Considering some of the threats directed towards BRICS by Trump. Indonesia's inclusion as a full member might cause some tongues to wag in D.C. The X factor with Trump might of lost some of its luster outside the U.S. The chess games are afoot in the No Harm No Foul World War III news.
7 Jan 2025 - Indonesia joins BRICS bloc as full member, Brazil says
https://www.reuters.com/world/indonesia-join-brics-bloc-full-member-brazil-says-2025-01-06/
Some might be thinking what this means in terms of Australia. Australia already does local currency trading with various countries.
In April 2013, Australia and China commenced direct trading between the Australian dollar and the Chinese renminbi. Direct trading should help to lower currency conversion costs, facilitate the currencies’ use in bilateral trade and investment, and promote financial cooperation between our two countries.
https://china.embassy.gov.au/bjng/130716ecoandtrade.html
21 Feb 2022 - Renewal of Bilateral Local Currency Swap Arrangement Between the Reserve Bank of Australia and Bank Indonesia
This agreement is designed to promote bilateral trade for the economic development of Australia and Indonesia. In particular, the agreement will ensure that trade between the two countries can continue to be settled in local currency even in times of financial stress. The agreement can also be used for other, mutually agreed, purposes.
https://www.rba.gov.au/media-releases/2022/mr-22-04.html
What is the BRICS payment system? A decentralized payment system that allows sovereign countries to trade and make payments in their own currency. Outside of sanctions that might be imposed by other countries with another type of payment system. Currently in the majority of international trades the US dollar acts as a go-between from one country to the next. Requiring trades to be settled in US dollars, hence demand for the US dollars helps to maintain an arbitrary value for exchange rates with the fiat currency. (Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Wiki)
BRICS PAY - Wiki
BRICS PAY or BRICS Pay is a decentralized and independent payment messaging mechanism system that is affiliated with the BRICS organization.[1][2]
The project is a joint venture developed by the BRICS member states to receive and make payments in their own local currencies.[3][4][5][6] The venture was launched in 2018 by the BRICS Business Council. The team that cooperatively runs BRICS PAY consists of financial, banking technology experts from the four founding nations of BRICS, as well as South Africa. The purpose of BRICS PAY is to make international payments more safe, transparent, less costly and complicated, encouraging international cooperation between the quickly expanding BRICS members.[7]
On October 23, 2024, China has fully backed BRICS PAY.[1
BRICS PAY will feature a decentralized Cross-border messaging system (DCMS), developed by scientists of the Center of Saint-Petersburg State University of Russia. DCMS operates, transparently, without any central owner or hub. Participants manage their own nodes, allegedly making the system resistant to external abuse, control or interference.
https://en.wikipedia.org/wiki/BRICS_PAY
If we lost the dollar... That would make us a third world country and we can't let it happen.
Trump makes a number of interesting statements in regards to why sovereign countries should not being allowed to trade with their own currency.
- 1:16 mins If we lost the dollar continuing as the world's currency I think that would be the equivalent of losing a war. That would make us a third world country and we can't let it happen.
- 2:00 mins If you don't honor the dollar as the world's currency..... that's OK I am going to put tariffs all over your products.
- 3:01 mins And these countries like Russia. It's going out now and doing its own thing and ya know they're going out bragging about how they don't need us anymore. etc etc...
8 Sep 2024 Trump Raises Alarm Over De-Dollarisation Push; ‘Will Be Like Losing A War…’ | US Elections - Hindustan Times
Trump threatens BRICS with 100% tariffs if BRICS tries to move away from the US dollar. You could call it an acknowledgment that the US might be worried about systems that move away from the effectiveness of the dollar and sanctions from the West for US foreign policy. Of course, the threats from a US decision are exactly the reason why other countries might not feel safe with staying with the dollar and payment systems.
1 Dec 2024 -TRUMP Threaten BRICS countries with 100% Tariff for Dedollarization: - Fastepo