The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergei Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.
Through its regulatory body, the Eurasian Economic Commission (EEC), the EAEU has just extended a very serious proposal to the BRICS nations (Brazil, Russia, India, China and South Africa) which, crucially, are already on the way to turning into BRICS+: a sort of G20 of the Global South.
The system will include a single payment card – in direct competition with Visa and Mastercard – merging the already existing Russian MIR, China’s UnionPay, India’s RuPay, Brazil’s Elo, and others.
That will represent a direct challenge to the western-designed (and enforced) monetary system, head on. And it comes on the heels of BRICS members already transacting their bilateral trade in local currencies, and bypassing the US dollar.…
De-dollarization picking up steam.
In addition, the Global South/East is integrating as a competitive rival (BRICS, EAEU, SCC, BRI) to the Global North/West (G7, NATO, Western-controlled international financial institutions like the IMF and World Bank). Parallel systems in a bipolar world are developing.
Pushing further on down the road, the recent pathetic metaphor coined by a tawdry Eurocrat boss: the “jungle” is breaking away from the “garden” with a vengeance.…
In ancient Greece a distinction was drawn between (Greek) civilization, barbarism (non-Greek civilization), and savagery (tribalism). In the colonial era the distinction was between the West and "the white-man's burden," meaning the undeveloped colonies that were being exploited. That game is ending.
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The top takeaways from this analysis are several. First, Russia’s energy geopolitics with China and India are mutually beneficial. Second, China’s energy diversification strategy is being balanced out by India’s insatiable appetite for discounted Russian resources. Third, India is rapidly replacing China as Russia’s top partner. Fourth, neither the aforesaid nor the ongoing Sino-American discussions over a New Détente are zero-sum for Moscow or Beijing. And finally, a new global strategic balance is emerging.
Andrew Korybko's Newsletter
Andrew Korybko
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In our new Hobbesian world, a world of competing economic zones, Europe’s first goal should be to achieve strategic economic autonomy. But is that goal attainable anymore when its energy security that gave underpinning to its prosperity and industrial might has been smashed to smithereens in the depths of the Baltic Sea by unseen hands? …
Meanwhile, Europe too is struggling with its demons — unable to shake off the idea of a price cap on Russian oil that is sure to boomerang and further aggravate Europe’s energy security; need to step up imports of LNG from Russia still, which is far cheaper than from America; Europe not being in a position to respond to the launch of the highly consequential inflation reduction act in the US or migration of European industry to America; EU’s inability to strengthen the international role of the euro for absorbing some of the world’s surplus savings, and so on....India Punchline
Conflict in Ukraine is doomed to escalate
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador
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