Goodbye, dollar dominance: BRICS plans ‘multi-currency system’ to transform global financial order

BRICS plans to challenge US dollar dominance and transform the international monetary and financial system by developing infrastructure for cross-border payments using local currencies. Russia made a detailed proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the US-dominated financial system benefits rich Western countries at the expense of the Global South — which is why BRICS is pushing to change it.

Topics
0:00 US dollar hegemony
3:57 BRICS plan to transform international monetary & financial system
10:39 What are BRICS’ goals?
13:22 New International Economic Order (NIEO) & G77
15:32 Dedollarization
20:02 Summary of BRICS report on financial system
31:59 West controls IMF & World Bank
36:34 Global economy has changed, but financial system hasn’t
42:07 How rich countries drain capital from poor ones
45:16 Challenging the US dollar monopoly
47:29 Correspondent banks & SWIFT system
51:10 Central bank reserves & US Treasury securities
55:50 Triffin’s Dilemma
57:54 Sanctions & US freezing countries’ assets
1:00:18 Proposals for new cross-border payment architecture
1:03:15 Blockchain, DLT, & CBDCs (mBridge & Project Dunbar)
1:10:01 BRICS Cross-Border Payment Initiative (BCBPI) & BRICS Clear Platform
1:15:54 Dedollarizing foreign exchange reserves
1:18:22 New Development Bank (NDB) & BRICS Digital Investment Asset
1:20:10 Overview of Russian proposal
1:21:58 Will there be a BRICS currency? SDR (Special Drawing Rights) is a start
1:30:59 Conclusion

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