Friday, September 11, 2026

BRICS 2026: Watch Putin’s Cryptic Reaction When India’s Modi Says This On War At Delhi Event

  BRICS 2026: Watch Putin’s Cryptic Reaction When India’s Modi Says This On War At Delhi Event                  

https://www.youtube.com/watch?v=5_zHvd2jvtI

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 TRANSCRIPT

 from the 12th minute

of the Russian Federation, His Excellency Vladimir Putin to address the gathering.
12 minutes, 3 seconds
Thank you very much. I thank you dear friends.
12 minutes, 8 seconds
Excellency Honorable Prime Minister, colleagues, excellencies, heads of state,
12 minutes, 16 seconds
friends in the audience representing the business communities of our countries. Our today's event as a
12 minutes, 24 seconds
tradition is a prelude to the bricks summit and this august assembly shows
12 minutes, 31 seconds
the growing interest in strengthening business contacts and relationships
12 minutes, 38 seconds
across the bricks space. It is evident that reliable businessto business ties
12 minutes, 45 seconds
and economic partnerships that is the backbone of international economic relations. It helps build these
12 minutes, 53 seconds
relations in a stronger resilient manner. It helps overcome the problems the world is facing. And right now the
13 minutes
world is undergoing structural deep profound shifts which is explained by the fact that the so-called old leaders
13 minutes, 9 seconds
which used to be the vanguard of economic growth in the second half of the 20th century are being replaced by new engines of growth. Certainly when I say old, this is just a formality.
13 minutes, 22 seconds
All of us, we understand what we're talking about. And these so-called old leaders
13 minutes, 29 seconds
are still in possession of great strong suits and well-developed infrastructure, technological
13 minutes, 37 seconds
advantages, scientific advantages, scientific schools, and so on and so forth. That said, this isn't the nature
13 minutes, 45 seconds
of things. This is in the nature of humanity and in the nature of economy
13 minutes, 52 seconds
that changes cannot be stopped. The world is always changing and this is attested to by the objective facts. Over
14 minutes, 1 second
the last 5 years and I think these statistics have already been cited by our colleague from Indonesia over the
14 minutes, 8 seconds
last 5 years more than 40% of the world GDP have been produced by the bricks
14 minutes, 15 seconds
countries whereas the contribution of the so-called G7 the grade 7 I don't know why they call that that the group of seven it stands at only 29%.
14 minutes, 30 seconds
This is the case.
14 minutes, 32 seconds
Now speaking about the growth of the world economy over the same period, we see that more than half of that growth
14 minutes, 40 seconds
has been accounted for by bricks whereas the G7 has only accounted for 18%.
14 minutes, 48 seconds
Why is that? The answer is simple.
14 minutes, 53 seconds
The BRICS countries account for more than a half of the world's population and that is why they have a great dynamic vibrant domestic markets. Our
15 minutes, 2 seconds
countries see an explosion of growth of urban settlements. Urbanization is happening very fast and national
15 minutes, 10 seconds
companies are on the ascendant demonstrating themselves to be
15 minutes, 20 seconds
world leaders. Moindra, a company from India, offers IT and AI based solutions.
15 minutes, 26 seconds
The Chinese UI is a global technological giant of worldrenown whereas Brazil's empire
15 minutes, 34 seconds
has strong positions in aerospace industry. Whereas from the UAE is a company that is working efficiently in logistics.
15 minutes, 45 seconds
Whereas Russia's Ross Aam has been recognized as the world's top one company in peaceful nuclear energy and
15 minutes, 54 seconds
there are many other success stories from our business community but behind each and one of
16 minutes, 2 seconds
that is uh hard work on a daily basis.
16 minutes, 7 seconds
I made great competition and competition is something I would like to dwell on more because uh we have been told for
16 minutes, 15 seconds
quite some time that competition is a sacred science not to be touched by our western competitors are doing everything
16 minutes, 23 seconds
to get back there while competitive edge and sometimes this competition is taking
16 minutes, 30 seconds
some ugly forms and this is something our colleague from Iran has spoken about these ugly forms is something we see even at state level, at the government
16 minutes, 38 seconds
level. Sometimes there are measures resorted to of a physical nature when pipelines are being
16 minutes, 46 seconds
destroyed, when attempts are undertaken to block international transport corridors to seize
16 minutes, 54 seconds
maritime vessels, other illegal restrictions are being applied. And there's also the threat of so-called
17 minutes, 1 second
secondary sanctions against those who do not want to follow someone else's interest and rather looks after their own.
17 minutes, 10 seconds
And I know Kulix can site hundreds of examples to support that. But you know that more than 30,000 sanctions have
17 minutes, 17 seconds
been slapped on Russia which is twice as much as the number of all sanctions against all the other countries of the world combined. This is the statistics.
17 minutes, 28 seconds
Against this uh difficult backdrop, Russia has been working actively relying on its business, science, education,
17 minutes, 36 seconds
