Watch the Rise of BRICS
As the United States economy crumbles and global tensions rise, brics (Brazil, Russia, India, China and South Africa) offers economic shelter for America’s enemies. Last week, Chinese General Secretary Xi Jinping criticized the West for “weaponizing” the global economy and called on emerging countries to join a new economic bloc. Reuters reported on June 28 that Iran and Argentina have applied to join the brics economic group.
“The Ukraine crisis is another wake-up call for all in the world,” Xi said on June 22, speaking at a virtual summit also joined by Russian President Vladimir Putin. “It reminds us that blind faith in the so-called ‘position of strength’ and attempts to expand military alliances and seek one’s own security at the expense of others will only land oneself in a security dilemma.” Both Putin and Xi have blamed the Ukraine war and the resultant economic crisis on the West.
Western sanctions, Xi claimed, were a “double-edged sword” that weaponized the global economy to the detriment of people around the world. Putin noted that brics partners were “developing reliable alternative mechanisms for international settlements” and “exploring the possibility of creating an international reserve currency based on the basket of brics currencies.”
Russia’s aggressive war and the West’s response are speeding up the formation of a biblically prophesied economic power.
For the first time in a century Russia defaulted on its debts on June 26. Sanctions have prevented Russia from paying its bills—though it has the money to do so. However, many still see Russia as a reliable trading partner and, in some cases, even depend on it.
RT headlined last week: “By Taking on American Hegemony and Challenging the Dollar, BRICS Members Represent the Best Hope for a Fairer World Order.” brics nations have a combined population of around 3.2 billion, while G-7 nations represent only around 777 million. These billions of people do not want to be dominated by the West. But as they see it, they can’t be truly free without being able to trade freely.
China, which threatens to invade Taiwan and brutally suppresses minorities in its country, could soon find itself in a similar situation as Russia. The same is true for Iran. All of them seek independence from the United States dollar. But so far, this hasn’t been possible. There are indications now, however, that the world is moving away from the U.S. system.
An Indian think tank reported last year that China’s digital yuan could be “an alternative to the dollar-dominated financial system.” It concluded that the digital yuan “could circumvent the U.S. dollar in important global financial transactions.” China, India and Russia are also exploring an alternative to the U.S.-dominated swift payment mechanism.
David Goldman wrote last year for Frontier: “Historians still quibble about what event marked the end of the Roman Empire. Some future historians might choose Jan. 16, 2021, as the fatal moment for the American empire. That’s when the People’s Bank of China and swift, the global system for international monetary transfers, set up a joint venture to promote the use of China’s digital currency in cross-border payments.”
Russia is also working on an alternative to the Western payment mechanism. Central Bank governor Elvira Nabiullina noted on June 29 that 70 foreign financial organizations from 12 countries have joined Russia’s alternative to the swift financial messaging system. There are still some major limitations to Russia’s System for Transfer of Financial Messages (spfs), but little by little, Russia is gaining independence from the West.
Even if these multitiered attempts to erode U.S. hegemony are only partly successful, the consequences will be dramatic. The U.S. is largely living on debt sustained by high demand for the dollar. The less demand there is for the dollar, the greater the fear of economic collapse.
Most people have dismissed these fears, pointing to the U.S.’s absolute dominance. But not only do current events weaken this dominance, Isaiah 23 prophesies that a U.S.-independent trading alliance will form, which will include Europe. While activities in Russia and China may help trigger the destruction of the dollar, it will ultimately be Europe that dominates the new trading alliance. Trumpet editor in chief Gerald Flurry wrote: “Two great trading blocs are positioning themselves to control the world. Both power conglomerates are discussed in Daniel 11:40-45 and in Isaiah 23. But that trading partnership won’t last long.” This alliance will form to create independence from the U.S. But beyond that, the two power blocs have little in common.
What we currently see play out in geopolitical trends has been most accurately predicted in the Bible. These stunning prophecies are explained in Isaiah’s End-Time Vision, by Gerald Flurry. Also read “Will China’s Digital Currency Bring a SWIFT End to Dollar Supremacy?”