Brazil to propose embryo of Brics currency at summit

[Red Velvet]

I’m just now hearing Ethiopia as a real contender for the open African spot that I mentioned.

To sum up, the announcement may be any combination of the following 8:

- Saudi Arabia
- UAE
- Argentina
- Iran
- Egypt
- Indonesia
- Bangladesh
- Ethiopia

But not all of these are getting in, something between 3 minimum and 6 maximum me thinks.

[Red Velvet]

https://twitter.com/presidencia_BR/status/1694623542090793033
Brazilian presidency tweet has a quote of Lula welcoming Saudi Arabia, Argentina, Egypt, UAE, Ethiopia and Iran to the group.

So the 5 countries I already anticipated yesterday + Ethiopia filling the African spot that was supposed to be filled-in later.

The reports about Indonesia asking to join at a later date were true, I guess. And I’m not sure what happened to Bangladesh (which I interpreted as an India push like Argentina was a Brazil push).

Other candidatures between the 23 made since last year didn’t get track. Like, sorry but obviously places like Nicaragua weren’t getting in lol

[Red Velvet]

Ethiopia will be the country with least power in the group, but I like their inclusion. It was very important to have a big Subsaharan African representative.

It’s the 5th largest economy in Africa, behind Nigeria; South Africa; Egypt; Algeria.

Nigeria would be great but it didn’t make a formal application; South Africa and Egypt are already in; Algeria is more of MENA African like Egypt is than SSA like it was really important to have included during this edition.

So Ethiopia was 2nd best option after Nigeria. These are the top 10 economically biggest countries in Africa:

1. Nigeria (no formal application)
2. South Africa (original member)
3. Egypt (MENA)
4. Algeria (MENA)
5. Ethiopia
6. Morocco (MENA)
7. Kenya
8. Angola
9. Tanzania
10. Ivory Coast

But enough with the inclusions for now. We should totally include Indonesia, Nigeria separately in the near future depending on their will. Places like Mexico, Thailand, Vietnam as well but it depends a lot on geopolitical willingness to.

A larger expansion like the one that happened this year only in 20 years depending on how this one goes.

[Red Velvet]

The summit has approved Brazil’s proposal for studies to be conducted on a new shared currency for intra-payments too!

Important to notice this is all very early stages though. Brazil’s hopes are for the studies to be made until 2025 (when it will hold Brics presidency) and if proven successful, the currency would be agreed with and announced during the 2025 summit in Brazil.

A common misconception is thinking that the currency would be a new Euro or something that would substitute national currencies when it would be designed for trade only, for all BRICS countries.

[Red Velvet]

Lula says BRICS differences and diversity are a reason for its strength, not a weakness like westerners want to assume.

https://twitter.com/LulaOficial/status/1694619359551844365

Good morning. The last time I attended a BRICS meeting was in 2010. I am deeply impressed with the maturity of the BRICS and the results we have managed to achieve together.

https://twitter.com/LulaOficial/status/1694619468750627314

Many claimed that the BRICS would be too different to forge a common vision. Experience, however, demonstrates the opposite. Our diversity strengthens the fight for a new order that accommodates the economic, geographic and political plurality of the 21st century.

https://twitter.com/LulaOficial/status/1694635462315348343

The presence, at this Brics meeting, of dozens of leaders from other countries in the Global South shows that the world is more complex than the Cold War mentality that some want to restore. Instead of adhering to the logic of competition, which imposes automatic alignments and fosters distrust, we must strengthen our collaboration. #BRICS2023

[Kahane's Grave Is A Gender-Neutral Bathroom]

[MaxQue]

BRICS already has a currency, it's the yuan.

[America Needs R'hllor]

Lula says BRICS differences and diversity are a reason for its strength, not a weakness like westerners want to assume.

https://twitter.com/LulaOficial/status/1694619359551844365

Good morning. The last time I attended a BRICS meeting was in 2010. I am deeply impressed with the maturity of the BRICS and the results we have managed to achieve together.

https://twitter.com/LulaOficial/status/1694619468750627314

Many claimed that the BRICS would be too different to forge a common vision. Experience, however, demonstrates the opposite. Our diversity strengthens the fight for a new order that accommodates the economic, geographic and political plurality of the 21st century.

https://twitter.com/LulaOficial/status/1694635462315348343

The presence, at this Brics meeting, of dozens of leaders from other countries in the Global South shows that the world is more complex than the Cold War mentality that some want to restore. Instead of adhering to the logic of competition, which imposes automatic alignments and fosters distrust, we must strengthen our collaboration. #BRICS2023

Congrats. Your country is a collaborator with the closest thing to Hitler since WW2. You should be ashamed, not posting about this like it's some own.