engineering, schools on our personnel, on Russian citizens. And Russia has managed to achieve great success. We've reinforced our national sovereignty.
17 minutes, 46 seconds
We're developing ties with reliable, predictable partners. Over four years only the geography and the scope of our
17 minutes, 55 seconds
foreign trade have been transformed entirely. Russian economy has kickstarted some structural economic
18 minutes, 1 second
changes which have rendered our economy more resilient, more agile and more mobile during the last 3 years. The
18 minutes, 10 seconds
world grow the economic growth in Russia has been superior to the world average in 2023 2024.
18 minutes, 19 seconds
The GDP grows by 10.3% whereas the unemployment rate has decreased to a record low of 2.3%.
18 minutes, 28 seconds
We have green lead large scale technological innovations such as the implementation of AI, autonomous
18 minutes, 35 seconds
systems, digital platforms and cuttingedge financial instruments. These innovations are mostly based on our
18 minutes, 43 seconds
domestic Russian solutions as well as on solutions from our partners in bricks.
18 minutes, 49 seconds
All of that is yet another testimony that even amid uh very hard restrictions from the outside, we can set forth
18 minutes, 58 seconds
ambitious goals and be successful in achieving them. There's another thing we've got to state and accept.
19 minutes, 6 seconds
The countries that initiated the sanctions pressure are facing
19 minutes, 13 seconds
the problem of industrial decline and budget deficit. They cannot follow
19 minutes, 21 seconds
suit. They are facing some very difficult consequences and this is not just pure speculation.
19 minutes, 29 seconds
This is what we can judge of based on their statistics. I've spoken about their budget deficit, about their growing public debt as well as
19 minutes, 38 seconds
industrial decline. All these are facts of life in Euro zone the leading economies and I'm not going to name them
19 minutes, 47 seconds
specifically but they are facing a decline of industrial output of 8% over the last several years and this is a
19 minutes, 56 seconds
very big figure for them. Whereas our goal is to tap into the potential of development for our countries for the
20 minutes, 4 seconds
sake of our nations. To pursue business diplomacy, to make sure that our companies and our entrepreneurs find it
20 minutes, 12 seconds
easier to find partners, pay and invest in our countries.
20 minutes, 20 seconds
at the same time far bey isolate ourselves either at the government level or at the corporate level. We're not
20 minutes, 29 seconds
against anyone and what we are doing is not against anyone either. We are in favor of our interests and we stand
20 minutes, 35 seconds
ready to work together with all of our partners, old ones and new ones. We are open to working with the whole world and
20 minutes, 44 seconds
I'm confident that the business council is become the mechanism that gives an additional impetus to our trade and
20 minutes, 51 seconds
economic ties. It'll help implement numerous projects in infrastructure, logistics, finance, technological
20 minutes, 59 seconds
cooperation and elsewhere. In order to intensify these activities, Russia has set up a national committee for business
21 minutes, 8 seconds
cooperation which counts more than 40 biggest Russian companies. This committee seeks to build a substantive
21 minutes, 17 seconds
program for cooperating with foreign partners. I would like to reiterate, Russia is open to interesting, promising
21 minutes, 24 seconds
initiatives in tourism, industry, and trade. Together with our partners, we stand ready to contribute to world
21 minutes, 31 seconds
energy and uh food security to building reliable logistic routes such as the
21 minutes, 38 seconds
Arctic Transport Corridor and the North South Transport Corridor. We also intend to reinforce our cooperation in personal
21 minutes, 46 seconds
training and applied research and smart technology uh unmanned transport and so on so
21 minutes, 56 seconds
forth. But in order to be successful in that regard, we need funding. And the NDB is already doing
22 minutes, 5 seconds
a lot. And based on the NDB, Russia proposes that a new investment platform should be set up which will be
22 minutes, 14 seconds
trying to secure funding from private sectors and make our economy more competitive. We're hopeful that this
22 minutes, 22 seconds
idea will be supported by our partners and other bricks members, distinguished friends through the combined efforts of
22 minutes, 30 seconds
government, private sector, academia and the rest. Bris is building a resilient and viable platform for global growth.
22 minutes, 38 seconds
The most important elements of these growth are not being imposed on anyone from the outside.
22 minutes, 46 seconds
It's not being imposed on us by the so-called golden billion. Nor are we trying to impose anything on anyone else. Our approaches are based on innovative and cutting edge solutions.
22 minutes, 58 seconds
We prioritize national interests of our respective countries and pursuing these goals. Yes, this work is very difficult,
23 minutes, 5 seconds
very meticulous and insiduous. But the BRICS countries have shown they are ready to work hard to cooperate on an
23 minutes, 14 seconds
equal footing to see a shared future and they are up to any challenges that might
23 minutes, 20 seconds
arise and that means that our endeavors will be met with success. I would like to wish you all the best. Thank you.
23 minutes, 37 seconds
Thank you. Your excellency

