How BRICS Is Replacing Western Finance With Its Own Mechanism
Western finance, especially dominated by the US, has a wide web that includes using the dollar, stocks, bonds, and Treasuries, among other assets, to fund its deficit. While this is a narrow term, the broad term, take for example Treasuries, also includes Treasury bills, Treasury notes, and Treasury bonds, among others. There is an array of US dollar-denominated assets to choose from, and the network is the biggest in the world. Escaping from the US clutches is impossible, but BRICS is now mirroring Western finance with its own financial mechanism. Also Read: BRICS In Process To Launch Alternative Trading Platform: Diplomat BRICS Replacing Western Finance One Step At a Time Source: Watcher Guru BRICS countries are planning to build and mirror Western finance into their payment mechanism. The alliance is looking to create its own payments, currency, settlements, depositories, and swap lines, all outside the US dollar. While the work to achieve the feat is still in progress and could tak...