[Filuwaúrdjan]

Very functional and serious economic grouping that features multiple countries involved in periodic armed conflicts and/or proxy wars against each other.

[Stranger in a strange land]

The summit has approved Brazil’s proposal for studies to be conducted on a new shared currency for intra-payments too!

Important to notice this is all very early stages though. Brazil’s hopes are for the studies to be made until 2025 (when it will hold Brics presidency) and if proven successful, the currency would be agreed with and announced during the 2025 summit in Brazil.

A common misconception is thinking that the currency would be a new Euro or something that would substitute national currencies when it would be designed for trade only, for all BRICS countries.

Then why not just use local currencies or use Yuan? The "BRICS currency" is reminiscent to me of occasional proposals to create an "Islamic Gold Dinar" or something similar for trade among Muslim countries: these are often announced with great fanfare but never seem to go anywhere.

[CumbrianLefty]

Very functional and serious economic grouping that features multiple countries involved in periodic armed conflicts and/or proxy wars against each other.

You're just jealous and seething!

[Red Velvet]

First draft of the BRICS currency, presented by the Russian embassy in South Africa to the UAE:

https://twitter.com/iraninarabic_ir/status/1699147815803404340
I quite like it, especially the concept of there not being a “correct side” to look at it, ensuring no country can be at the top. You can see the currency value from all 4 corners of the paper.

Noticeable how each country flag is a “brick” too.

The only thing I think it’s weird is the giant Taj Mahal floating over the Indian flag. Aesthetically, it stands out from others and it’s weird. I would put it in front of the flag like you can see with Brazil, Russia, China “symbols”. Or at least make it somewhat smaller.

The Christ The Redeemer design also needs to change in order to be more faithful to the real thing. The face of this one is low-key ugly.

In the back of the currency they would put the new countries that joined. Since this is only an idea draft, they put a bunch of random countries that aren’t members in the back as well lmao. I think this was made before the recent expansion so they just included a random set of countries that had applied but had not joined yet.

That would obviously have to change so that only BRICS members are represented in the currency, but I like the concept of updating the design to include the new membership on the back too, like they were “bricks” as well.

[Aurelius2]

Blah blah blah global south blah blah who the hell cares?

[GeneralMacArthur]

I'm sure China would be absolutely thrilled to have its currency tied to the economies of unstable African nations like Ethiopia, lmao

[GALeftist]

I am now going to list just the problems with this idea that some guy with an Econ minor thought of in the past five minutes

– Currency would need a central bank located somewhere and accountable to someone – big problem in a group with multiple aspiring global powers
– Currency would strip member states of independent monetary policy which is a big deal for large, export-heavy economies like China's
– If you can't actually buy stuff with this currency in any arena besides international trade I have no idea if or how that would even work as fiat currency
– If you try to avoid that problem by begging the BRICS currency to some other currency then now you have just created the Eurozone but even worse

I think BRICS such as it is could possibly be a useful institution in easily allowing third-world countries to seek financial assistance from multiple large economies that aren't economically aligned with the United States, but this whole currency thing is completely moronic and you're setting yourself up for disappointment, Red Velvet

[ꙮ]

I am now going to list just the problems with this idea that some guy with an Econ minor thought of in the past five minutes

– Currency would need a central bank located somewhere and accountable to someone – big problem in a group with multiple aspiring global powers
– Currency would strip member states of independent monetary policy which is a big deal for large, export-heavy economies like China's
– If you can't actually buy stuff with this currency in any arena besides international trade I have no idea if or how that would even work as fiat currency
– If you try to avoid that problem by begging the BRICS currency to some other currency then now you have just created the Eurozone but even worse

I think BRICS such as it is could possibly be a useful institution in easily allowing third-world countries to seek financial assistance from multiple large economies that aren't economically aligned with the United States, but this whole currency thing is completely moronic and you're setting yourself up for disappointment, Red Velvet

Yeah but they also have a mock-up banknote that looks like it was designed by a 14 year old in ten minutes. Checkmate Westoid. The global depolarization begins in five minutes.

[America Needs R'hllor]

First draft of the BRICS currency, presented by the Russian embassy in South Africa to the UAE:

https://twitter.com/iraninarabic_ir/status/1699147815803404340
I quite like it, especially the concept of there not being a “correct side” to look at it, ensuring no country can be at the top. You can see the currency value from all 4 corners of the paper.