 

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Wednesday, September 9, 2026

China Tried To Silence The Philippines. It Backfired

    SHAME ON CHINA : China Tried To Silence The Philippines. It Backfired       

https://www.youtube.com/watch?v=Tw5paMSWJto

 

...

TRANSCRIPT

works in international law unfortunately just like
9 seconds
I think this is from China in an international law how will you treat this kind of behavior it not only
16 seconds
disrespects shows if this is a Chinese position sent to me
32 seconds
You know what every bully fears? Being called out not in private or behind closed doors but in front of everyone.
39 seconds
And that is exactly what has happened to China at a defense summit recently. Now the Chinese as you know have a longunning dispute with the Philippines.
48 seconds
So China tried to have the last word.
50 seconds
The Philippines hit back and that takedown has now gone viral. Tonight, we'll tell you what happened and why it's making waves. Our story is set in South Korea.
1 minute, 1 second
It was hosting the Soul Defense Dialogue in the South Korean capital, Soul. The Philippine Defense Secretary was on
1 minute, 8 seconds
stage. This man, Gilberto Theodoro. He was speaking on stage. That's when a man in a white coat walked up behind him.
1 minute, 16 seconds
The man was a Chinese delegate. He placed a sheet of paper on the table beside the Philippine leader. Tooro
1 minute, 24 seconds
looked down. The paper had a note from China. Now, Toodoro could have ignored it. He could have looked away. But he did something else.
1 minute, 32 seconds
The Filipino defense chief chose to read it out aloud. Listen to this.
1 minute, 38 seconds
I I have a note here. Uh I think this is from China. Uh you should have joined the uh uh and may I read it. China's
1 minute, 46 seconds
position on the South China Sea arbitration is clear, consistent and firm. They have no position. The arbitration violates fundamental
1 minute, 54 seconds
principles of international law. So what you signed unclause you mean violates international law. That's what you mean.
2 minutes, 3 seconds
The so-called award is illegal, null and void. So say you and has no binding force because you don't want to be subjected to an clause.
2 minutes, 13 seconds
Now some context. This is a territorial dispute over the South China Sea.
2 minutes, 19 seconds
Beijing claims most of it. It says it has historic rights over these waters dating back centuries. But other
2 minutes, 25 seconds
countries contest this claim. Let's take you to our map room to understand where all of this is. This is the South China
2 minutes, 32 seconds
Sea. Beijing claims most of it. It has created what it calls the nine dash line. All official Chinese maps have
2 minutes, 41 seconds
this line, the nine dash line. China says this line marks its sovereign claims. It shows the territory that
2 minutes, 49 seconds
belongs to China. The problem is that this line takes up almost 90% of the South China Sea. So basically, China stakes a claim on 90% of this region.
3 minutes
Of course, the world doesn't agree.
3 minutes, 2 seconds
Several countries in the region dispute Beijing's claims. Over the years, those disputes have led to naval standoffs.
3 minutes, 8 seconds
So in 2013, the Philippines had had enough. It took the dispute to the H to the permanent court of arbitration.
3 minutes, 18 seconds
Manila accused China of violating international maritime law. Those rules are set out under UN clause.
3 minutes, 27 seconds
The United Nations Convention on the Law of the Sea, UNOS, it's called UNCL clause. So Manila Manila said that
3 minutes, 36 seconds
China's 9- line violates the law. The case went on for three years and then in 2016 the court ruled in favor of the Philippines. It declared that China's so-called ancient rights do not matter.
3 minutes, 47 seconds
What matters are the UN rules.
3 minutes, 52 seconds
Rules that both China and the Philippines had ratified. Now this verdict was an embarrassment for China. So it rejected it.
4 minutes
And that's what the Philippines defense chief was talking about. This unclause verdict. He rebutted China's claims on stage.
