On the heels of gold and silver consolidating recent gains, look at what is happening with BRICS and the US dollar.

October 31 (King World News) – Gerald Celente:  The weaponization of the U.S. led international financial system to punish political adversaries came home to roost in a big way this past week, in the form of the BRICS summit in Kazan.

Financial system weaponization against Russia, Iran and other countries, and fears by other players like China, is all going toward the birth of an alternative to that system, and more specifically, its huge reliance on the U.S. dollar as world reserve currency.

It was fitting, in that regard, that Russian President Validimir Putin, whose nation played host to this year’s event, was presented with a commemorative “BRICS bank note” to cap the proceedings (as posted by X account BRICS News).

Is a BRICS bank note a real thing?

Not yet.

But make no mistake, a growing group of BRICS member nations is moving to create an alternate payments and settlement system, and also preparing for a possible launch of a gold and digital commodities backed common currency, by whatever name one might care to call it…

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The “Kazan Declaration”
The BRICS summit, though dismissed by some western pundits as not likely to produce anything that would threaten the current global financial order, did generate substantial buzz, significant announcements, and further signs of real world shifts.

Perhaps the most obvious geopolitical evidence of that was the fact that the summit welcomed 13 new partner countries, as reported by geopoliticaleconomy.com and others. 

Those new “partner” designated countries include:

  • Algeria
  • Belarus
  • Bolivia
  • Cuba
  • Indonesia
  • Kazakhstan
  • Malaysia
  • Nigeria
  • Thailand
  • Türkiye
  • Uganda
  • Uzbekistan
  • Vietnam

The summit also produced a document that should not be taken lightly.

That’s because the summary document, dubbed the Kazan Declaration, is far more than mere words.

Its points and provisions have been, and continue to be actively developed among BRICS nations as working fintech and diplomatic policy initiatives.

A Reuters analysis pointed out several key statements of the declaration. (“BRICS summit: Key takeaways from the Kazan declaration,” 23 Oct 2024.)

Regarding sanctions, the Kazan Declaration said:

“We are deeply concerned about the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions, on the world economy, international trade, and the achievement of the sustainable development goals.”

A related statement under the banner of International Financial System Reform noted:

“We underscore the need to reform the current international financial architecture to meet the global financial challenges including global economic governance to make the international financial architecture more inclusive and just.”

The document also covered the status and progress of a BRICS cross border payments system, called “BRICS Pay.” (For more on that, see our recent article “BRICS 2024 ATTRACTS MORE INTEREST FROM NATIONS,” 1 Oct 2024.)

And the Declaration signaled that BRICS nations are building out methods of bypassing western financial strictures in the trading of commodities among member nations.

That’s seen as especially important for Russia, which was hit from early 2022 on by sanctions against its oil and grain exports, among other things, as punishment for the Russian Ukraine conflict.

Crypto Tech and Digital Currency Role?
There has been talk of bitcoin as one commodity component, along with gold, to offer backing to an emerging BRICS digital payments and possible currency infrastructure.

The Street news and commentary outlet hashed out those crypto possibilities in a roundtable discussion.

They noted that President Putin pushed hard at Kazan to have BRICS nations proactively respond to continued dollar weaponization. (“How Bitcoin is increasingly becoming an alternative to the dollar’s global dominance,” 25 Oct 2024.)

Putin focused on a “BRICS Bridge” alternative to the dollar backed SWIFT international trade settlement system, and said it was a matter of necessity, given U.S. actions: 

“We are not rejecting or fighting the dollar, but if we are not given the chance to use it, what can we do? We are then forced to look for alternatives.” 

Blockchain technology would almost certainly be a foundation of a “BRICS Bridge,” and such a system might well see bitcoin flowing across it as a currency of choice, The Street roundtable opined.

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