The Petrodollar is Now a Relic
Please do not underestimate the events of the past week because they are monumental and will be regarded with the same revere as the birth of NATO. This week, the world has changed.
The BRICS summit deserves all the hype, and I can tell you that I am nowhere near finishing meditating over the immense consequences of this meeting of nations to shift the power more in their favor.
When World War II ended, most of the developing nations of the world were in shambles.
Outside of the United States and the Soviet Union, there was little in the way of structure and institutional integrity.
All countries were prone to fall under the spell of the delusionary promises of communism.
The Office of Strategic Services, morphing later into the Central Intelligence Agency (CIA), acted on behalf of America’s interest to block the Soviets from influencing poor and undeveloped countries into adopting communism, but their cutthroat approach landed them a reputation of ruthlessness and meddling that was criticized by all.
These countries, the likes of India, Brazil, China, South Africa, and others, are not in their formative years anymore, and the United States isn’t this empire that roams the seas uninterrupted in full consensus that its ways are the only way the world should run.
BRICS nations feel that they have enough power in numbers to challenge the Western hegemony, and they took a seminal step towards that end.
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In the summit, they invited new members to join the association: Argentina, Ethiopia, Egypt, the United Arab Emirates (UAE), Iran, and Saudi Arabia.
Let’s pause here and consider what this means once these nations accept admission and join the group effective January 1st, 2024:
- They account for 36% of global GDP and over 45% of the global population.
- The countries are now going to fund projects through the New Development Bank while rejecting the two hallmarks of the Bretton Woods era: the IMF and World Bank.
- Instead of mining raw materials and selling the unprocessed ore to processing hubs elsewhere and forfeiting much of the value-add, these nations will instead build in-house capabilities and localize their supply chains while cutting out the West!
These three points mean a lot and will be instrumental in further decreasing the importance of the dollar, but I’ve saved the two most groundbreaking and critical takeaways for last:
- With the new members, this group of countries produces four out of five barrels of the world’s oil. Let that type of organizational strength sink in for a second.
The addition of Saudi Arabia is a sign of the times. This country that was obedient to the United States more than any other is now joining an association committed to trading in their own currencies and bypassing the petrodollar.
- Brazil openly promoted an armistice between Russia and Ukraine, placing itself on the map as a promotor of peace while quelling hostility and oppression.
The BRICS association must act now. Their largest and most difficult challenge to surmount is the fact that India and China, the two members that actually matter most, don’t get along.
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