4 minutes, 9 seconds
Neither accepts nor recognizes the award. Of course, because you lost and opposes it and will never accept any
4 minutes, 17 seconds
claim or action arising from it. These are words slip to me and there is a legal principle called
4 minutes, 26 seconds
resips. The thing speaks for itself. How can you deal with a country in an
4 minutes, 32 seconds
international forum beyond the question asked to me disrespecting the organizers of this
4 minutes, 41 seconds
forum? How do you expect to deal with it civily?
4 minutes, 46 seconds
Tooro had three big problems with that note. First, China is party to unclose.
4 minutes, 50 seconds
It's a signary to the law, the framework that was used to settle the dispute.
4 minutes, 54 seconds
So's question was quite simple. How can you sign up to the rules and then reject the ruling when you don't like the result? That's one. Second, he saw it as
5 minutes, 3 seconds
disrespect for international law because the 2016 ruling was not some political statement. It came through a legal
5 minutes, 10 seconds
process. Just because China did not like the result doesn't mean it's fake. And the third problem, the note itself. If
5 minutes, 17 seconds
China wanted to register its descent, why not use proper channels? Why walk up on stage and slip a note when the Philippine Defense Chief is speaking?
5 minutes, 27 seconds
For Toodoro, this was intimidation. A powerful country making sure that everyone in the room knows it is not
5 minutes, 34 seconds
happy. So he called a spade a spade. It was classic bully behavior.
5 minutes, 40 seconds
I ask you the question, is this the right paper to pose to me when I'm being asked a question on the floor?
5 minutes, 50 seconds
And how will you treat this kind of behavior? It not only disrespects shows if this is a Chinese position sent to me.
6 minutes
It not only disrespects international law throwing unclos to the floor and
6 minutes, 9 seconds
trampling upon it but it also disrespects the basic decency accorded that should be accorded to our most
6 minutes, 16 seconds
gracious hosts the Republic of Korea and the rest of the audience here.
6 minutes, 21 seconds
So perhaps basic decency and behavior is what China needs to do.
6 minutes, 28 seconds
And the Philippines is not the only country at the receiving end of China's tactics. Earlier this month, it was Palao. It was hosting the Pacific Islands Forum. It's a major regional
6 minutes, 36 seconds
gathering of Pacific nations. But China had a problem with it because Taiwan was attending. It was attending the forum's
6 minutes, 43 seconds
opening ceremony. So Beijing objected because it sees Taiwan as part of China.
6 minutes, 48 seconds
So it issued a warning. It came from China's special envoy for Pacific Island affairs. He said there will be consequences.
6 minutes, 57 seconds
Reporters asked him if this was a threat and he said no. Which makes one wonder what a Chinese threat sounds like.
7 minutes, 4 seconds
And these episodes are part of a pattern. Beijing wants its claims respected. It wants its version accepted. But in Soul, the Philippines
7 minutes, 12 seconds
pushed back. And that's the larger takeaway here. The more China bullies its neighbors, the more it pushes them to stand up to it.
7 minutes, 22 seconds
Three channels, one summit. This is a bricks collaboration you've never seen before.
7 minutes, 27 seconds
From CGTM, we bring you the Chinese perspective. We bring you the view from Moscow.
7 minutes, 33 seconds
And from IGR, we look at India's balancing masterclass.
7 minutes, 37 seconds
What's China's vision for bricks in 2026?
7 minutes, 40 seconds
What are the hard calculations from Moscow?
7 minutes, 43 seconds
And what is New Delhi's game plan for the summit? In this fast changing world, countries once told to follow the rule and now seeking [music] a greater voice in shaping them.
7 minutes, 52 seconds
So join us on September 12th and 13th for the brick summit in New Delhi.
7 minutes, 56 seconds
We promise you thrice the stories, thrice the insights and thrice the impact.


