Tag: economics

Why Globalism Cannot Survive

Vladimir Putin correctly points out that globalism is inherently doomed to failure due to the same sort of structural incoherencies that afflict communism, feminism, and imperialism.

A new epoch of world history is approaching and only “truly sovereign” states will be able to succeed in the changed environment, Russian President Vladimir Putin said on Wednesday.

Speaking at a business forum, Putin claimed that “truly revolutionary,” “enormous” changes would lead to the creation of a new, “harmonious, fairer and more community-focused and safe” world order. In this new epoch, “only truly sovereign states can ensure high growth dynamics,” he said.

By the term ‘sovereignty’ the Russian president means “freedom of national development, and thus of each person individually,” as well as “technological, cultural, intellectual, educational viability of the state” and a “responsible, active and nationally minded, nationally oriented civil society.”

Such a state, the president said, will serve as an example for others when it comes to “the standards and quality of people’s life, the protection of traditional values and high humanistic ideals.”

This kind of world is in sharp contrast to the Western-dominated unipolar world order, which, in Putin’s opinion, is “becoming a brake on the development of our civilization.”

He accused the West of being “racist and neo-colonial,” saying that its ideology “is becoming increasingly more like totalitarianism.”

The president argued that despite attempts by Western elites to preserve the existing world order, the changes are “irreversible.”

Globalism is simply another form of imperialism that involves a self-selected, self-serving elite ruling over a diverse collection of different peoples with different beliefs, capabilities, and interests. It utilizes the influence of money rather than the force of military might, but both the effects and the consequences are the same.

However, globalism is even less tenable than standard imperialism because the money it is built upon is an illusion created by the manufacture of debt through finance capitalism. This means that once the debt structure becomes overloaded and begins to collapse, the influence upon which the entire governing system rests begins to vanish as well.

Furthermore, the satanic element that elevates incompetents and degenerates to positions of power relies in part upon rewards that can no longer be provided once the system begins to break down. In the absence of the carrot, this leaves only the systemic stick, the pervasive blackmail, to hold the elite together and there are far too many people who are either immune or unconcerned to it, thus permitting the rise of a rebellious rival elite who have no loyalty to the globalist elite or the system.

This is why globalism has no choice but to become totalitarian and abandon all of its purported Enlightenment ideals, which were never more than propagandistic lies in the first place. And this is why nationalist leaders such as Putin can be so confident that the changes to the world order are irreversible, because the existing neo-liberal one is already collapsing under the weight of its debt and structural incoherencies.

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A Tale of Two Capitalisms

Michael Hudson explains the difference between industrial capitalism and finance capitalism, and how the latter has destroyed the US economy and impoverished the American people.

Most people think of all kinds of capitalism as being the same and the assumption is that industrial capitalism of the nineteenth century somehow was always financialized because there were always banks but financial capitalism is you just pointed out is a political system and as a political system it’s very different from the industrial capitalism dynamic. In industrial capitalism, the whole aim or the hope of the industrial capitalists in the late nineteenth century, especially in Germany and central Europe was that banking would no longer be just usury, it wouldn’t be just consumer lending to exploit labor, and it wouldn’t be lending to the government somehow.

The financial system would recycle the economy savings and money creation and credit into industrial production and would finance the means of production to make that productive instead of predatory and parasitic as it became and that seemed to be the way that industrial capitalism was evolving up until World War I. Everything changed after that all of a sudden you had the financial system take over as a result of the crisis caused in the 1920s by the German reparations debt that couldn’t be paid and the inter-ally debt that was insisted upon to repay the United States for the arms that have supplied Europe for a century into World War I. Well, the result was a huge depression.

The allies said, well, we didn’t expect to actually have to pay the United States. If we have to pay the United States, then we have to charge reparations on Germany and for a decade there was a debate between John Maynard Keynes and Harold Moulton and others saying that these debts can’t be paid. How are you going to handle a situation where the debts can’t be paid?

