The New Development Bank (NDB) established by the five-member BRICS group is offering loans in local currencies, part of its efforts to ditch the use of the U.S. dollar for world trade.
NDB President Dilma Rousseff confirmed the move, adding that the financial institution plans to give 30 percent of loans in the local currencies of member nations. The NDB was established in 2014 by the BRICS group – Brazil, Russia, India, China and South Africa – to challenge the U.S.-dominated World Bank. Rousseff, who served as Brazil’s president from 2011 until her impeachment in 2016, took over the NDB’s leadership in March 2023.
“It is necessary to find ways to avoid foreign exchange risk and other issues such as being dependent on a single currency, such as the U.S. dollar,” she said during an April 14 interview with the Chinese media outlet CGTN.
“The good news is that we are seeing many countries choosing to trade using their own currencies. China and Brazil, for instance, are agreeing to exchange with [the Chinese yuan] and the Brazilian real.”
Rousseff emphasized that the NDB has committed to this pivot toward local currencies in its strategy. In line with this, the bank has to lend 30 percent in local currencies. Thus, she told CGTN that 30 percent of the NDB’s loan book will be financed in the currencies of BRICS member countries.
“That will be extremely important to help our countries avoid exchange rate risks and shortages in finance that hinder long-term investments,” Rousseff said.
Incumbent Brazilian President Luiz Inacio Lula da Silva visited the NDB’s headquarters in the eastern Chinese city of Shanghai to attend Rousseff’s swearing-in ceremony. Lula was the first head of state to visit the institution’s headquarters. Rousseff succeeded Lula after the latter served two presidential terms from 2003 until 2010.
The Brazilian leader challenged the dollar’s dominance during his trip to China. He emphasized that the NDB’s goal is to create “a world with less poverty, less inequality and more sustainability,” and challenged the bank to play a “leading role in achieving a better world, without poverty or hunger.”
Rousseff: World needs an “anti-crisis mechanism”
“The world now is under the threat of high inflation and restrictive monetary policy, particularly in developed countries,” Rousseff said in response to a question about the challenges faced by BRICS and the NDB.
“Such monetary policy means a higher interest rate and, therefore, a higher probability of reduction in growth and … recession,” she noted. “This presents an important question for the BRICS [group]. We need a mechanism – a so-called anti-crisis mechanism – which must be counter-cyclical and support stabilization.”
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Last January, South African International Relations Minister Naledi Pandor said the BRICS group plans to “develop a fairer system of monetary exchange” in order to weaken the “dominance of the dollar.”
“The systems currently in place tend to privilege very wealthy countries. [They also] tend to be really a challenge for countries such as ourselves, which have to make payments in dollars [that cost] much more in terms of our various currencies,” she explained. “So I do think a fairer system has to be developed. It’s something we’re discussing with the BRICS ministers in the economic sector discussions.”
Aside from the five core BRICS countries, the NDB also lists Bangladesh, Egypt and the United Arab Emirates (UAE) as members. Uruguay is also in the process of joining the bank, and many other countries have also expressed interest.
Argentina, Iran and Algeria have formally applied to join the extended BRICS+ group. Russian Foreign Minister Sergey Lavrov also confirmed other nations that expressed interest to join. These included Egypt, Turkey, Saudi Arabia, the UAE, Indonesia, Argentina, Mexico and “a number of African nations.” (Related: Argentina, Iran apply to join BRICS group of emerging economies.)
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DollarDemise.com has more stories about countries dropping the dollar for trade.
Watch South African International Relations Minister Naledi Pandor discloses the nations that wish to join the BRICS+ group below.
This video is from the Thrivetime Show channel on Brighteon.com.
More related stories:
- Egypt joins BRICS-owned New Development Bank, expresses interest in becoming full-fledged member of BRICS.
- Putin says BRICS countries are establishing new global reserve currency to replace U.S. dollar.
- BRICS nations moving rapidly to circumvent the US dollar as the World Reserve Currency.
- Potential BRICS expansion could mark end of dollar as world’s pre-eminent currency.
- IMF trying to bribe Egypt away from BRICS with new loans.
Sources include:
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
