regional security or uh
21:58
International Affairs yeah and so we we
22:02
are hopeful in Egypt in K we are very
22:05
hopeful about our membership and about
22:07
the potential of an uh enlarged bricks
22:11
in in in in in the future of the world
22:15
order the conflict in Ukraine was not
22:18
off the table you China’s president shei
22:21
called on bricks members to work for
22:23
peace and act um as guardians of of
22:26
common security and and to help
22:28
deescalate the situation in Ukraine
22:31
specifically can Bricks now be in a POS
22:35
be in a position to be a genuine
22:38
Peacemaker across the
22:41
world well I mean that’s a very big
22:44
question because there are so many
22:45
different moving parts to the situation
22:47
in Ukraine it seems to me that in so far
22:50
as we are going to see peace in Ukraine
22:52
and it’ll probably come in some form uh
22:55
probably only after the election in the
22:57
United States uh but nevertheless it’ll
22:59
probably come and that will really be
23:01
determined by Russia’s gains on the
23:03
ground which are substantial from what I
23:06
understand uh so that the reality on the
23:09
ground will be created and it seems that
23:11
president zalinsky has increasingly been
23:13
signaling that he is willing to talk
23:16
because it’s becoming very clear that
23:18
the um the West is no longer in a
23:21
position where it can keep fueling this
23:23
unwinable war in which in any case you
23:26
know it is ukrainians who are dying I
23:28
mean as John me shimer pointed out the
23:30
West is fighting Russia to the last
23:32
Ukrainian and we’re almost at the last
23:35
Ukrainian so things are pretty bad for
23:36
Ukraine so so that’s one so so I don’t
23:39
think much will have to be done by the
23:41
bricks per se although of course they
23:43
would like to see their principles that
23:46
they have always avowed the original
23:47
principles of the UN Charter the
23:49
principles of mutual cooperation respect
23:51
for sovereignty etc etc and they will be
23:54
abided by in any peace agreement that
23:56
comes about but it’s also the case that
23:58
the the bricks uh countries are making
24:00
substantial effort to try to resolve
24:02
conflict within among brics members and
24:05
I think that is also a very good
24:08
thing rkb bricks isn’t just about um
24:13
what’s going on geopolitically and about
24:15
economics there’s also those peop to
24:17
people um connections which are so
24:19
important and president XI announced
24:21
those plans in his speech to establish
24:23
10 overseas Learning Centers in bricks
24:26
countries to provide training
24:28
opportunities for for a thousand
24:30
education administrators for teachers
24:33
for for students and do you think we’re
24:35
going to see more of this kind of type
24:37
of agreement between
24:39
members an enduring uh uh partnership
24:44
has basically to involve the People to
24:47
People
24:48
communication uh if you look from the
24:50
broader perspective we want bricks to
24:53
bring higher economic growths we want uh
24:57
bricks to play an important control in
24:59
poverty reduction as we know a key
25:01
problem in many low-income developing
25:04
countries is ending poverty uh so this
25:07
is one one major pillar there are
25:09
multiple opportunities that has been
25:12
highlighted for instance partnership
25:15
among tin tanks exchanges partnership
25:18
among parliamentarians among the member
25:21
countries in addition to this also the
25:24
pillar uh cooperation is not only among
25:27
bricks countries but also championing
25:30
the issues of the global sou which by
25:35
now as we all know 75% of all its
25:37
population lives in emerging and
25:39
developing countries so the ideas and
25:42
the suggestions that have been proposed
25:45
so far are absolutely important but I
25:48
believe this is a work in progress and
25:50
new additional initiatives are going to
25:53
come as we have seen during the
25:55
implementation of the China Africa uh
25:58
partnership or cooperation as we all
26:00
know during fak first and also the
26:05
subsequent
26:06
fak Summits until the most recent in
26:10
September in Beijing various initiatives
26:13
were taken that brought every time the
26:15
partnership into a much more stronger uh
26:19
and and solid uh found uh uh level we
26:23
very briefly touched on um the green
26:25
transition and on um Innovation and on
26:28
on the economy but I’m quite conscious
26:30
we haven’t really talked about shaking
26:31
up Global Financial systems so Michaela
26:34
where do you see the future for
26:37
bricks I think the path of the
26:41
dollarization is going to be a difficult
26:45
and a slow one and I do know that uh
26:49
countries do not really want their own
26:51
currency to become an international
26:53
currency because that creates a lot of
26:55
problem on the balance of payments and
26:57
the gain from the so-called senior Edge
27:00
and people around the world flocking to
27:03
buy government bonds like the US does is
27:07
actually is probably a negative things
27:10
you don’t want foreigners to hold your
27:12
debt you want to keep the debt within
27:14
your citizen like Japan does even if he
27:17
has a very high level of Deb so I don’t
27:20
think there is going to be any new
27:21
bricks currency because that also brings
27:24
a second point that all the currency
27:26
need to be locked into a fixed Exchange
27:28
regime which is would destroy completely
27:31
the economies of the bricks countries so
27:33
you cannot create a new country you can
27:35
do what it’s been done now like Russia
27:38
and China they trade and settled those
27:42
their goods in either ring b or rubles
27:46
or with India on rupias and as long as
27:49
there is a let’s say a statistically
27:51
large enough number of bricks country
27:54
you could think that you could trade a
27:57
ro
27:58
even where the trade does not directly
28:00
involve the India because then the
28:02
recipient say Saudi Arabia would
28:05
probably needed to buy goods from India
28:08
just like we do with the dollar so I’m a
28:10
little bit not very enthusiastic about
28:14
this idea of dollarization nor I believe
28:16
it is in the interest of the countries
28:19
but with the meaning that I don’t see a
28:22
new Reserve currency but I do see using
28:25
other currency instead of the dollar
28:28
even I say provocatively going back to
28:31
some kind of barter system where I don’t
28:34
know Saudi Arabia sells one barrel of
28:38
oil and buys $100 worth of solar panels
28:43
from China and that transaction can be
28:46
done with zero exchange of money of any
28:50
cenes Michela Karachi AR
28:53
ubai Rika Desai and Hussein haridi thank
28:57
you all very much much thank you madam
29:00
you can watch every episode of the
29:02
agenda in full on cgtn Europe’s YouTube
29:05
channel and for exclusive extra content
29:08
from me my guests and the rest of the
29:10
team don’t forget to check out at the
29:12
agenda show on Tik
29:15
Tok coming up on a future agenda who
29:19
will pay to save the planet we look
29:21
ahead to the cop 29 climate Summit in
29:25
aaban but for now from me Juliet man and
29:27
from all the agenda team here in London
29:29
goodbye
29:34
[Music]
oooooo
GEHIGARRIA
We Basques do need a real Basque independent State in the Western Pyrenees, just a democratic lay or secular state, with all the formal chracteristics of any independent State: Central Bank, Treasury, proper currency, out of the European Distopia and faraway from NAT0, maybe being a BRICS partner…
Gogoratu ondoko hauek:
Estatua eskatuz (Reclaiming the State)
MTM (Moneta-Teoria Modernoa), behin eta berriz
Hona hemen gehigarri adierazgarri batzuk:
Aspaldi honetan, NATO dela kausa, “Europar Distopia versus Europa (EFTA, kasu)” delakoaren ordez, hauxe proposatzen dut: BRICS delakoan sartzea, EFTA-tik BRICS-era
Euskal Herria: independentzia (2024)
Poiesisa, poesia, sormena: Independentzia
Gehigarri orokorrak:
MTM (Moneta-Teoria Modernoa), behin eta berriz
Moneta-Teoria Modernoa (MTM): Bill eta Warren-en abentura bikaina