The finance capitalists then were the basically the ancestors of today’s neoliberals and they said any amount of debt can be paid by any country if it just lowers the living standards and squeezes labor enough and that’s what basically the philosophy of the IMF ever since world war II when third world countries can’t pay the debt, the IMF comes in with an austerity program and say you have to lower wages, you have to break up labor unions, if necessary you have to have a democracy, and you can’t have a democracy unless you’re willing to assassinate and arrest the labor leaders and the advocates of land redistribution because a democracy means basically rule by the financial sector centered in the united states. And so finance capitalism ever since WWI and especially WWII and especially since 1980 is the nationalistic doctrine of American banks and the American one percent, and the American financial sector that is sort of merged into a symbiotic unit with the finance insurance and real estate.

In other words, finance capitalism instead of trying to promote overall economic growth for the 99 percent, instead of financing the industrialization of an economy with rising productivity and rising living standards, is now cannibalizing the industrial sector, cannibalizing the corporate sector. As you’re seeing in the U.S., finance capitalism is the economic doctrine of deindustrialization that has occurred in America in England and is now occurring in Europe.

Well, the problem is how do you survive if you’re not industrializing, if you’re not producing your own means of subsistence and how are you going to get this from other countries? Well, the answer is you don’t go to war with them like countries used to go to war with each other to grab their money and their land, you use finance as the new means of war so finance capitalism is the tactic of economic warfare by the United States against Europe and the global south to sort of draw all of the economic surplus of these countries in the form of debt service and the debt service is supplied by basically economic rent seeking from land rent, natural resource rent, and just plain interest charges on economy. So, none of these are really the result of industrial profits that are made by employing labor and uh selling its products at a markup.

Finance capitalism is not based on surplus value like industrial capitalism was. In fact, it destroys industry and in this cannibalizing of industrial capital, it basically dries out the economy and makes it unable to break even or even to function and in the United States today, for instance, if you look at the balance sheets of corporate revenue much of it is spent on stock buybacks. You buy back your own stock or dividend payouts. Only eight percent of corporate earnings are spent on new capital investment research and development: factories, machinery, and means of production to employ labor.

How did General Electric (GE) go broke? Basically, Jack Welch said let’s use our income not to continue to invest in making more electronic goods and services and appliances, let’s use it to buy our own stock that’ll push up our stock and essentially, we’ll just sell off our divisions and we’ll use the money of selling off our washing machine companies and stoves and sell it off and we’ll just pay it to the stockholders. That’ll push it up and by the way his salary was based on how much he could push up the stock of GE and he was paid in the form of stock options. Well, all of this is now the normal corporate behavior in the United States and corporations are no longer led by industrial engineers as they were a few centuries ago in the nineteenth and twentieth century.

They’re led by financial engineers of the chief financial officer and the ideal of these corporations is to make money financially not by industrial investment….. so on the narrow microeconomic level finance capitalism is a way of basically selling out a company and giving the proceeds to the stockholders and the bondholders but as a political system, because it is so destructive of the economy as you’ve seen in the United States and you’ve seen in Britain through de-industrializing it, it becomes belligerent in an attempt to make other countries just as equally paralyzed by making these countries pay tribute to the U.S. and England and the financialized economies by means of financial engineering, by means of debt service, by means of selling their mineral resources, their public utilities, their land, their roads all to foreign investors–basically to who borrows the money that’s just simply created in the U.S. and to save all of their money in their central bank reserves in the forms of loans to the U.S. treasury holding treasury bonds which is how the international monetary system worked until just a few months ago when everything changed.

So if you’re England and America right now you can look at President Biden’s speeches and he said well, China is our number one enemy because it’s competing unfairly. China is actually subsidizing industrial development by having its own infrastructure. It gives free education instead of privatizing education and making its labor pay for it. It has public health instead of privatizing social medicine like we do in the United States and making employers and workers pay for it.

Well, industrial capitalism in the nineteenth century was all in favor of strong government infrastructure. The ideal of industrial capitalism was to keep the wage costs of production down not by reducing wages but having government provide a basic infrastructure to cover the basic
needs of employees. The governments would provide free education so that employers didn’t have to pay for it. The governments would provide medical care so that employees didn’t have to pay for it and employers wouldn’t have to pay employees enough money to cover the education costs and to cover the medical care costs. The government would build roads and infrastructure and everything to facilitate the overall cost of doing business by industrial capital.

