President Putin brought together leaders of many Third World nations in the recent trending summit of BRICS organised in Kazan, Russia. All of them affirmed the need to fight against Western imperialism and the tools of the same, like SWIFT, IMF and World Bank and the requirement of a new financial system. Finance is the lifeblood of the global economy. As long as it is dominated by the US Dollar, nations will be forced to be subservient to the US. Even many Western nations like France and Germany are uncomfortable with American delusions of absolute dominance and wish the Euro to get stronger. However by pushing aside China, they are weakening themselves further and submitting themselves to US’ whims and fancies. 97 percent of Russia’s foreign trade is now dollar free. More than half of China’s cross-border transactions are now happening in yuan.
All the views and opinions expressed are those of the author. Image Credit – The Organization for World Peace.
About the Author
Sauro Dasgupta holds a Master’s degree in International Relations and completed Bachelor’s degree in Political Science from Jadavpur University. He is currently a PhD scholar of International Relations at the University. His analysis and opinions have been published across notable online media outlets including The Viyug.
