By Nick Stamatakis
This has to be among the most significant news stories of the year, if not the decade and the first part of the 21st century!! The fact that among these six new members, we have Iran and Saudi Arabia – the formerly sworn enemies – says it all. In addition, India and China decided to set up a group of expert officials to solve their border dispute, the problem that has been messing up their relationships for decades!! To get a grasp of the magnitude of the event, please take a look at the chart below, depicting the growth of BRICS economies compared to G7, according to IMF data:
The chart is clear: Even before the expansion, the BRICS economies were larger than the G7. But with the inclusion of Saudi Arabia, Iran, Egypt, Ethiopia, United Arab Emirates, and Argentina, the Bricks will shoot from 32.1% of the Global GDP to probably around 38 or 40%.
But the actual significance surpasses the GDP numbers (whose “concoction” by the West is disputed by many economists). The five BRICS have over 40% of the world population and, with the new additions, will probably approach 50%.
Even more important is the obvious observation that with the inclusion of Iran, Saudi Arabia, Egypt, and Ethiopia, the entire Middle East, including the Suez Canal, whose geostrategic significance cannot be underestimated, is passing from the West to the Control of the BRICS. In addition, oil prices will be controlled by them as they include the biggest oil producers. Goodbye petro-dollar!!
A complete geopolitical disaster for the U.S. and the West is unfolding before our eyes! We heard that the State Department – in a last-ditch effort to prevent this disaster – was ready the last few days to offer Saudi Arabia nuclear weapons!! This idea has failed…
A side-effect of these developments seems to have hit Greece already. The shipowners, who, luckily for Greece, control the mass media and therefore have tremendous power over the Mitsotakis government, are pulling the rug under his feet… The wildfires seem to have given the shipowners the excuse to get rid of a treasonous prime minister who has been undermining Greece’s national interests. For eight decades since WWII ended, Greece followed the Yalta agreements: 80-85% of influence over the country belonged to the West and the rest to Russia. But Mitsotakis went 100% to the West, hurting Greece’s national interests – the interests which have been proven over the centuries to coincide with the shipowners’ interests.
Another huge side-effect will be the collapse of the DC establishment, which depends on the dollar’s power. The combination of domestic pressure (the rising populist movement under Donald Trump) and big external pressures (defeat in Syria, defeat in Ukraine, defeat in Niger, and the rise of the BRICS) will end the corrupt DC swamp.
But to these hugely important issues, we will return soon…
BRICS Summit 2023 Highlights: BRICS invites Saudi Arabia and five other nations to join the bloc, PM Modi congratulates new members
1 min read . Updated: 24 Aug 2023, 10:56 PM IST
BRICS Summit 2023 LIVE: BRICS leaders announced the admission of six new countries -Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates – into the bloc from next year
BRICS leaders announced on Thursday the admission of six new countries from next year as the club of large and populous emerging economies seeks to reshape the global order.
The BRICS — Brazil, Russia, India, China and South Africa — agreed at their annual summit to make Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates full members from January 1.
“This membership expansion is historic,” said Chinese President Xi Jinping, whose nation is the most powerful in the group of non-Western states that represents a quarter of the world’s economy.
“The expansion is also a new starting point for BRICS cooperation. It will bring new vigour to the BRICS cooperation mechanism and further strengthen the force for world peace and development.”
Prime Minister Narendra Modi later congratulated the new menber, saying, “India has always supported the expansion of BRICS. India has always believed that adding new members will strengthen BRICS as an organisation,” he said.
Check the latest updates here
24 Aug 2023, 09:22:25 PM IST
BRICS Summit 2023 LIVE: PM Modi, XI asks officials to resolve border dispute
Foreign Secretary Vinay Kwatra says, “Prime Minister had interactions with other BRICS leaders. In a conversation with President Xi Jinping of China, Prime Minister highlighted India’s concerns on the unresolved issues along the LAC in the western sector of the India-China border areas. Prime Minister underlined that the maintenance of peace and tranquillity in the border areas and observing and respecting the LAC are essential for the normalisation of the India-China relationship. In this regard, the two leaders agreed to direct their relevant officials to intensify efforts at expeditious disengagement and de-escalation.”
24 Aug 2023, 05:24:00 PM IST
BRICS Summit 2023 LIVE: PM Modi holds talks with Iran’s Raisi
PM Modi holds talks with Iran’s President Ebrahim Raisi on sidelines of BRICS Summit in Johannesburg, South Africa.