INSUBCONTINENT EXCLUSIVE:
political and economic cooperation, and as always some luck
Today, the GDP of Western economies, no matter how you measure it using market exchange rates or Purchasing Power Parity (PPP) rates, dwarf
those of the BRICS and greatly exceed even an enlarged BRICS as currently envisaged
Unfortunately, this has not been the case with the current members of BRICS nor in the proposed members, such as Saudi Arabia, Indonesia and
Yes, it is always good to have luck, resurgent and sustained energy prices, high prices for the mineral exports of BRICS, such as rare earth
metals, and economic stagnation in Western economies
Also important for the eminence of the dollar is the deep U.S
financial markets and the political and financial stability of the U.S
And most important, cooperation among an enlarged BRICS membership to counter U.S
economic and financial sanctions by defying secondary U.S
and European economic and financial hegemony, whereby the U.S
determines the rules of the game and anyone who opposes it is slapped with debilitating sanctions, the stealth weapon of war in the
post-WWII era, while the U.S
benefits from seignorage associated with the dollar and uses it as the weapon to isolate countries from the international economic and
as captain of international finance and trade and render the system fairer to all
as the captain of international finance and trade and render the system fairer to all
With hoped-for economic and financial benefits to follow
But this will not be easy
coordinated plan to substitute the renminbi for the dollar in their exports and imports, selling their holdings of U.S
Over two decades ago, the euro was supposed to undermine the role of the dollar
Namely, the weaponization of the dollar and the international financial system and primary and secondary economic sanctions
Secondarily, is the untold benefits that the U.S
derives from the international role of the dollar
economic policies affecting the exchange rate of the dollar have significant implications for sovereign international debtors and
NDB is a development bank
countries like Mexico have refused to join the sanctions against Russia for its war on Ukraine
The BRICS would have to refuse to adhere to all secondary U.S
sanctions on all countries
They would have to buy Iranian oil and gas and pay Iran in a non-dollar currency to sidestep U.S
Protect their ships trading with Iran
And of course when they do this, the U.S
would sanction the BRICS country defying U.S
So the BRICS would threaten the dominance of the West if they can band together to oppose U.S
secondary sanctions, improve their economic performance, deepen their financial markets, enhance their economic, financial and political
stability and expand their membership
But expanding BRICS will require time and debate
Some BRICS countries want to avoid NATO members and countries that are perceived as anti-Western, while others such as China and Russia are
