The world divide, gap widening and fast

 That threat is over with Saudi Arabia's move to sell oil in other currencies than be tied to the US$. The USA and the West may downplay the effect as they like, but the consequence cannot be that simple.

With this move taken by the Saudis, other oil producing countries are not going to just stand idle as their market share is bound to be affected. When all oil producers start to accept payments for oil in other currencies, you can see the effect in its appropriate proportions. No use denying and hoping to retain the status quo.

Now, oil is not the only problem for the USA and the West. Metals and agricultural production are moving into a whole new Trading Exchange Bloc set up within BRICS, away from having to conform to entities like the London Metal Exchange, European Energy Exchange and others, with BRICS countries setting its own pricing and conducting trade in its own currencies outside of the US$.

The fact that the Global South is tremendously rich oil reserves, in mineral resources, agricultural output is not to be sniffed at in terms of its effect on the US$. Within BRICS currently, Saudi Arabia, UAE and Russia are already important players in energy resources. When Iran and Venezuela join BRICS later, the control of energy is almost total.

Russia and Brazil are already major players in grain production in their own right. Africa and South America are rich in mineral resources, mostly in the hands of the Chinese and favoring the Chinese moving forward.

Now China is investigating pork dumping by the EU in the latest escalation. No problem says the EU. Well, left to be seen. 

Anonymous