The world is giving birth to a new era, the era where the sole dominance of the U.S. and its currency, the American dollar, is slowly coming to an end.

In this article (in two parts), I explore how this turning of age is happening and how the BRICS Summit in Kazan between October 22-24, 2024 is playing a divisive role. In this first part, I focus on the new payment system and its mechanisms that are being envisioned.

The U.S. Dominance is Coming to An End

After WWII, the U.S. created a world system in its image, with appropriate institutions serving the needs of that time, and their own needs too, as explained in Robert Kagan’s book, The World America Made, in 2012.

The different crises provoked by their financial creations, the different wars and invasions of sovereign nations, the unilateral sanctions that resulted in so many deaths and sufferings to innocent people in countries such as Cuba, Iran, Syria and Afghanistan, among others, and above all the weaponisation of the world trade and reserve currency, the U.S. dollar, imposed by them to the world (including the fact the oil could only be sold in their currency), was a wake-up call to the world, especially to the Global South.

The BRICS, through the leadership of China and Russia, personalised the Global South’s aspirations of liberty and prosperity. A sense of urgency that a new world order is needed was installed.

What Kazan Summit Promise to........

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