[HN Gopher] BRICS Announces Plan to Ditch Swift, Create Alternat...
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       BRICS Announces Plan to Ditch Swift, Create Alternative Financial
       System
        
       Author : haltingproblem
       Score  : 15 points
       Date   : 2024-07-28 21:13 UTC (1 hours ago)
        
 (HTM) web link (www.tekedia.com)
 (TXT) w3m dump (www.tekedia.com)
        
       | downrightmike wrote:
       | Disassociating from the first world is not going to work, just
       | look at what happens with Ecuador.
        
         | haltingproblem wrote:
         | Headline is sensational but why disassociate?
         | 
         | There be two systems and countries, companies can use both.
         | Right now there is a monopoly but there can be a multitude of
         | systems.
        
         | gizmo686 wrote:
         | This is not a small economy trying to go its own way. This is 5
         | countries representing about a quarter of global GDB.
         | 
         | Staying in a western controlled financial system is also a
         | risk. Look at what happened to Russia after their invasion of
         | Ukraine. If the system works out, there will probably be alot
         | of other countries interested in either switching over, or
         | playing both sides.
        
       | addicted wrote:
       | India and China have certainly become far more consequential
       | since the formation of BRICS.
       | 
       | Russia's importance has been diminishing exponentially. Their
       | greatest exports have all become less valuable (their military
       | technology has shown up to be below par, their gas pipelines to
       | Europe are basically done for, their most valuable human capital
       | has fled/died in the millions).
       | 
       | Brazil is in economic crisis. Again their economy has been
       | becoming less important rather than more over the past 5-10
       | years.
       | 
       | And the less said about the South African economic disaster the
       | better.
       | 
       | India and China also hate each other and are literally fighting
       | an active war with each other as we speak.
       | 
       | BRICS as an organization is terribly impotent considering how
       | important 2 of their 5 largest members are in the world order.
       | 
       | Also, it's nice for Switzerland that they have SWIFT but it's
       | really not that useful. We learnt that when SWIFT detonated the
       | nuclear option a couple of years ago against Russia and nothing
       | happened.
       | 
       | Clearly SWIFT has little geopolitical value, so with that known
       | now, even western economies will benefit with some competition.
        
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       (page generated 2024-07-28 23:12 UTC)