HomeOpinionBrics+: decline of the financial dictatorship

Brics+: decline of the financial dictatorship

The International Monetary Fund recently updated the Cofer report Monetary composition of foreign exchange reserves, where two elements stand out: 1) Progressive decrease in the participation of the US dollar in foreign reserves, assigned to central banks and Governments. 2) Increase in the share of non-traditional reserve currencies (Australian dollar, Canadian dollar, renminbi, South Korean won, Singapore dollar and Nordic currencies).

The most curious fact: the dominant thought and its institutions recognize that global dynamics are changing towards something new. These changes respond to transformations that have been generated by the warlike and invasive policy of the United States Government. Functions that are unilaterally attributed under the paradigm of neoliberal globalization as a “patent of marque” that constitutes them as a supranational power.

The fragile balance of the world economy – which has not yet overcome the effects of financial crises, pandemics and war tensions – is driven by the constant uncertainty that has favored the formation of blocks of emerging economies. Thus, the Brics+ embody a political, economic and social project that represents creative deconstruction as a formula for the functioning of the capitalist accumulation process.

A starting point seems clear. Recently, the Brics+ Development Bank announced among its plans to completely abandon the US dollar in the next three years. Activities in the energy and food sectors constitute an important strength by virtue of their role as global producers, which outlines this strategic process for the world market. Geopolitical moves that allow us to understand why a Milei to the presidency of Argentina, why the breadbasket of the world has to abandon the Brics+.

Demobilizing the financial dictatorship of the dollar requires a progressive strategy that, with the use of alternative currencies in commercial transactions, promotes a perfectly viable basket in these times of technological advances. Venezuela, just a few days after consolidating the electoral victory of the people's candidate, will inevitably move to complete its entry into the Brics+ bloc in order to strengthen the process of economic diversification. The commitment to the future does not stop, the power of Venezuela has awakened forever.

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