Goodbye, dollar dominance: BRICS plans multi currency system to transform global financial order

BRICS plans to challenge US dollar dominance and transform the international monetary and financial system by developing infrastructure for crossborder payments using local currencies. Russia made a detailed proposal for the October Kazan summit. Ben Norton analyzes the report, explaining how the USdominated financial system benefits rich Western countries at the expense of the Global South which is why BRICS is pushing to change it. Topics 0:00 US dollar hegemony 3:57 BRICS plan to transform international monetary financial system 10:39 What are BRICS goals 13:22 New International Economic Order (NIEO) G77 15:32 Dedollarization 20:02 Summary of BRICS report on financial system 31:59 West controls IMF World Bank 36:34 Global economy has changed, but financial system hasn t 42:07 How rich countries drain capital from poor ones 45:16 Challenging the US dollar monopoly 47:29 Correspondent banks SWIFT system 51:10 Central bank reser