Noticeable how each country flag is a “brick” too.

The only thing I think it’s weird is the giant Taj Mahal floating over the Indian flag. Aesthetically, it stands out from others and it’s weird. I would put it in front of the flag like you can see with Brazil, Russia, China “symbols”. Or at least make it somewhat smaller.

The Christ The Redeemer design also needs to change in order to be more faithful to the real thing. The face of this one is low-key ugly.

In the back of the currency they would put the new countries that joined. Since this is only an idea draft, they put a bunch of random countries that aren’t members in the back as well lmao. I think this was made before the recent expansion so they just included a random set of countries that had applied but had not joined yet.

That would obviously have to change so that only BRICS members are represented in the currency, but I like the concept of updating the design to include the new membership on the back too, like they were “bricks” as well.

You quite like it, huh? Which part do you like the most- the country currently brutally invading its neighbor, murdering innocents and raping little girls? Or maybe the country currently geocoding an ethnic minority and using force to put formerly democratic societies under oppressive authoritarianism? Oh, oh, how about the country in the tweet OP, soon to join them, that kills women for being immodest and executes gay people for existing? Do you like seeing your country’s flag next to theirs?

[Antonio the Sixth]

Amazing to see LARPing on such a global scale.

[Red Velvet]

You quite like it, huh? Which part do you like the most- the country currently brutally invading its neighbor, murdering innocents and raping little girls? Or maybe the country currently geocoding an ethnic minority and using force to put formerly democratic societies under oppressive authoritarianism? Oh, oh, how about the country in the tweet OP, soon to join them, that kills women for being immodest and executes gay people for existing? Do you like seeing your country’s flag next to theirs?

Like what? It’s just an early draft idea, the thing doesn’t even exist yet and you’re already getting this pressed and desperate lol

BRICS countries getting closer is simply a geopolitical fact resulted from the western reaction to the Ukraine War, just like people celebrated NATO getting stronger because what, Sweden now joined? If you treat the world as something divided in blocs, naturally you will see this exact same fragmentation come to life.

As I said in previous posts, the united currency project is still being technically studied by the countries for at least the next two years. And the project is more focused on a basket of currencies for trade between the countries than a paper currency that would replace national currencies (no one wants that).

Still, this design was made symbolically and as an early idea, I think it looks pretty cool though some adjustments would have to be made if it was something to actually be implemented IMO

Mostly regarding the “symbols” details of each country. Brazil; Russia and India are construction monuments while China is just a “Dragon”? Make Taj Mahal smaller too and in front of the Indian flag too. Give the Brazilian Christ a more elegant face.

However, the concept of putting all five founding countries in a circle while the currency value can be seen from all four sides is pretty wicked, I love it yeah. I don’t think I’ve ever seen a paper currency with this kind of concept that evidences cooperation and no hierarchy between the members represented.

[Hindsight was 2020]

I also guess Lulu is abandoning any peace price fantasies for ending the war as Ukraine will never trust him now to be a neutral arbitrator

[President Punxsutawney Phil]

You quite like it, huh? Which part do you like the most- the country currently brutally invading its neighbor, murdering innocents and raping little girls? Or maybe the country currently geocoding an ethnic minority and using force to put formerly democratic societies under oppressive authoritarianism? Oh, oh, how about the country in the tweet OP, soon to join them, that kills women for being immodest and executes gay people for existing? Do you like seeing your country’s flag next to theirs?

What a silly little rant this is, even if BRICS is something that many people put too much expectations into. People serious about diplomacy know you work with anyone and everyone to push what you want done. That's why, we worked with the Russians in order to try to get the Iranian nuclear deal to work out. Realists who knew how to get the job done...career foreign  affairs ministry bureaucrats in America and elsewhere who help make international solutions possible. The deal fell apart because Trump left it...and trust in us (rightfully) declined as a result (where we misstep as a country we should be judged for it). And now nuclear proliferation risk is on the up, instead of the down.
This attitude your post espouses is not how you run a foreign policy and if this was the attitude of our great bureaucracy, then we'd deserve to be a second-rate power, we'd deserve it. Coordination with other countries is important for global stability. Both when we are operating with a cloak and dagger, and when we are shaking hands.

By this standard, Joe Biden merely offering Putin a meeting in Oval Office on the eve of February 22nd indicts him, because he'd be seen walking alongside Putin himself had the latter taken him up on the offer.

