© IP3press / Legion-MediaPresident Alberto Fernandez of Argentina, in France, 13th May 2022
"Argentina wants to join this space and offer its contributions as a member of it," Fernandez said via video link.
The BRICS nations, comprising Brazil, Russia, India, China and South Africa, account for over 40 percent of the global population and nearly a quarter of the world's gross domestic product.
The 14th BRICS summit was hosted by China, which currently holds the rotating presidency.
The Argentinian head of state said the group "constitutes a platform with enormous capacities to discuss and implement an agenda for the future that will lead to a better and fairer time."
Fernandez added that "the institutional and economic weight of the BRICS can become a factor of financial stability" and the expansion of the bloc's "New Development Bank can be a useful instrument to strengthen national infrastructures."
"It is time to explore cooperation mechanisms, such as the currency swap that Argentina signed with China," he said, calling for the creation of an International Risk Rating Agency that could "put in public hands what today is in the hands of private interests."
Earlier this week, Russian President Vladimir Putin said the BRICS countries are working on setting up a new global reserve currency, based on a currency basket of the five nations. Putin also said banks from BRICS economies can freely connect to the System for Transfer of Financial Messages (SPFS), Russia's alternative to SWIFT.
Reader Comments
I've already declared my ancillary membership, but I understand that is not the same thing as being a full member.
And of course, right.....need to say this I reckon....don't mean all smooth water ahead - it is going to be turbulent because, to put it frankly, WAR is WAR....a mental war is no different than a physical one nowadays and it is becoming evident for those of us paying attention who is winning the mental war and how ironic it is that all it takes to win this war is to be truthful.
Isn't it all the same game, though?
Fiat is fiat is fiat is fiat...
It is going to be a "whirlwind of excitement" over the next few months I reckon - hurricanes, calamities, "accidents", injuries, suffering, harm, and pain one after another. Hold onto your hat if you got one and in the end the best ideas will prevail.
2023 is gonna be even better than 2022 when the halfwit, dimwit, uninwit, undesired, pschyos get pushback they never expected - I'm sure they will be contrite at the end, but the hangman calls and the gallows are being setup as I type this!
Peace Joey - I think I know what side you are on.
Ken
Main point though is that is better than fiat based solely on good faith because good faith in fiat is already in terminal velocity towards the black well....I mean hole.
This is an excellent summary of all the factors involved which will see the US $ disappear overnight.