China Declares Massive BRICS Expansion As Countries Push to Challenge US Dollar
Keep up to Date & Bypass the Big Tech Censorship
Get uncensored news and updates, subscribe to our daily FREE newsletter!
The BRICS economic bloc is set to undergo a significant expansion, and China has stated that it will completely support this move.
Mao Ning, a spokesperson for the Chinese Ministry of Foreign Affairs, stated that China is prepared to “bring more like-minded partners” into the BRICS group, which is comprised of Brazil, Russia, India, China, and South Africa at the present time.
According to the newspaper China Daily, which is supported by the Chinese government, Ning made the comments while commenting on allegations that Nicolas Maduro, the president of Venezuela, is pressing to add Venezuela to the organization.
| Recommended Books [ see all ] | ||||
|---|---|---|---|---|
 |  |  |  |
 |
“BRICS is committed to upholding multilateralism, vigorously advancing the reform of the global governance system, and increasing the representation and say of emerging markets and developing countries,” the statement reads. “BRICS sees itself as an important platform for cooperation among emerging markets and developing countries.”
This is a big deal. China welcomes Palestinian President Mahmoud Abbas to announce a strategic partnership. Xi Jinping wants to repair the damage that the US and Israel have done. China is bringing peace to the Middle East. Fascinating times. #BRICS pic.twitter.com/VyjB7137OF
— Kim Dotcom (@KimDotcom) June 15, 2023
This year, BRICS has been in the spotlight following claims that the group is mulling over the possibility of launching its own gold-backed currency in an effort to challenge the dominance of the US dollar as the reserve currency of the world.
At the upcoming BRICS summit, which will take place in August in South Africa, members have stated that they would explore expanding the organization; however, it is unclear whether discussions on a shared currency will be included on the agenda.
According to Anil Sooklal, who serves as the African Ambassador for BRICS, a total of thirteen nations have at this point formally sought to join the club.
As American households reach an all-time high in the amount of debt they carry, it is expected that the national debt will rise over the course of the next decade.
Nearly 20 countries are seeking to get BRICS membership and their number continues to grow, Russian Deputy Foreign Minister Sergey Ryabkov told TASS:https://t.co/Pjzp84ZnVY pic.twitter.com/CK7hEr9krm
— TASS (@tassagency_en) June 15, 2023
Statista, a provider of business data, cites information from the New York Federal Reserve’s quarterly report on household debt and credit to assert that the total amount of household debt rose to an all-time high of $17.05 trillion in the first quarter of 2023.
The increase in the number of mortgages being originated is mostly to blame for the “faster-than-usual” ascent in the level of consumer debt.
During the height of the Covid-19 epidemic, when customers were taking advantage of historically low interest rates, a total of fourteen million mortgages were refinanced.
As a result of households turning $430 billion worth of property equity into cash, mortgages are responsible for 86% of the rise in overall consumer debt that has occurred since the fourth quarter of 2019. The growth can be attributed to credit card debt in the amount of 8%, followed by school loans at 3%.
In the meantime, Statista projects that the gross national debt of the United States will reach $51.99 trillion by the year 2033. This is an increase of more than $20 trillion in comparison to the current level of debt in the United States, which is $31.92 trillion.
This month, President Joe Biden signed a deal that suspends the debt ceiling, paving the door for unrestricted spending for the next two years. The arrangement was brokered by President Barack Obama and Vice President Joe Biden.
