(WND)—A former chief economist with Goldman Sachs has said the possibility of BRICS overtaking the U.S. economy is closer to a fantasy than reality, because two of the main players in the alliance have a tenuous relationship at best.
Economist Jim O’Neil, who first coined the term BRICS in 2001, told Reuters the idea BRICS being a genuine global club is “out there with the fairies” and “not feasible.”
“The idea that the BRICS can be some genuine global economic club, it’s obviously a bit out there with the fairies in the same way that the G7 can be, and it’s very disturbing that they see themselves as some kind of alternative global thing, because it’s obviously not feasible,” O’Neill said.
BRICS was first formed in 2009 in the wake of the 2008 global recession and originally had four member states – Brazil, Russia, India, and China. It has grown substantially over the past 20 years, adding South Africa in 2010, and since then has grown to include Iran, Saudi Arabia, the United Arab Emirates, Ethiopia, and Egypt.
According to O’Neil, BRICS as a group has not achieved much over the past 15 years, and added the alliance is more symbolic than anything.
“It seems to me basically to be a symbolic annual gathering where important emerging countries, particularly noisy ones like Russia, but also China, can basically get together and highlight how good it is to be part of something that doesn’t involve the U.S. and that global governance isn’t good enough,” O’Neil said.
The relationship between China and India – the two economic powerhouses of the group – has been mired with disputes over territory over recent years. O’Neil said he would take the alliance seriously when both countries are actually able to work together effectively.
“I will take the BRICS group seriously when I see signs that the two countries that really matter – China and India – are actually really trying to agree on things, rather than effectively trying to confront each other all the time,” O’Neil said.
Tensions could be beginning to ease between China and India, however, after China’s President Xi Jinping and India’s Prime Minister Narendra Modi came to an agreement over the long-running border disputes on Wednesday.
According to the Associated Press, the two leaders met for the first time in five years and this could spell the end of a four-year standoff between their respective militaries along their shared Himylayan border, which China has laid claim to.
“It’s important for both sides to shoulder our international responsibilities, set an example for boosting the strength and unity of the developing countries, and contribute to promoting multi-polarization and democracy in international relations,” Xi said.
India’s Foreign Secretary Vikram Misri told reporters the pact will have a positive impact on regional and global peace and prosperity. However, he did not detail how exactly the border dispute would be resolved, and if the tens of thousands of troops still stationed there would be pulled back.
“The two leaders affirmed that stable, predictable, and amicable bilateral relations between India and China, as two neighbors and the two largest nations on earth, will have a positive impact on regional and global peace and prosperity,” Misri said.
Met President Xi Jinping on the sidelines of the Kazan BRICS Summit.
India-China relations are important for the people of our countries, and for regional and global peace and stability.
Mutual trust, mutual respect and mutual sensitivity will guide bilateral relations. pic.twitter.com/tXfudhAU4b
— Narendra Modi (@narendramodi) October 23, 2024
#WATCH | Prime Minister Narendra Modi holds a bilateral meeting with Chinese President Xi Jinping in Kazan, Russia on the sidelines of the BRICS Summit.
(Source: DD News/ANI) pic.twitter.com/WmGk1AlSwW
— ANI (@ANI) October 23, 2024
#WATCH | Kazan, Russia: During the bilateral meeting with PM Modi, Chinese President Xi Jinping says, "It's my great pleasure to meet you in Kazan. It's the first time for us to have a formal meeting in five years time. Both the people in our two countries and the international… pic.twitter.com/NCUm2DVmQY
— ANI (@ANI) October 23, 2024
Russian President Valdimir Putin seemed confident BRICS would continue to expand, and stated on Wednesday there are over 30 countries currently wanting to join BRICS, according to a report from DP International.
“It would undoubtedly be wrong to ignore the unprecedented interest of the countries of the Global South and east in strengthening their contacts with BRICS,” Putin said.
The summit’s agenda is breaking away from Western-led financial institutions, reducing the reliance on the U.S. dollar and the influence of the SWIFT system. Putin reportedly wants stronger financial bonds between the members.
Putin said Wednesday the U.S. dollar is being used as a weapon, adding he does not reject using the dollar but feels forced to look for an alternative, because Russia is not able to work with U.S. dollars.
“The [U.S.] dollar is used as a weapon, it is true and we see that. I think it is a great mistake by those who do it, since the use of the dollar, which is still the most important tool in global finance, and its use as a political tool undermines trust in this currency, thereby reducing its capabilities. We are not the ones who do that. It’s others. We are not rejecting the dollar or fighting against it, but if they don’t let us work with it, what else should we do? We should seek other alternatives and this is exactly what we do,” Putin said.
JUST IN: 🇷🇺 Russian President Putin says it's a "great mistake" to use the US dollar as a weapon. pic.twitter.com/4J3KU1Z6U7
— BRICS News (@BRICSinfo) October 23, 2024
Ulrich Schmid, professor of Russian studies at the University of St. Gallen in Switzerland, told France 24’s Eve Irvine the West should not overestimate the significance of the BRICS summit because the member states have clashing agendas, making any real progress slow.
“We do have very diverging agendas among the member states. So, for instance, Russia and Iran are extremely interested to create alternative trade platforms, alternative payment systems to evade the heavy sanctions they’re under … At the same time we have other countries who are just in favor of multilateral world orders, such as Brazil or India, and they at the same time want to continue to have very good relations also with Western countries, including the United States,” Schmid said.
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Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
