Russia hands the baton to Brazil in implementing measures for de-dollarization — MFA.
The problem of the international economic system is the arbitrary and abusive sanctions. Also the sanctions which are controlled by private monopolistic interests with ties to extremism, terrorism and organised crime, including financial crime. These private interests, which drive the wars in Ukraine and in the Middle East for international controlling benefit, economic and political.
While it is true that the dominant private interests, control the monetary authorities and so the international currencies, the main problem of the international economic system, is not a currency or even a reserve currency, problem.
The main problem is, of the pervasive financial crisis and of the permanent economic recession risk. Excessive debt, trade frictions, imbalances and inequalities are derivative of the control of the international system via crisis of all sorts and devices, including security crisis, this meaning war. At the moment this control is exerted in two main and multiple fronts, in Europe with Ukraine and in the Middle East with Israel, Palestine, Gaza, Lebanon, Syria, Yemen and Iran.
Brazil is founding member of BRICs, but not a sanctioned state, at least not yet. Russia, Iran, Venezuela and North Korea are sanctioned states. Brazil can advocate for the due overhaul of the international economic system but cannot resolve the sanctions problem with the U.S. or the EU.
The international economy is held hostage of the systemic crisis and recession risk. The world is held hostage of the systematic financial market crash risk. Both with criminal means, for the stated reasons and by the said interests.
BRICs have the growth and development potential to hold the world back from the cliff of the abyss. Which includes global warming and climate change. However, the moderation and risk alleviation potential of BRICs, irritates and aggrieves, the private masters of the world economic crisis.
Nevertheless, the world is multi-polar, multi-lateral and international. BRICs economic and financial initiatives are constructive and commendable. The adoption of an international reserve currency is an ambitious idea in the positive direction. Yet it is not so practical and still far off.
The current, immediate imperative, is the realisation of the BRICs development potential.
Resolution of the sanctions predicament is legally and politically durable, provided that the competent authorities, believe in it.