Well finance capitalism is just the reverse. Finance capitalism wants to privatize and take education, medical care, roads, turn the roads into toll roads, and take all of these and privatize them and make them financial corporations that will essentially pay out their economic rent to the bondholders and the stockholders and this economic rent adds to the cost of education and everything else that workers need to live on so the result is to make it a high cost economy and that’s why Biden has said China and Russia are America’s enemies because the only way that America can succeed given our privatized economy, given the fact that Americans have to pay up to forty three percent of their income for rent, given the fact that eighteen percent of America’s GDP is for medical care, given the heavy student loan debt–only if other countries tie themselves in the same knot, only if other countries impose the same economic overhead on their labor force and on their industry can there be equal competition.

If other countries have a mixed economy and are more efficient because they have an active government providing basic needs, that’s “autocracy” and that’s the opposite of “democracy.” Democracy is where everything is privatized and ultimately the one percent own everything.

Autocracy is any government that’s strong enough to have its own public investment. Any government strong enough to tax or regulate the financial sector is called “autocracy” so the U.S. in the 19th century would be called an autocracy as I guess the Austrian school called it – civilization is basically an “autocracy.”

There never has been an unmixed economy without government regulation, without a government investment, although Rome began to get to that point at the end of its empire and we all know what happened to it. So basically, finance capitalism is a predatory international economic policy aimed at draining the rest of the world all to pay the leading one percent of wealth holders in the U.S. and their satellite oligarchy in England and a few European countries.

Notice how, as always, evil lurks in the endless redefinitions and word spells. The inversions, subversions, and perversions are endless, and remember, we have been told that the root of all evil is the love of money. Therefore, it should be no surprise that an economic system entirely focused on money would prove to be unmitigated evil.

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The Potemkin “Tech” Industry

Russia and China have figured out what Westerners should have known for decades:

Russia has fined Google about US$373 million for allowing users to access, “prohibited” material about the war in Ukraine and other restricted content. The material was said to include materials attempting to discredit Russia’s military, as well as exhortations to protest the Russian government, according to Roskomnadzor, the country’s communications regulator. It added that the company has proven a “systemic” violator of national laws regarding content.

Google has not commented on the fines.

The company’s local subsidiary had declared bankruptcy last month after Russian authorities had seized its bank account to recover 7.2 billion rubles, or US$130 million which the company had been fined for similar violations last year.

The moves are part of a broader regulatory push by the Russian government to place pressure on tech firms, which they accuse of not moderating their content in accordance with Russian laws, and of trying to meddle in the nation’s internal affairs.

The key phrase: “trying to meddle in the nation’s internal affairs”. AC spells out the obvious conclusion.

It is clear at this point all of these tech companies are just subsidiaries of our intelligence apparatus. And given it is no coincidence that every top tech company is just taking orders from intel, that means intel has been throughout our economic system deciding who wins and who loses, and making sure it is their operations who win every time. We were never in a capitalist system, any more than we elected our leaders. All along, the idea you could have a killer app, form a business, and be just like Bill Gates was just a myth. Intel was always deployed domestically, even throughout the world of American business, working against any American who was not on their payroll and under their control.

We’re going to need a new economic theory simply to explain the way in which the “capitalist” system has been functioning since the 1980s at the absolute latest. Everything that we’re taught in microeconomics is observably untrue; the winners in far too many industries are evidently not determined by efficiency or competition or even luck, but rather by the hidden, but heavy hand of secret government funding.

It’s very much like the oft-criticized industrial policy of Japan, only on steroids. Instead of MITI selecting key industries in which to invest for maximizing economic growth, Big Brother is selecting favored corporations in every industry in which to invest for a) gathering information for the Panopticon and b) establishing official narratives.

Among other things, this absconomic theory will explain why modern corporations, from technology to entertainment, are increasingly unable to address the basic needs and preferences of their nominal customers.

