Many Nations Wanting to Join BRICS Clear Sign of Its Values

“As BRICS, we will also build on our shared commitment to improving the lives and livelihoods of our people, of advancing the interests and developmental goals of the global South, and our founding vision of a more just, equitable and fair global political, economic, and financial landscape with increased representation and voice,” Pandor said.

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Great Power Conflict Puts the Dollar’s Exorbitant Privilege Under Threat: FT

Change is already afoot. The current account surpluses of China, Russia and Saudi Arabia are at a record. Yet these surpluses are largely not being recycled into traditional reserve assets like Treasuries, which offer negative real returns at current inflation rates. Instead we have seen more demand for gold (see China’s recent purchases), commodities (see Saudi Arabia’s planned investments in mining interests) and geopolitical investments such as funding the BRI and helping allies and neighbours in need, like Turkey, Egypt or Pakistan. Leftover surpluses are held increasingly in bank deposits in liquid form to retain much-needed options in a changing world.

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