 

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2026 UPDATE BRICS Wants to Bypass the Dollar. Can It Actually Work?

BRICS 2026  Wants to Bypass the Dollar. Can It Actually Work?       https://www.youtube.com/watch?v=Zcx6IbFJI34


 BRICS countries have spent years looking for ways to reduce their dependence on the US dollar and Western-controlled financial infrastructure. The push accelerated after Russian banks were hit by sanctions and excluded from global payment networks following the invasion of Ukraine. But a single BRICS currency remains unrealistic because members have different economies, political priorities and monetary systems. Instead, the bloc is increasingly using national currencies for trade and exploring alternative payment mechanisms. At the BRICS summit hosted by India, proposals include easier digital payments between members and greater use of central bank digital currencies. The goal is not replacing the dollar, but building routes around it. 00:00:00 Introduction 00:00:29 The SWIFT Sanction on Russian Banks 00:02:05 Putin's Mission: De-dollarization and BRICS Alternatives 00:03:03 Understanding Global Financial Dominance: SWIFT and the US Dollar 00:06:33 BRICS Initiatives and the Common Currency Proposal 00:08:16 Why a Single BRICS Currency is Not Feasible 00:09:57 BRICS' Pragmatic Strategy: National Currencies and Digital Payments

 

TRANSCRIPT 

 

