At a meeting this week in Russia, BRICS announced that it has reached the "final stages" of its dedollarization mission, complete with a new payment system and new competing currency to the global reserve Federal Reserve Note (FRN), also known as the U.S. dollar.
The economic ministers of the leading BRICS member countries are just about ready to unveil a multipolar international monetary system that will mark an official end to U.S. dollar dominance as the sole global reserve currency.
BRICS says its first target for elimination is the U.S. dollar. Then, once King Dollar has been dethroned and deposed, BRICS will launch a brand-spanking-new global payment system to replace the existing world order.
(Related: Every time the U.S. imposes new sanctions on Russia, BRICS gets stronger while the dollar and its position as the world reserve currency collapses even further.)
The sinking ship of the West
For the past two years, the BRICS economic alliance has been working hard to challenge the status quo. This has triggered increased resistance from the dying West as it punches the air trying to stop the inevitable.
As BRICS member nations increasingly unveil new competing currencies, new payment methods, new trade protocols and other substantial changes, the West is busily printing FRN funny money and dumping it into Ukraine to try to stop the empire from dying.
It is a fool's errand that the West will only embarrass itself in trying to prevent, but it continues nonetheless as the world's power brokers fight to the bitter end for global dominance.
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At the two-day meeting in the Russian city of Nizhny Novgorod, members from 20 BRICS countries were present to discuss economic cooperation and expansion plans. Topics included expanding BRICS+, increasing dedollarization efforts and building further economic and trade relations within the bloc.
The No. 1 goal right now for BRICS is to completely cut ties with the U.S. dollar and instead use local currencies for all cross-border transactions among member nations. This setup alone is enticing many new countries to want to join BRICS as they are tired of having their economies manipulated by Western parasites.
BRICS is also floating a gold-backed currency concept to be implemented with central bank digital currencies (CBDC). In other words, Eastern parasites will replace the Western ones, or so it appears.
Whatever the case, the West is dying and the East is rising – there is no doubt about that anymore.
Russian Foreign Minister Sergey Lavrov confirmed that a new BRICS payment system is on the way that will allow member nations to bypass the U.S. dollar with ease. He claimed the new platform will improve the international monetary system by making it possible to pay for mutual trade in national currencies.
Russian President Vladimir Putin likewise called for BRICS member nations to phase out the U.S. dollar and other "toxic" currencies.
The BRICS bloc is scheduled to meet from October 22-24 this fall in Kazan, Russia, to further forge the new payment system, bringing it from an almost-done concept to full implementation.
According to Putin, the ruble now accounts for 40 percent of all Russian import and export transactions – and that percentage is growing all the time.
Jared Cohen, president of global affairs at Goldman Sachs, wrote in Foreign Policy that everything BRICS is doing right now represents "real geoeconomics headwinds to the dollar," though he still believes the U.S. dollar is safe as the world's king currency.
It is undeniable that the U.S. dollar is on its last legs, but most Americans are too distracted by whatever to know or care. Learn more at Collapse.news.
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