Chronicles - Sovereign Global Majority

Archives

BRICS Business Forum: Putin’s Full Speech

✅Watch Putin’s full speech at BRICS Business Forum.  I trust we will have a full transcript available very quickly.    The notes do not do justice.

https://t.me/geopolitics_live/35225

Russian President Vladimir Putin addressed participants of the BRICS Business Forum ahead of the 2024 BRICS Summit in Kazan due to open early next week.

Here are Putin’s main statements at the forum:

💬BRICS is already playing a prominent role (https://t.me/geopolitics_live/35219) in the global economy, and this influence is expected to grow in the future. The member countries of BRICS are key drivers of global economic growth, and they are poised to be the primary contributors to GDP growth in the near term.

💬The combined gross domestic product (GDP) of BRICS countries is more than 60 trillion dollars (https://t.me/geopolitics_live/35217), something that exceeds the GDP of G7 members (https://t.me/geopolitics_live/35214).

💬The relevant development platforms are emerging within BRICS, among them communication channels, financial systems, payment instruments, and, of course, mechanisms of sustainable long-term investment.

💬The new BRICS Development Bank (https://t.me/geopolitics_live/35220) has a special role to play in strengthening financial cooperation between BRICS members (https://t.me/geopolitics_live/35215). The bank should become one of the key investors in the long-term and major technological infrastructure projects within BRICS.

💬Russia is quickly redirecting its transport flows to reliable foreign partners (https://t.me/geopolitics_live/35222). Our flagship projects include the Northern Sea Route and the North-South Corridor.

💬Russia closely cooperates with our BRICS (https://t.me/geopolitics_live/35213)partners in the field of innovation, digital economy and artificial intelligence technologies.

https://t.me/geopolitics_live/35225

10 Comments
Inline Feedbacks
View all comments
johnm33
johnm33
11 months ago

At the moment all their currencies are subject to manipulation by agencies with access to near infinite supplies of dollars. Establishing their own central bank of central banks and routing all their trade through it would allow, in time, genuine price discovery of their currencies relative values, if the new… Read more »

Colin Maxwell
Colin Maxwell
11 months ago
Reply to  amarynth

Good points, Amarynth. We also need to bear in mind that the BRICS countries’ external debts, as a ratio of nominal GDP, tend to be extremely low compared to Western countries, As such how big a hurdle is this debt in the whole scheme of things? – eg CEIC 2023… Read more »

Last edited 11 months ago by Col...'the farmer from NZ'
Steve from oz
Steve from oz
11 months ago
Reply to  Colin Maxwell

Col, I like the barter idea, because it does not have to be restricted to one-on-one.

It can involve multiple players.

All that would require is a central co-ordinator.

Is that too simplistic?

Colin Maxwell
Colin Maxwell
11 months ago
Reply to  Steve from oz

I love the concept of barter and swaps, Steve. Methinks we need to trial as many methods as we can and at all different levels to help facilitate reform, healthy low-cost trade practices and liquidity. Many will flourish and become a normal part of commerce as we move away from… Read more »

Steve from oz
Steve from oz
11 months ago
Reply to  Colin Maxwell

I agree Col.

And it fits in perfectly with the BRICS aim of peaceful mutual prosperity.

Colin Maxwell
Colin Maxwell
11 months ago
Reply to  Steve from oz

In ancient times tally sticks were used to conduct the vast majority of trade and this completely disenfranchised the thieving money-changers. They even gave rise to some terminology that we still use to this day – “long and short stocks”. Different technologies, right from the humble tally stick, right up… Read more »

Screen-Shot-2024-10-21-at-1.31.01-PM
Colin Maxwell
Colin Maxwell
11 months ago
Reply to  Colin Maxwell

Just when I go and mention Brazil taking more of a lead role in BRICS, it seems that Lula won’t be attending the Kazan Summit – no doubt Uncle $laughter will be happiness-filled. Pepe has just informed us on X that Lula has injured himself in his bathroom and as… Read more »

Larchmonter445
Larchmonter445
11 months ago

The big issue is now downsized, perhaps for several years. BRICS currency. Not now. Not yet. Not soon. Russian President considers it premature to discuss a single BRICS currencyMoscow. October 18. INTERFAX.EN-The BRICS countries are currently not ready to create a single currency due to differences in the structure and… Read more »

Grieved
11 months ago
Reply to  Larchmonter445

“Not now. Not yet, Not soon.” Yes, and perhaps not ever. What the nations need is a vehicle for settlements, precisely because the existing one has been tied to a currency. And the new settlement system, the competitor to SWIFT, may be all that is required. This alone will take… Read more »