27 seconds
in 2022. A group of governments flipped a switch. Suddenly, seven Russian banks were locked out of the global financial
36 seconds
system. They could not send a payment across a border. And for anyone who depended on these payments, everything stopped at once. A trader could not pay
45 seconds
a supplier abroad. If that trader sold something, they couldn't get their payment in. Even ordinary transfers were
52 seconds
not spared. things like your tuition fee, money sent home to your family, everything was blocked. These banks were
1 minute
being punished by the West, specifically the US, Canada, the European Union, and the United Kingdom. These countries hold
1 minute, 7 seconds
real sway over the international payment system, and they used that power. They wanted to punish Russia for the invasion
1 minute, 14 seconds
of Ukraine. So, they sanctioned these seven Russian banks. In the years since, this list has grown. Today more than 90
1 minute, 23 seconds
Russian banks and their subsidiaries sit under some form of sanction which means they cannot talk to the world. They
1 minute, 30 seconds
cannot send money out and they cannot receive any payments from overseas. This includes some of Russia's biggest banks.
1 minute, 37 seconds
We finally dwift spare bank. Spare bank is one of the is the largest Russian bank. It holds round about 37% of the
1 minute, 46 seconds
whole banking sector. and we will also dswift to other major banks in Russia.
1 minute, 53 seconds
By that we hit banks that are systemically critical to the Russian financial system and Putin's ability to
2 minutes, 1 second
wage destruction. Since that day, President Vladimir Putin of Russia has been a man on a mission. He wants to
2 minutes, 8 seconds
find an alternative, another way to process international payments. And Putin believes the bricks could have the answer.
2 minutes, 18 seconds
The irreversible objective process of ddollarization of our economic ties is gaining momentum and efforts are being
2 minutes, 26 seconds
made to develop effective mechanisms for mutual settlements and monetary control.
2 minutes, 33 seconds
Putin's pitch is ddollarization. He wants the world to rely less on the US dollar. Frankly, the idea is not new,
2 minutes, 40 seconds
but today there's an urgency to find this alternative, an alternative to the existing payments system. more importantly an alternative to the US dollar.
2 minutes, 51 seconds
Can the bricks create that alternative?
2 minutes, 55 seconds
The idea has been widely debated and discussed. But will it ever see the light of day?
3 minutes, 1 second
Let's find out. Broadly, the idea of a brrics currency aims at two separate things. The first is the system that
3 minutes, 8 seconds
moves money between countries and the second is the currency that this money is priced in. These are two different problems. We'll start with the system.
3 minutes, 17 seconds
The system that the world uses the most is called Swift. It stands for the Society for Worldwide Interbank Financial Telecommunication.
3 minutes, 27 seconds
This is what the West used to cut Russian banks from the global financial system. Now, Swift is not a bank. It
3 minutes, 34 seconds
does not hold anyone's money. So, what is it? Think of Swift as a group chat between banks across the world. When one
3 minutes, 43 seconds
bank has to pay another, it sends a message on this group chat. The message says a payment is coming. So all members
3 minutes, 51 seconds
know that money is moving. And how does this money move? Through accounts that these banks hold with one another. So
3 minutes, 58 seconds
the money never comes to Swift, but Swift is where the payments get confirmed.
4 minutes, 4 seconds
This system was created back in 1973. It was built by a consortium of American and European banks. Today, it is the most widely used interbank messaging
4 minutes, 13 seconds
system in the world. More than 11,000 member banks and financial institutions use it. They're spread across more than
4 minutes, 20 seconds
200 countries and territories. Swift is based [music] in Belgium. It has no single owner. It is owned by more than 2,000 banks and financial institutions.
4 minutes, 31 seconds
So, the institution is diverse, at least on paper. But in practice, the west has immense influence over Swift. And this influence is exercised in two ways.
4 minutes, 43 seconds
First, through sanctions. Swift is headquartered in Europe, so it needs to broadly comply with Western sanctions.
4 minutes, 50 seconds
And the second is through the currency.
4 minutes, 52 seconds
This is where the US dollar comes into play. The US dollar is the most widely used currency on Swift. Let me show you numbers from August 2024, exactly two
5 minutes, 1 second
years back. The US dollar accounted for over 49% of all payments handled by Swift. The euro was second at 21.6%, the
5 minutes, 10 seconds
British pound 6 and a.5%. The Chinese yuan 4.7%. So no currency comes close to
5 minutes, 17 seconds
the US dollar. You could say the dollar is the default language of this group chat. Which brings us to the second problem that bricks is up against the
5 minutes, 26 seconds
domination of the US dollar. It still remains the reserve currency of the world and it has held this title since the end of the Second World War.
5 minutes, 36 seconds
It is the most widely used currency in international payments. Central banks all over the world keep their savings in
5 minutes, 43 seconds
the dollar. Again, the numbers say it all. 57% of the world's foreign exchange reserves are stored in the dollar. This
5 minutes, 51 seconds
is money and assets of central banks around the world.
5 minutes, 55 seconds
Most of it is denominated in the US dollar. 46% of the world's exports are build in the dollar and 89% of all
6 minutes, 3 seconds
foreign exchange transactions happen in the dollar. So I repeat, the US dollar dominates the global financial system.
6 minutes, 11 seconds
This gives the United States real advantage.