Fortunately the bureaucracies of both Russia and America are saner in dealing with each other than the most inflexible partisans of either are towards the other. In fact, our intelligence community's awareness of what is going on in Putin's Russia is a product of our successful ethos in dealing with them.

[America Needs R'hllor]

You quite like it, huh? Which part do you like the most- the country currently brutally invading its neighbor, murdering innocents and raping little girls? Or maybe the country currently geocoding an ethnic minority and using force to put formerly democratic societies under oppressive authoritarianism? Oh, oh, how about the country in the tweet OP, soon to join them, that kills women for being immodest and executes gay people for existing? Do you like seeing your country’s flag next to theirs?

What a silly little rant this is, even if BRICS is something that many people put too much expectations into. People serious about diplomacy know you work with anyone and everyone to push what you want done. That's why, we worked with the Russians in order to try to get the Iranian nuclear deal to work out. Realists who knew how to get the job done...career foreign  affairs ministry bureaucrats in America and elsewhere who help make international solutions possible. The deal fell apart because Trump left it...and trust in us (rightfully) declined as a result (where we misstep as a country we should be judged for it). And now nuclear proliferation risk is on the up, instead of the down.
This attitude your post espouses is not how you run a foreign policy and if this was the attitude of our great bureaucracy, then we'd deserve to be a second-rate power, we'd deserve it. Coordination with other countries is important for global stability. Both when we are operating with a cloak and dagger, and when we are shaking hands.

By this standard, Joe Biden merely offering Putin a meeting in Oval Office on the eve of February 22nd indicts him, because he'd be seen walking alongside Putin himself had the latter taken him up on the offer.

Fortunately the bureaucracies of both Russia and America are saner in dealing with each other than the most inflexible partisans of either are towards the other. In fact, our intelligence community's awareness of what is going on in Putin's Russia is a product of our successful ethos in dealing with them.

Yes, making a common currency and integrating with genocidal states is the exact same as negotiating with them to achieve concrete purposes. I'm a IR grad, "realists" don't impress me.

[OSR stands with Israel]

You quite like it, huh? Which part do you like the most- the country currently brutally invading its neighbor, murdering innocents and raping little girls? Or maybe the country currently geocoding an ethnic minority and using force to put formerly democratic societies under oppressive authoritarianism? Oh, oh, how about the country in the tweet OP, soon to join them, that kills women for being immodest and executes gay people for existing? Do you like seeing your country’s flag next to theirs?

What a silly little rant this is, even if BRICS is something that many people put too much expectations into. People serious about diplomacy know you work with anyone and everyone to push what you want done. That's why, we worked with the Russians in order to try to get the Iranian nuclear deal to work out. Realists who knew how to get the job done...career foreign  affairs ministry bureaucrats in America and elsewhere who help make international solutions possible. The deal fell apart because Trump left it...and trust in us (rightfully) declined as a result (where we misstep as a country we should be judged for it). And now nuclear proliferation risk is on the up, instead of the down.
This attitude your post espouses is not how you run a foreign policy and if this was the attitude of our great bureaucracy, then we'd deserve to be a second-rate power, we'd deserve it. Coordination with other countries is important for global stability. Both when we are operating with a cloak and dagger, and when we are shaking hands.

By this standard, Joe Biden merely offering Putin a meeting in Oval Office on the eve of February 22nd indicts him, because he'd be seen walking alongside Putin himself had the latter taken him up on the offer.

Fortunately the bureaucracies of both Russia and America are saner in dealing with each other than the most inflexible partisans of either are towards the other. In fact, our intelligence community's awareness of what is going on in Putin's Russia is a product of our successful ethos in dealing with them.

Yes, making a common currency and integrating with genocidal states is the exact same as negotiating with them to achieve concrete purposes. I'm a IR grad, "realists" don't impress me.

Realists won the Cold War and helped bring down one of the most evil empires that ever existed . The US moving away from realism is why our FP has mostly sucked since the end of the Cold War . We can easily stop stuff like this happening if we became less ideological in foreign policy and had a more realism based foreign policy .

No , that does not mean we have to become pro Russia , it just means we have to work with some of these nations in a more transactional basis .

[America Needs R'hllor]

You quite like it, huh? Which part do you like the most- the country currently brutally invading its neighbor, murdering innocents and raping little girls? Or maybe the country currently geocoding an ethnic minority and using force to put formerly democratic societies under oppressive authoritarianism? Oh, oh, how about the country in the tweet OP, soon to join them, that kills women for being immodest and executes gay people for existing? Do you like seeing your country’s flag next to theirs?

