Economist’s “News and Views” Tuesday 8-27-2024
BRICS Launches Intrabank System: Disruption of Western Finance System?
Fastepo: 8-27-2024
Over the past month, BRICS has seen substantial developments that underscore its growing influence on the global stage, from financial banking system to group expansion.
As of August 2024, around 40 to 47 countries from various regions, including Africa, Asia, and South America, have expressed their desire to join BRICS.
This interest is fueled largely by the bloc's potential to challenge the current global economic order, which is heavily dominated by Western institutions like the IMF and World Bank. Many of these nations are seeking to diversify away from reliance on the U.S. dollar, as they perceive this dependency to pose significant risks to their economies, especially considering potential U.S. economic downturns.
In parallel to its membership expansion, BRICS is advancing initiatives to create alternative financial systems.
For example, the BRICS New Development Bank has approved 98 infrastructure projects totaling $33 billion since its inception, positioning itself as a credible alternative to Western-dominated financial institutions. Additionally, the group is working towards an intra-bank payment system, aimed at reducing reliance on the dollar in cross-border transactions, which is seen as a key step toward de-dollarization.
In this video, we take you through the latest development of BRICS as of August 2024.
China & Japan Just Ditched All US Imports!
Tech Beat: 8-27-2024
In this video, we look at the dramatic shift in global trade dynamics as China and Japan make the courageous decision to severely decrease, and in some cases altogether halt, their imports from the United States.
This development marks a watershed moment in the economic connections between three major world powers, raising critical questions about the future of international commerce.
We look at the reasons behind this abrupt choice, such as continued trade disputes, geopolitical strategies, and China and Japan's growing push for economic self-reliance.
We also look at the potential ramifications for the global economy, particularly for industries and firms that have long relied on strong trade relations between the United States and these two Asian powerhouses.
Furthermore, we will examine the ramifications for the United States and its role in the global market.
Could this signal the start of a larger move away from US economic influence? How will this affect consumers, businesses, and the entire economic landscape?
Join us as we dissect the data, share expert perspectives, and examine the larger implications of this significant development.
A Huge Bombshell is About to Hit U S Banks in a Massive Way
Atlantis Report: 8-27-2024
The aftermath of an aggressive tightening cycle, marked by historic interest rate hikes, is giving way to a new phase that could see the Federal Reserve resorting to rate cuts. However, conflicting signals and uncertainties surrounding the timing of these rate cuts are raising concerns among investors.
Against this backdrop, the banking sector is grappling with significant risks, and it appears that a huge bombshell is about to hit US banks.