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The West’s Fatal Flaw

If Michael Hudson is correct, Western Civilization will ultimately fall because Christians failed to understand what “forgive them their debts” actually meant:

The greatest challenge facing societies has always been how to conduct trade and credit without letting merchants and creditors make money by exploiting their customers and debtors. All antiquity recognized that the drive to acquire money is addictive and indeed tends to be exploitative and hence socially injurious. The moral values of most societies opposed selfishness, above all in the form of avarice and wealth addiction, which the Greeks called philarguria – love of money, silver-mania. Individuals and families indulging in conspicuous consumption tended to be ostracized, because it was recognized that wealth often was obtained at the expense of others, especially the weak.

The Greek concept of hubris involved egotistic behavior causing injury to others. Avarice and greed were to be punished by the justice goddess Nemesis, who had many Near Eastern antecedents, such as Nanshe of Lagash in Sumer, protecting the weak against the powerful, the debtor against the creditor.

That protection is what rulers were expected to provide in serving the gods. That is why rulers were imbued with enough power to protect the population from being reduced to debt dependency and clientage. Chieftains, kings and temples were in charge of allocating credit and crop-land to enable smallholders to serve in the army and provide corvée labor. Rulers who behaved selfishly were liable to be unseated, or their subjects might run away, or support rebel leaders or foreign attackers promising to cancel debts and redistribute land more equitably.

The most basic function of Near Eastern kingship was to proclaim “economic order,” misharum and andurarum clean slate debt cancellations, echoed in Judaism’s Jubilee Year. There was no “democracy” in the sense of citizens electing their leaders and administrators, but “divine kingship” was obliged to achieve the implicit economic aim of democracy: “protecting the weak from the powerful.”

Royal power was backed by temples and ethical or religious systems. The major religions that emerged in the mid-first millennium BC, those of Buddha, Lao-Tzu and Zoroaster, held that personal drives should be subordinate to the promotion of overall welfare and mutual aid.

What did not seem likely 2500 years ago was that a warlord aristocracy would conquer the Western world. In creating what became the Roman Empire, an oligarchy took control of the land and, in due course, the political system. It abolished royal or civic authority, shifted the fiscal burden onto the lower classes, and ran the population and industry into debt.

This was done on a purely opportunistic basis. There was no attempt to defend this ideologically. There was no hint of an archaic Milton Friedman emerging to popularize a radical new moral order celebrating avarice by claiming that greed is what drives economies forward, not backward, convincing society to leave the distribution of land and money to “the market” controlled by private corporations and money-lenders instead of communalistic regulation by palace rulers and temples – or by extension, today’s socialism. Palaces, temples and civic governments were creditors. They were not forced to borrow to function, and so were not subjected to the policy demands of a private creditor class.

But running the population, industry and even governments into debt to an oligarchic elite is precisely what has occurred in the West, which is now trying to impose the modern variant of this debt-based economic regime – U.S.-centered neoliberal finance capitalism – on the entire world. That is what today’s New Cold War is all about.

It’s not socialism to forgive debt. It’s not irresponsible to forgive debt. It’s not economically unsound to forgive debt. To the contrary, debt forgiveness is Christian, it is civilized, and it is absolutely necessary on a regular basis in any society that permits legal usury.

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What Insurrection Looks Like

Owen Benjamin points out that unlike the fake January 6th narrative, what’s happening in Sri Lanka right now is a real insurrection:

Sri Lanka’s economy has collapsed. This is what an actual January 6th looks like not the fake one that America scripted. The IMF won’t bail them out either. 80% of the population currently can’t get daily meals. They had a middle class last year. This was the country that known pedophile, science fiction author, and inventor of frauds like the satellite, Arthur C Clark fled to to avoid arrest and openly live with young boys. The country has been morally broken for a long time. But now it’s financially broken. They also just ran out of all fossil fuels and no one will ship them any because their money is worthless. Imagine currently being on that island? And the news isn’t reporting it because it scares them. This is never far from any country functioning on a fiat currency. And no Bitcoin is not a solution, as Canada will tell you. Yesterday all of their digital banking shut down for a full day.

The collapse of the global economy has evidently begun. Stay out of debt, focus on purchasing material things that last rather than digital ephemera, build your arsenals and libraries, and get out of the cities. If you’re not married, get married. If you’re married, start having children.

Remember: the future belongs to those who show up for it and the strongest businesses are those that are founded during depressions and times of war.