What a silly little rant this is, even if BRICS is something that many people put too much expectations into. People serious about diplomacy know you work with anyone and everyone to push what you want done. That's why, we worked with the Russians in order to try to get the Iranian nuclear deal to work out. Realists who knew how to get the job done...career foreign  affairs ministry bureaucrats in America and elsewhere who help make international solutions possible. The deal fell apart because Trump left it...and trust in us (rightfully) declined as a result (where we misstep as a country we should be judged for it). And now nuclear proliferation risk is on the up, instead of the down.
This attitude your post espouses is not how you run a foreign policy and if this was the attitude of our great bureaucracy, then we'd deserve to be a second-rate power, we'd deserve it. Coordination with other countries is important for global stability. Both when we are operating with a cloak and dagger, and when we are shaking hands.

By this standard, Joe Biden merely offering Putin a meeting in Oval Office on the eve of February 22nd indicts him, because he'd be seen walking alongside Putin himself had the latter taken him up on the offer.

Fortunately the bureaucracies of both Russia and America are saner in dealing with each other than the most inflexible partisans of either are towards the other. In fact, our intelligence community's awareness of what is going on in Putin's Russia is a product of our successful ethos in dealing with them.

Yes, making a common currency and integrating with genocidal states is the exact same as negotiating with them to achieve concrete purposes. I'm a IR grad, "realists" don't impress me.

Realists won the Cold War and helped bring down one of the most evil empires that ever existed . The US moving away from realism is why our FP has mostly sucked since the end of the Cold War . We can easily stop stuff like this happening if we became less ideological in foreign policy and had a more realism based foreign policy .

No , that does not mean we have to become pro Russia , it just means we have to work with some of these nations in a more transactional basis .

Google Mearsheimer and his takes on the war.

[President Punxsutawney Phil]

You quite like it, huh? Which part do you like the most- the country currently brutally invading its neighbor, murdering innocents and raping little girls? Or maybe the country currently geocoding an ethnic minority and using force to put formerly democratic societies under oppressive authoritarianism? Oh, oh, how about the country in the tweet OP, soon to join them, that kills women for being immodest and executes gay people for existing? Do you like seeing your country’s flag next to theirs?

What a silly little rant this is, even if BRICS is something that many people put too much expectations into. People serious about diplomacy know you work with anyone and everyone to push what you want done. That's why, we worked with the Russians in order to try to get the Iranian nuclear deal to work out. Realists who knew how to get the job done...career foreign  affairs ministry bureaucrats in America and elsewhere who help make international solutions possible. The deal fell apart because Trump left it...and trust in us (rightfully) declined as a result (where we misstep as a country we should be judged for it). And now nuclear proliferation risk is on the up, instead of the down.
This attitude your post espouses is not how you run a foreign policy and if this was the attitude of our great bureaucracy, then we'd deserve to be a second-rate power, we'd deserve it. Coordination with other countries is important for global stability. Both when we are operating with a cloak and dagger, and when we are shaking hands.

By this standard, Joe Biden merely offering Putin a meeting in Oval Office on the eve of February 22nd indicts him, because he'd be seen walking alongside Putin himself had the latter taken him up on the offer.

Fortunately the bureaucracies of both Russia and America are saner in dealing with each other than the most inflexible partisans of either are towards the other. In fact, our intelligence community's awareness of what is going on in Putin's Russia is a product of our successful ethos in dealing with them.

Yes, making a common currency and integrating with genocidal states is the exact same as negotiating with them to achieve concrete purposes. I'm a IR grad, "realists" don't impress me.

For someone who is an IR grad...how did you get the idea that the feeling we could fully or mostly isolate Russia internationally isn't utterly delusional?
Let Brazil do what Brazil wants to do, we just remain competitive against Russia at its own game and maintain a strong outreach to the Third World more generally (something Biden is handling decently well). BRICS has contradictions in itself anyway...if it does actually turn into "integration" then we're facing bigger problems...even a common currency for all BRICS countries feels very remote considering neither China nor India are yet prepared to set aside their differences.
It's frankly silly to let Western notions for what these countries are like blind us to what drives Third World countries. EU and USA+Canada is around a billion people...on a planet of eight billion. Not everyone dances to our tune or sees things the way we do. And let's be blunt here...decision makers in the West have to factor in the fact that money talks and elites in these places are filthy rich. Just look at where sporting events have been held...China...Russia...Qatar...
RedVelvet, I, and the bulk of the State Department bureaucracy aren't too different in how we approach this. It's just how the world works...