A level playing field is what BRICS is seeking for world trade without stipulations and conditions dominated by the US.
The Foreign Ministers of BRICS are currently in Cape Town which is a pre cursor to the summit being held in August. Make no mistake this is all about setting the new world order moving away from the US and West dominance as everyone is fed up of being dictated to.
Living in South Africa I can see both sides with the pros and cons as the thought has always been to stick with the West even if your interests are not a priority. If you look at the countries joining or considering to join BRICS the majority have always been looked down on.
I was watching a clip of an African President who was ordered to attend a summit and if he didn't attend there would be consequences. He mentioned he was never part of the discussions and was only there to be part of a group photo. This is not only disrespectful but also a waste of time and money and why so many countries are fed up playing to the political rules dominated by one country.
Over the next 6 months we can expect loads of change as the main topic is the launching of a new currency for trade purposes. This is to remove the US dominance it currently has over world trade with the USD and the repercussions will be severe.
We just saw the States raise their debt ceiling which is utter madness considering how fragile the future looks as this is not business as usual. According to reports the list is growing with around 15 countries lined up to join with Saudi Arabia and the UAE expected to play major roles in helping to bank roll the new BRICS Development fund.
The BRICS bank has already agreed to help South Africa fix their load shedding crisis by bank rolling the changes required. This is the opposite of what the States suggested by paying for the removal of coal power stations whilst Europe is importing ship loads of SA coal. The population here is very much on board with BRICS and there is resentment to the US and West. I would say that this is how Africa and many other regions are thinking as the West is not very popular.
A new currency will help protect countries from the threat of sanctions and being dictated to by the West. Removing the Dollar removes the influence imposed making for a more equal trade with shared objectives. I do think this had to happen at some point as countries have just had enough of the bully boy tactics and feel they are not respected or taken seriously.
The effects on the US economy may take a few years to play out but it looks certain that change is going to happen. The days of the US dictating how things will be done which benefit themselves are disappearing very quickly. Having a Biden as the leader of the US has not helped and has only played into the hands of the BRICS as America is seen as weak and vulnerable.
The problem with the US playing the banker in global trade is that it is a one sided game of Monopoly The banker always wins as they can just cheat by printing more money when they feel like it making up the rules as they go along. If the rumors are true with the likes of Israel, France and Greece keen to join BRICS then we are definitely in for a rough ride as change is never easy.
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Finally, I would add. Somebody is destroying USA, step by step.
@tipu curate
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The way we've been seeing the U.S. economy for some time now is getting worse and people are losing confidence in it. The price will also decrease. The problem of load shedding is much worse because the way things are going there are many people who can neither install a UPS nor get a generator so it is very difficult for them to make a living. Earlier, there was a lot of light here in Pakistan, but now it is getting less.