{"id":2028992,"date":"2023-09-12T09:15:01","date_gmt":"2023-09-12T13:15:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brics-challenges-the-western-order\/"},"modified":"2023-09-12T09:17:54","modified_gmt":"2023-09-12T13:17:54","slug":"brics-challenges-the-western-order","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brics-challenges-the-western-order\/","title":{"rendered":"BRICS challenges Western dominance."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">8<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbrics-challenges-the-western-order%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2028992&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Brazil, Russia, India, China, \u200dand South Africa Extend Invitation to Join BRICS Bloc<\/h2>\n<p>The BRICS bloc,\u200d consisting of Brazil, Russia, India, China, and South Africa, has made\u2062 an exciting announcement at its annual summit in\u200d Johannesburg. South African President Cyril Ramaphosa \u200brevealed that they have\u200c invited \u200dsix other nations to join their \u200cranks. The countries\u2063 receiving\u2062 the invitation are Saudi Arabia, the\u200b United Arab Emirates, Iran, Egypt, Ethiopia, and Argentina. It \u2064is \u2064expected that most, if not all, of these\u200b nations \u200bwill accept the offer.\u200b This expansion of the bloc aims to amplify the voice of \u200bthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aoc-sounds-off-on-border-crisis-gives-biden-a-pass-blames-imperialism-climate-trade\/\" title=\"AOC Sounds Off On Border Crisis, Gives Biden A Pass; Blames \u2018Imperialism,\u2019 \u2018Climate,\u2019 \u2018Trade\u2019\">global south<\/a>.<\/p>\n<h3>Little Fanfare for the \u2063BRICS Bloc<\/h3>\n<p>While\u2064 this news may \u2063not have caused much of a stir in the media, it is worth noting that\u2063 the BRICS bloc has not made significant international waves \u200bin\u2063 recent years. However, what did capture \u200battention was \u200cthe\u200b proposal from Brazilian President Luiz Inacio\u200d Lula\u200b da Silva for \u2063the enlarged \u2062group to adopt a \u2062common\u2064 currency. This idea reignited speculation about the future of the U.S.\u200c dollar\u2064 as the world&#8217;s primary medium of exchange and reserve currency. Similar \u200dspeculation has previously revolved around China&#8217;s yuan as a potential \u200creplacement\u200d for the dollar. While \u2063the interest is understandable, it is unlikely that either the yuan or a new BRICS unit will dethrone the dollar in the near future, \u200cif ever.<\/p>\n<p>President Lula has previously attempted to challenge the dollar by urging the Mercosur bloc of South American countries to \u200bestablish a common currency for trade. However, it is unlikely that he will <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vp-harris-leaning-on-guatemala-to-aid-in-border-crisis\/\" title=\"VP Harris Leaning on Guatemala to Aid in Border Crisis\">make significant progress<\/a> in either \u200bthe Mercosur or BRICS initiatives, especially considering the unlikelihood of both common currencies being \u2063established simultaneously.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/world\/brazil-argentina-holding-talks-over-possible-common-currency-5003422\">Brazil, Argentina Holding Talks Over \u2064Possible Common Currency<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">1\/23\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/world\/brazil-argentina-holding-talks-over-possible-common-currency-5003422\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/opinion\/brics-11-wont-promote-usage-of-the-chinese-currency-5481597\">BRICS-11 Won\u2019t Promote Usage of the Chinese Currency<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/31\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/opinion\/brics-11-wont-promote-usage-of-the-chinese-currency-5481597\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"my-5\">\n<p>A common currency is unlikely even among \u200bthe original members of the BRICS\u200c bloc. China, Russia, and India are unlikely to relinquish control of their own \u200ccurrencies, as several European nations did with the establishment of the euro and the European Central Bank (ECB). India&#8217;s Foreign Minister Subrahmanyam Jaishankar has already rejected the proposal, stating that there is no\u2063 intention of creating a BRICS currency. Russian President \u2063Vladimir Putin was less direct in his response\u2064 but \u2062did not embrace\u200b the idea either. China might be open to the\u2062 concept, but it would \u200dlikely view\u2062 a common currency as \u2062an extension of its yuan due \u200bto its dominant economic \u2063and financial power within\u200c the group.<\/p>\n<\/div>\n<p>Even if the BRICS bloc \u2063were to surprise us \u2063and agree on a common currency, it would have little chance of\u2062 replacing the dollar&#8217;s global role. Such an arrangement might exclude the\u200d dollar from trade \u2063within the BRICS membership, but all members, who have interests in trading outside the bloc, \u200cwould still need to deal in dollars. Perhaps, as the economic \u200dand financial power of\u2064 the BRICS bloc grows, its common currency could gain attention beyond its circle. The International Monetary Fund (IMF) \u200bmight even consider including the BRICS unit in its officially \u200crecognized basket of reserve currencies, similar to the recognition granted to China&#8217;s yuan. However, for \u200dthe new unit to gain traction, it would need to \u2063challenge the\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brics-challenges-the-western-order\/\" title=\"BRICS challenges Western dominance.\">long-standing trade customs<\/a> that have given the dollar dominance in approximately 90\u200b percent of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/after-considering-region-wide-ban-biden-targets-just-one-xinjiang-solar-material-company\/\" title=\"After Considering Region-Wide Ban, Biden Targets Just One Xinjiang Solar Material Company\">international trading<\/a>, regardless of\u200b American involvement.<\/p>\n<p>Another crucial factor to consider is the defense of the dollar against challenges from a BRICS unit or the yuan. The dollar benefits greatly from the depth\u200c and breadth of America&#8217;s financial markets. Importers, exporters, and their financial backers must maintain a level of trust\u200b and confidence in the dollar, which would be\u2063 difficult for a \u2064new currency to replicate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brazil, Russia, India, China, and South Africa, known as BRICS, have extended invitations to six nations. South African President Cyril Ramaphosa made the announcement at the bloc&#8217;s summit, inviting Saudi Arabia, UAE, Iran, Egypt, Ethiopia, and Argentina to join. It is expected that most of them will accept, including Egyptian President Abdel Fattah.<\/p>\n","protected":false},"author":2405,"featured_media":2028993,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2028992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2028992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2405"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2028992"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2028992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2028993"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2028992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2028992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2028992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}