Build Your Own Global Economic Order

China is embracing the ultimate build-your-own-platform challenge:

At present, Western sanctions against Russia have sparked multiple crises faced by the global economy, dealing a heavy blow to the international economic and financial order that emerging markets and developing countries rely on for survival. To a certain extent, these sanctions have made BRICS countries aware of the urgency of strengthening their cooperation and solidarity. As major emerging market economies with global influence, BRICS countries now share the common will of pushing forward with major reforms addressing the global payment system.

None of the BRICS countries has joined the Western economic sanctions against Russia. The reason why the BRICS countries apart from Russia all refused to join such sanctions is because they share the same antipathy to unilateral sanctions imposed by the West.

It is now crystal clear that Western powers safeguard their own hegemonic self-interests through sanctions, with no regard for the interests of emerging and developing economies at all and for bringing new uncertainties and risks to the world. Behind the sanctions is the dollar hegemony.

For decades, the dollar has been the most important reserve currency in the world and the most widely used currency for global economic and trade settlement. The outsized role of the dollar in the global payment system has not only offered the US a huge financial advantage in the world economic order but also enabled it to effectively use it as a weapon to punish its adversaries. Consequently, BRICS’ interactions in terms of financial, trade, investment and other areas have often been affected to varying degrees.

It should be pointed out that the purpose of establishing the BRICS was never aimed at forming a small clique targeting other parties. The reason why BRICS countries came together is because of a common need to address the injustice and unfairness in the existing international economic, financial and trade systems and to seek reform and adjustment in the global economic order to address the legitimate concerns of developing countries.

The New Development Bank (NDB), also known as the BRICS Bank, is an important trial by the BRICS member countries to promote not only intra-bloc cooperation but also fairness in the international financial governance, even though, the NDB has had its share of challenges, like its payment mechanism being subject to the US’ dollar hegemony.

Indeed, the financial implications of US sanctions have increased the urgency of de-dollarization around the world. It is not just the BRICS, but also many other developing economies that realize the needs to reduce the role of the dollar in global payments. In bilateral settings, discussions about exploring new currencies for trade settlement are becoming increasingly popular and common, an indication that the US’ abuse of its financial power has fueled the trend for de-dollarization.

Therefore, one of the main questions facing the BRICS is how to further integrate these needs among various countries by increasing new currency settlement and building new, safer payment systems, among others.

It is urgent for BRICS to push for fairer, safer global financial system, Global Times, 20 June 2022

This is the real basis for World War III. Neither the military might of the USA nor the financial might of the US dollar hegemony will suffice to maintain the current corrupt global economic order. No one trusts either the banks or the political leaders of the skinsuit “West” any longer; Russia correctly describes them as “agreement-incapable”, just to give one example.

The so-called “Great Reset” is an attempt to replace the existing structure without changing the leadership, and it has been rejected by all of the BRICS countries as well as approximately one-third of those who are its nominal slaves. Like Hitler in the bunker, the global imperialists will fight as long as they can convince or coerce others to die in their defense, but their fate is already sealed.

The BRICS nations are not the bad guys. To the contrary, it is all of the organizations that you have been taught to regard as sacrosanct, from the United States government to NATO, the United Nations, the World Economic Forum, and the World Health Organization, that are the bad guys. This will become increasingly obvious to everyone over time.