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BRICS trade has grown remarkably

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News Date: November 5, 2023

The BRICS group witnessed a remarkable surge in their trade activities over the five-year period from 2017 to 2022.
According to a report by Bloomberg, these nations collectively bolstered their economic ties and achieved a staggering 56% growth in their trade volumes during this period.
This significant increase underscores the growing economic significance of this influential bloc on the global stage.
In the year 2022, the combined trade turnover among the BRICS nations reached an impressive milestone, amounting to a staggering $422 billion.
This substantial figure demonstrates the remarkable economic prowess and potential of the BRICS group, solidifying its status as a major player in the international trade landscape.
In a recent statement, Russian President Vladimir Putin argued that the BRICS group has already surpassed the G7 nations in terms of the purchasing power parity (PPP) of their populations.
This claim highlights the rising economic strength and consumer power of BRICS countries, potentially reshaping the global economic landscape and challenging the traditionally dominant position of the G7.

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Cross-border payments network Ripple (XRP) announced that it has become part of the ISO 20022 Standards Body, becoming its first member focused on distributed ledger technology (DLT). The new payment messaging standard is set to replace SWIFT MT messages as the standard format for cross-border and high-value payments.
Source:coinspeaker.com

Central Banks lost control! Gold currency trust

Major central banks have totally lost control and the world economy is now floating around helplessly without direction.
Since sound money must be scarce, fiat money can never be sound since unlimited amounts can be and have been created. One of the very important features of gold is that it is scarce. The total global gold stock only increases by 1.7% or 3,000 tones per annum.
So scarcity is one of the important reasons why gold is the only currency that has survived in history.
Source:www.zerohedge.com

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The United States and China are in frequent discussions to prevent emerging market sovereign defaults.
Talks include preemptive measures such as extending loan periods to ease the annual debt service burden of over US$400 billion for poor countries.
Ideas also involve increased financing from the World Bank and others to address high borrowing rates.
The aim is to implement these measures before countries default and enter formal restructuring talks with creditors.
The Treasury Department: "we talk frequently with China about sovereign debt concerns.
And we talk to many countries about how to make sure the international financial architecture is meeting low-income country financing needs".

IMF Debt forgiveness for 25 poorest countries

IMF Executive Board approved immediate debt service relief to 25 of the IMF's member countries under the IMF's revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund's response to help address the impact of the COVID-19 pandemic.
Source:imf.org

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Shutdown averted: Senate passes continuing resolution to keep US government open through December.
The US Senate approved a stopgap funding bill Thursday in a rare show of cross-party unity to avert a crippling government shutdown and keep the lights on for another two months.

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