6 minutes, 15 seconds
It gives them immense influence over global banking and payments. It can borrow money abroad more easily. More importantly, it can dictate the rules of
6 minutes, 23 seconds
the game. The dollar gives America's financial sanctions a global [music] reach.
6 minutes, 30 seconds
So, how can the bricks counter this? For over a decade, the bricks has been working on alternatives. At the 2014
6 minutes, 38 seconds
brick summit, they set up two institutions. The new development bank, which is the development bank of bricks, [music] and something called the contingent reserve arrangement.
6 minutes, 49 seconds
This is like a lender of last resort.
6 minutes, 51 seconds
Members can use the system to get money in during a crisis. In 2015, the bricks went a step further. They began
6 minutes, 59 seconds
exploring using their own national currencies to to conduct trade. In 2017, these arrangements were deepened. In
7 minutes, 7 seconds
2019 and 2020, the bricks set up a payment task force. They were given the responsibility to improve payment
7 minutes, 14 seconds
[music] systems among BRICS nations also to find ways to improve local currency settlements. In 2023, Brazil pushed a
7 minutes, 23 seconds
radical idea. Its president Lula de Silva raised the idea of a common bricks currency, one that could reduce the dependence on the dollar.
7 minutes, 33 seconds
Why can't a bank like the BRICS bank have a currency to finance trade between Brazil and China? between Brazil and
7 minutes, 41 seconds
other BRICS countries. It is difficult because people are badly used to it and everyone depends on a single currency.
7 minutes, 52 seconds
In 2024, Russia hosted the brick summit and there Vladimir Putin was seen holding a brrics bank note. It was not
8 minutes
real. It was a prop. An attendee had printed it out and handed it to the Russian president. And that is the closest the world has come to seeing a
8 minutes, 8 seconds
brrics currency and it is as close as it is going to get because a single bricks currency is not going to happen. The idea was DOA dead on arrival.
8 minutes, 21 seconds
A shared currency is simply not on the table. Here is what having a shared currency effectively means. It's like having a common bank account for a
8 minutes, 28 seconds
household. All members have access to it. But there are certain conditions on when and how each family member can use this account. Everyone must agree on the
8 minutes, 37 seconds
budget, how much to spend in a month, how much money you can borrow, and how you get to borrow. More importantly, not everyone can make the rules. But the
8 minutes, 47 seconds
family's most powerful members can dictate terms. They can push or reject proposals at will. This is what having a common currency looks like.
8 minutes, 57 seconds
And having one is simply not possible for BRICS nations. Their economies are different. Their political goals are different. Some members are even rivals
9 minutes, 5 seconds
in the world economy. It would be difficult for them to agree to a set of common rules.
9 minutes, 12 seconds
Then comes the question on who's going to run it. A common currency needs one central bank, a single institution that sets interest rates and controls how
9 minutes, 20 seconds
much money exists. Imagine if India and China, two of the biggest economies in the Bricks, had a common central bank.
9 minutes, 28 seconds
Would India accept rules set by the Chinese? Would China open its currency to the world? What happens when a BRICS member faces an economic crisis like a
9 minutes, 36 seconds
recession? They won't be able to take any measures. They won't be able to adjust interest rates or print more money.
9 minutes, 42 seconds
If there's a single currency, no country will have that kind of flexibility. And these are the reasons why bricks currency won't materialize. Of course,
9 minutes, 51 seconds
that doesn't mean that the bricks cannot chip away at the dollar's domination. They have found other ways to do it.
9 minutes, 57 seconds
Member countries trade with each other in their own currencies. In 2024, Russia made a major claim. It said 90% of
10 minutes, 5 seconds
Russia's trade within the bricks block was conducted in national currencies.
10 minutes, 9 seconds
90% of the trade. They were not using the US dollar. Other members have also resorted to their domestic currencies.
10 minutes, 16 seconds
India and Russia have engaged in the rupee ruble trade. China and India have used the rupee and the yuan. Brazil has done the same with the Brazilian realale.
10 minutes, 26 seconds
This creates alternatives to the US dollar. [music] And US President Donald Trump does not like it. He sees these mechanisms as a threat to the dollar's domination.
10 minutes, 36 seconds
In 2024, Trump issued a threat 100% tariffs on BRICS nations if they undermine the dollar. Well, Trump's tariff weapon has been blunted since.
10 minutes, 48 seconds
The US Supreme Court has ruled against the tariffs, but the threat itself was revealing. And since the dollar still
10 minutes, 54 seconds
remains the most widely used currency, the US can find other ways to exert pressure. So the bricks will have to
11 minutes, 2 seconds
keep working on these solutions and improve them for the long term. Which brings us to this year's summit. India is playing host. Several top leaders are
11 minutes, 10 seconds
in attendance and once again payments are on the agenda. Reports say New Delhi has a proposal. It wants to make digital payments among BRICS nations seamless.
11 minutes, 20 seconds
There's one more proposal. The adoption of digital currencies issued by the central banks. Again, there is no plan for a common currency.
11 minutes, 29 seconds
The BRICS nations are not looking to replace the dollar. They cannot.
11 minutes, 33 seconds
Instead, they're building a payments route around it so that no one holds the switch to another country's economy.

 

 

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