BRICS building a single unit of Account

By Keith Thuerk | Financial Stewardship | 24 Aug 2023

BRICS building a single unit of Account

Unless you have head your head jammed in the proverbial sand, you are aware of a three-day BRICS meeting in South Africa this week.


History of BRICS

Founded in 2009 by Brazil, Russia, India and China, while South Africa joined in 2010.

40% of Worlds Population in 2009

From a GDP perspective Total global GDP


Well, well look at that East is beating West, well sleepy prolly says that all is well! Nothing to see here folks move along...

40+ countries have either expressed intent or have submitted application to BRICS, China backed invitation to join BRICS was sent to Saudi Arabia! & UAE, If accepted would be the first extension since 2010. Look for them to be formally sworn in in Jan. '24. France has recently announced they want to join BRICS too, will the EU allow this duality?

More BRICS expansion expected in '24 as Argentina, Egypt, Ethiopia and Iran are expected to be ratified too

First shot across the bow, took place in Sept. 2017 - When Saudi Arabia pivoted away from US to China. Look it up and learn for yourself these things don't take place overnight!

Goals of BRICS meeting this week:

  • Stronger relationships, no new cold war, no small group
  • BRICS Development Bank Strives to Become ‘Bank Made by Developing Countries for Themselves’
  • India stated BRICS nations could use their UPI Instant payment system 
  • "The Time of Western Dominance is Over" - Putin
  • Another conspiracy theory to keep in your frontal cortex - none of the BRICS members have denounced Russia’s actions or joined in on the sanctions! Again prolly nothing!

Summary - the USA seems fine with allowing BRICS to flourish as the $ dies on the vine. Be prepared for a very different future! Anyone else get a chill down their spine?

Credits - Statista for InfoGraphic

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Keith Thuerk
Keith Thuerk

Currently learning about Crypto's and DeFi to combat the Inflationary Tidal wave coming our way!

Financial Stewardship
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