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Date
10/22/2024 8:52:59 AM
(MENAFN) The forthcoming BRICS summit in Kazan, Russia, is set to draw in more countries to the bloc, a trend that former Pentagon analyst Michael Maloof attributes to actions taken by Washington. Speaking on George Galloway's Mother of All Talk Shows, Maloof praised Russian President Vladimir Putin for recognizing the widespread desire for a more inclusive economic system. Numerous nations are seeking to escape what Maloof labels the "odious sanctions of the West" and the constraints of the existing financial order.
Maloof was critical of the United States' management of the so-called "Rules Based Order," asserting that it permits the U.S. to establish and bend the rules to its own benefit. He expressed a growing frustration among countries disillusioned with U.S. policy, stating, "We've seen enough of this crap." He anticipates an increasing challenge to the supremacy of the U.S. dollar and the Western financial architecture, indicating that the BRICS summit will introduce new mechanisms to support this transition.
Following its exclusion from the Western financial system due to the Ukraine conflict in 2022, Russia has accelerated efforts to trade in rubles and other currencies. Putin clarified that Russia was not actively abandoning dollar transactions; instead, it was forced to explore alternatives because of sanctions imposed by Western nations.
As BRICS continues to grow, the summit is viewed as a vital venue for countries striving for economic autonomy and seeking new opportunities for trade and partnership beyond the reach of Western influence. The discussions surrounding the BRICS summit highlight a pivotal change in the global economic environment, emphasizing the increasing aspiration for a multipolar world where power is not dominated by a single currency or authority.
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