Goodbye, dollar dominance: BRICS plans ‘multi-currency system’ to transform global financial order
Posted on October 19th, 2024

BRICS plans to challenge US dollar dominance and transform the international monetary and financial system by developing infrastructure for cross-border payments using local currencies. Russia made a detailed proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the US-dominated financial system benefits rich Western countries at the expense of the Global South — which is why BRICS is pushing to change it.

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