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With public hugs and backslaps among its leaders, a new political bloc was formed yesterday to challenge the global dominance of the United States.
The first summit of heads of state of the BRIC countries — Brazil, Russia, India and China — ended with a declaration calling for a “multipolar world order”, diplomatic code for a rejection of America’s position as the sole global superpower.
President Medvedev of Russia went further in a statement with his fellow leaders after the summit, saying that the BRIC countries wanted to “create the conditions for a fairer world order”.
Russia and China regard the organisation as a means to restrict US influence in their Central Asian “back yard”.
Brazil, Russia, India and China form bloc...
Originally posted by weedwhacker
But, what is Brazil doing in that mess?? They would seem odd man out.
In addition to avoiding financing the US buyout of their own industry and the US military encirclement of the globe, China, Russia and other countries no doubt would like to get the same kind of free ride that America has been getting.
When foreign military spending forced the US balance of payments into deficit and drove the United States off gold in 1971, central banks were left without the traditional asset used to settle payments imbalances. The alternative by default was to invest their subsequent payments inflows in US Treasury bonds, as if these still were “as good as gold.” Central banks now hold $4 trillion of these bonds in their international reserves – land these loans have financed most of the US Government’s domestic budget deficits for over three decades now! Given the fact that about half of US Government discretionary spending is for military operations – including more than 750 foreign military bases and increasingly expensive operations in the oil-producing and transporting countries – the international financial system is organized in a way that finances the Pentagon, along with US buyouts of foreign assets expected to yield much more than the Treasury bonds that foreign central banks hold.
The main political issue confronting the world’s central banks is therefore how to avoid adding yet more dollars to their reserves and thereby financing yet further US deficit spending – including military spending on their borders?
The main political issue confronting the world’s central banks is therefore how to avoid adding yet more dollars to their reserves and thereby financing yet further US deficit spending – including military spending on their borders?
For starters, the six SCO countries and BRIC countries intend to trade in their own currencies so as to get the benefit of mutual credit that the United States until now has monopolized for itself. Toward this end, China has struck bilateral deals with Argentina and Brazil to denominate their trade in renminbi rather than the dollar, sterling or euros,3 and two weeks ago China reached an agreement with Malaysia to denominate trade between the two countries in renminbi.[4] Former Prime Minister Tun Dr. Mahathir Mohamad explained to me in January that as a Muslim country, Malaysia wants to avoid doing anything that would facilitate US military action against Islamic countries, including Palestine. The nation has too many dollar assets as it is, his colleagues explained. Central bank governor Zhou Xiaochuan of the People's Bank of China wrote an official statement on its website that the goal is now to create a reserve currency “that is disconnected from individual nations.”5 This is the aim of the discussions in Yekaterinburg.
Even without capital controls, the nations meeting at Yekaterinburg are taking steps to avoid being the unwilling recipients of yet more dollars. Seeing that US global hegemony cannot continue without spending power that they themselves supply, governments are attempting to hasten what Chalmers Johnson has called “the sorrows of empire” in his book by that name – the bankruptcy of the US financial-military world order. If China, Russia and their non-aligned allies have their way, the United States will no longer live off the savings of others (in the form of its own recycled dollars) nor have the money for unlimited military expenditures and adventures.
China has struck bilateral deals with Argentina and Brazil to denominate their trade in renminbi rather than the dollar, sterling or euros,3 and two weeks ago China reached an agreement with Malaysia to denominate trade between the two countries in renminbi.[4] Former Prime Minister Tun Dr. Mahathir Mohamad explained to me in January that as a Muslim country, Malaysia wants to avoid doing anything that would facilitate US military action against Islamic countries, including Palestine.
Originally posted by Frogs
Hmmm...interesting. The US could also actually be seen as helping to create the very ability that has allowed three of the four countries to do this.
The outpouring of jobs and $ from the US into BIC (Brazil, India and China) has been one of the things that has enabled their economies to boom to the level they can attempt this.
Reaping what was sown in the name of short term profits. Likely a sour harvest.
Originally posted by pluckynoonez
Great. They may find this all great and fun, but I would like to remind Russia, Brazil, China, and India, that we do not take kindly to interlopers. Any country that wants to challenge the gift of freedom that America is spreading throughout the world will be nuked...it is that simple. We take honor and freedom very seriously, so intently in fact, that we are willing to destroy the entire world if we have to, just to prove how important human liberty is.
Originally posted by pluckynoonez
Any country that wants to challenge the gift of freedom that America is spreading throughout the world will be nuked...it is that simple.
Originally posted by Iamonlyhuman
Very true. The only problem that the Chinese have is that they don't have alternatives to invest their savings into. The SCO / BRIC are working very hard to create those alternatives.
Originally posted by Jakes51
So this is how WWIII starts very interesting.
Originally posted by Jakes51
A drug addict having withdrawals with over 10,000 hydrogen bombs is something not to be taken lightly.
Originally posted by Jakes51
I'm not trying to sound like Team America here but they really think the US is going to bow out gracefully?
Originally posted by Jakes51
It is because the US was waiting for such an act by the nations involved.