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Dutch Uprising

The Dutch farmers are leading the charge against the Wicked Evil Fascists and their attempt to starve the nations of the West:

The Dutch people are rising up to protest destructive WEF climate law. We are going to share their story with the world.

The World Economic Forum controlled Dutch government announced last week an end to modern farming – putting harsh controls on nitrogen, and spelling the end to thousands of family farms.
In response, Dutch farmers took a page out of the Canadian Freedom Convoy playbook. They took to the highways, blockaded borders, and launched massive protests.

So far, the global media has vilified the farmers, brushing aside their concerns with the New World Order-style policy, and propagating government lines.

People are finally beginning to figure out that the self-admitted global population depopulationists actually, really, and truly want them and their children dead, and that they are willing to use a broad variety of tactics designed to do precisely that. And, Russia excluded, they haven’t even begun to fight back yet.

Karl Denninger’s skepticism notwithstanding – I’ll address his points directly in a future post, but for now will merely observe that his perspective is proof of how even the smartest, best-informed secularist can’t possibly grasp the entirety of what is happening – the vaccines, the war in Ukraine, and the ongoing collapse of the energy and food supply channels are all various elements of the depopulationist agenda.

As hard as it is to believe, some people literally seek Hell on Earth, because they believe they will serve their master with honor and privilege in Hell.

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Close Your Account

Before they do it for you, you thought criminal:

Halifax customers are closing their accounts today after its social media team told them to leave if they don’t like their new pronoun badges for branch staff in what is being branded one of the biggest PR disasters in British business history.

Britons have been pulling out millions of pounds in investments and savings as well as cutting up credit cards or transferring balances to rivals after they accused the bank of ‘alienating’ them with ‘pathetic virtue signalling’.

The row began this week when Halifax tweeted its 118,000 followers on Tuesday revealing that it would allow staff to display their pronouns on their name badges, in a post that read ‘pronouns matter’.

It showed a photo of a female staff member’s name badge, which featured ‘she/her/hers’ in brackets under the name Gemma, and said the policy was to help avoid ‘accidental misgendering’.

One customer replied: ‘There’s no ambiguity about the name “Gemma”. It’s a female person’s name. In other words, it’s pathetic virtue signalling and is seen as such by almost everyone who has responded to the initial tweet. Why are you trying to alienate people?’ Within 20 minutes a member of the Halifax social media team, calling himself Andy M, replied: ‘If you disagree with our values, you’re welcome to close your account’.

Andy M’s response has outraged customers, and seen hundreds claiming they will boycott the bank with many saying they have closed their accounts. Others have cut up their credit cards or getting rid of insurance policies.

It’s going to be fascinating to learn if corporations can survive without customers or if customers can survive without the services provided by corporations. Because it’s only a matter of time before corporations start exercising the rights they have granted themselves in their contracts of adhesion – the one-sided EULA statements to which one “agrees” by virtue of using the service or purchasing the product – to deny those deemed thought criminals their services.

On its website, Halifax say any customers they deem to be ‘transphobic’ could have their accounts closed.

Underneath a page titled ‘what we stand for’, they say: ‘We stand against discrimination and inappropriate behaviour in all forms, whether racist, sexist, homophobic, transphobic or ableist, regardless of whether this happens in our branches, offices, over the phone or online on our social media channels.

‘Such action may include account closure or contacting the police if necessary.’

And as we saw with Patreon, this self-granted corporate right to police customer behavior has been, in practice, expanded to include places and platforms that have nothing to do with the corporation itself. This is another reason why the BRICS economy is going to completely swamp the converged neoliberal economy.

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The War for the Future of Man

An extremely important interview about WWIII with the man who could not unreasonably be considered Russia’s Wang Hunin, who forecast the current conflict after 2008. Definitely read the whole thing.

RUSSTRAT Institute presents a transcript of the speech of Sergey Glazyev, Member of the Board (Minister) for Integration and Macroeconomics of the EEC, at the round table “Russia” held on June 1, 2022 in IA REGNUM: what image of the future meets the goals of national development?”, organized by the RUSSTRAT Institute and REGNUM News Agency.

