As the 2018 BRICS Summit came to a close on Friday, few if any media outposts mentioned an intriguing discussion that took place between the original BRICS members of Brazil, Russia, India, China, and South Africa, and their added partners of Argentina, Indonesia, Nigeria, and Turkey.
By this we mean that during the three day conference, the members held serious talks on ways they could bypass the current global financial system and function outside of it should the U.S. and Europe continue to be run by central banks into the future.
Harley Schlanger: “I think it’s worth talking about something I’m sure is not being covered in the United States, which is the BRICS Summit going on in South Africa right now.”
“This is really significant because Xi Jinping is there, President Putin is there, but you also have what they are now calling the BRICS Plus. They have Argentina, Turkey, Indonesia, and Nigeria is there, and what they are really talking about now, in a very concentrated way, is that if the European and American economies continue to insist on central bank dollar policies, they are moving towards a new financial system.”
“And they say they are not doing it to punish the West, it’s that the Western system doesn’t finance development.” – Rogue Money Interview with Harley Schlanger
Despite $10’s of trillions created by the central banks to save the financial system and ‘kick start’ the global economy following the 2008 Financial Crisis, hardly a drop of this money has actually gone into economic growth and infrastructure development in the West. As a matter of fact, all one has to do is look at cities like Detroit and Baltimore to agree with an assessment made back in 2016 on CNBC that America’s infrastructure is equivalent to that of a third world nation.
Besides the Silk Road (One Belt, One Road) project initiated by China, the BRICS nations as a whole are fully integrated into real development over the financialization that has taken over New York and London in the past decade. And besides the BRICS Development Bank cobbled together by the Big Five member states, China has also created its own Asian Infrastructure and Investment Bank (AIIB) which is right now doing amazing things on the African continent.
In the 1920’s President Calvin Coolidge said that the ‘Business of America was business”. But nearly 100 years later, the real businesses of America is in using the dollar to make the banks and 1%ers increasingly more wealthy. And because of this it is appearing more likely that the 21st century will belong to nations such as China, Russia, and India, who have seized upon Coolidge’s motto and are even willing to disconnect from the old central bank system to achieve it.