Edit: replaced with Aljazeera article, a known news source

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Western Hegemony FALLING APART, BRICS Now Controls 40% WORLD’S GDP & DE-DOLLARIZING

The group encompassing five major emerging economies – China, Brazil, South Africa, Russia and India – which makes decisions by consensus, agreed on “the guiding principles, standards, criteria and procedures of the BRICS expansion process”, during the three-day annual summit held in Johannesburg this week, Ramaphosa said on Thursday.

Expansion was pushed heavily by Russia and China, analysts said, as they are facing pushback from Western nations in the form of sanctions.

“What [BRICS is] trying to achieve in a way is being opened up for more discussion,” Danny Bradlow, a professor with the Centre for the Advancement of Scholarship at the University of Pretoria, told Al Jazeera ahead of the summit. “As long as it was just the five countries, they were talking about the reform of global economic governance or global governance generally … But they haven’t done very much about that.

Old Article: https://libertarianinstitute.org/news/brics-set-to-open-doors-to-new-members-eyes-creating-new-currency/

BRICS – named for its five members: Brazil, Russia, India, China and South Africa – is an economic forum, not a military alliance.

As Washington has increasingly used its influence over the world economy to exclude countries that disobey the White House’s demands, BRICS has emerged as a potential alternative to a global economic system based on the dollar. “If we expand BRICS to account for a similar portion of world GDP as the G7, then our collective voice in the world will grow stronger,” a Chinese official told the Financial Times in the runup to the summit.

Without naming Washington, Chinese President Xi Jinping took aim at the White House for attempting to use the dollar-based system to crush developing nations. “Some country, obsessed with maintaining its hegemony, has gone out of its way to cripple the emerging markets and developing countries,” the Chinese leader said. “Whoever is developing fast becomes its target of containment. Whoever is catching up, becomes its target of obstructions.”

Kyle Anzalone is news editor of the Libertarian Institute, opinion editor of Antiwar.com and co-host of Conflicts of Interest with Will Porter and Connor Freeman.___