We are now addressing the fundamental questions of our existence. And a special military operation is a catalyst for this process of understanding our place in the world, and of course, we need an image of the future. I would like to draw your attention to the fact that the special military operation, which was initially announced as denazification, demilitarization – we understand what this means for Ukraine – is now gradually raising the stakes on this front.

Everyone is already saying that this is a global hybrid war, although it was clear from the beginning that the special operation should be considered in a much broader context. Now many people believe that this is a civilizational war, where different worldview systems are opposed. It is clear that this is a war of good and evil and a war for the survival of humanity in the end.

Before we talk about the image of our future, I would like to draw your attention to the patterns of long-term socio-economic and political development. We – I mean a group of scientists from the Academy of Sciences who work in long cycles of economic and social development-first of all, we managed to foresee this particular war in 2022. Back in the 14th year, it was clear that the challenge that we faced and the result of which was reunification with the Crimea, will necessarily affect the entire Russian world, including the territory of Ukraine. I even published a book, The Last World War.

Somewhere, what we see today was absolutely and almost precisely formulated, including the number of Ukrainian Armed Forces and the role of the Americans and the British in this occupation of Ukraine, as well as the cultivation of Ukrainian Nazism. All this was predicted almost to the last detail. We are continuing our research. According to which the peak of the confrontation falls on 2024. This is the forecast that my colleague gave 10 years ago, even before the current military operation and even before 2014. And then there were no new political seven-year cycles.

Why 2024 and why are we in such a situation of hybrid warfare? The fact is that the modern period is characterized by two simultaneous revolutionary events. The first is the technological revolution, which used to be talked about a lot. It is called differently, we say that it is a change of technological structures. And always this change in technological patterns occurs through the economic depression, which in this cycle began in the world in 2008 – with the beginning of the global financial crisis.

And during this transition phase, a new technological order has already been formed, a well-known complex of nano-engineering information and communication technologies, which is evolving not only into the economy. But also in the ways of conducting military operations, too. We actually see that we are facing more than just an enemy based in the Pentagon and Mi6. Our troops are facing artificial intelligence. This is already a war of a new technological order.

But a more important point is the change in world economic patterns in the context of our current topic. The change of national economic structures is a process that occurs once a century and during which the management system changes. Previously, we would call this the process of socio-political revolution, but, speaking in a modern way, this is a radical change in the institutions of world economic relations, industrial relations and the entire system of managing socio-economic development, which is also accompanied by a change in the centers of the world economy.

The global economy is rapidly shifting to Southeast Asia, which already accounts for more than half of gross domestic product growth. And in this new center of the world economy, a completely different management system has been formed compared to the one in which we live today. I must say that the change in world economic patterns, as you can see in this picture at the top. These are world economic patterns with a once-in-a-century shift cycle. And at the bottom are technological ones, the change of technological structures, which have a cycle of change phases of about 50 years.

Technological patterns are well known in the literature as long Kondratiev waves, more precisely, the life cycles of technological patterns and their growth phase are a long “Kondratiev wave”. The growth phase of the world economy is a century-long cycle of capital accumulation.

Once a century, there is a dangerous resonance when we simultaneously face a technological revolution, a socio-economic revolution, and a socio-political revolution. In the course of this process, not only the technology changes, but also the mindset changes. The ideology is changing, if you will. As an example, we will cite the previous phase of changing world economic patterns. 

This is a process that always, unfortunately, occurs through world wars. World wars in this case are caused by the fact that the ruling elite of the previous center of the world economy does not want to part with its hegemony and tries with all its might to keep it, up to the outbreak of a world war. 

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Continue reading “The War for the Future of Man”

Depopulation: Vaccine Edition

The vaxx has led directly to a 10 percent drop in the number of live births in Germany. Expect similar declines in every other Globalist satrapy, including the United States. And if the effects on fertility are as negative as some scientists have speculated, the number of live births will continue to decline.

UPDATE: Similar 10-12 percent declines have been observed in the UK, North Dakota, and Switzerland. But the worst case observed to date is in Taiwan, where the government announced “the birth rate dropped by 23.24% in May 2022, compared to May 2021.”

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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.

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