Big moves being made
Javier Milei, who has been making waves cosplaying as an anarcho-capitalist, is pushing policies that tie Argentina’s future directly to the U.S. dollar and, by extension, to the Federal Reserve—a system deeply rooted in economic manipulation and military expansion.
This choice is a significant departure from what is happening on the world stage right now: Russia has extended an invitation to Palestine to join the BRICS coalition, opening up new opportunities for Palestinian economic and political independence. Finally, some bricks that Palestine can stack without worrying about airstrikes turning them to dust.
Interestingly, Milei had the chance to consider BRICS membership for Argentina but decided against it, opting instead to align with the dollar—a move that could have long-term implications for Argentina’s sovereignty.
For those unfamiliar, BRICS is an economic and political organization composed of five major emerging economies: Brazil, Russia, India, China, and South Africa. These nations represent a significant portion of the world’s population and global GDP, which measures the total economic output of a country.
Together, BRICS makes up about 25% of the world's GDP, showing they have the economic power to challenge Western financial dominance. To put this in perspective, NATO countries, which include many of the world’s most developed economies, account for a much larger share of global GDP, with estimates around 45%.
However, while NATO’s economic power is substantial, its focus is primarily on defense spending, which is roughly 2% of its combined GDP, highlighting a different kind of influence in global affairs. BRICS, on the other hand, is focused on shifting economic power and creating a more multipolar world where influence is more evenly distributed.
Adding to the complexity, BRICS operates in a far more decentralized manner than organizations like the Federal Reserve.
While the Federal Reserve is a centralized entity with a clear hierarchical structure, BRICS functions through consensus among its member nations, with no central authority dictating policies.
This decentralized approach aligns with BRICS' goals of promoting a multipolar world, where power is shared rather than concentrated.
Meanwhile, Palestine is gearing up to apply for BRICS membership after the upcoming Kazan summit in October 2024. This move could significantly alter Palestine’s economic and political landscape, providing it with allies who are eager to reduce their reliance on the U.S. dollar and challenge Western dominance in global trade.
Abdel Hafiz Nofal, the Palestinian Ambassador to Russia, pointed out that Russian President Vladimir Putin promised that one session would be fully devoted to Palestine, calling the invitation a positive message and a strong show of support for the Palestinian people.
This is not just symbolic; it is a real chance for Palestine to partner with countries that are actively seeking alternatives to the existing global power structures.
Adding to the significance of Palestine’s potential membership, BRICS has seen a growing interest from several countries looking to join the bloc. In 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates officially became members, reflecting BRICS' expanding influence.
Saudi Arabia, a country with a complex relationship with the U.S. despite being a longstanding ally, is also considering joining BRICS. This move is particularly noteworthy given Saudi Arabia's involvement in the September 11 attacks—15 of the 19 hijackers were Saudi nationals, which has led to strained relations and ongoing scrutiny.
Saudi Arabia's potential membership in BRICS could signal its intention to diversify its alliances and reduce its dependency on Western powers, further challenging the current global order.
BRICS' economic strategies stand out for their focus on decentralization and cooperation, setting them apart from the top-down control typical of Western models like the Federal Reserve.
There has been significant discussion within BRICS about the potential for a new currency that could be backed by gold. This would be a direct challenge to fiat currencies like the U.S. dollar, which are not tied to physical assets. While no official gold-backed BRICS currency has been launched, the proposal reflects the bloc's interest in creating a more stable and independent financial system.
A gold-backed currency could provide a hedge against inflation and economic instability, though it also presents challenges, such as the need for substantial gold reserves and the complexities of managing a currency tied to a volatile commodity like gold.
On the flip side, Milei’s push for dollarization essentially hands Argentina’s economic sovereignty over to the Federal Reserve, an institution that libertarians have criticized for years.
By tying Argentina to the dollar, Milei is putting the country at the mercy of U.S. foreign policy and a system that has historically funded wars and interventions around the globe. Palestine joining BRICS? It’s almost like they are tired of being dependent on countries that fund their oppressors. Shocking, I know.
Nofal also stressed, "This invitation means that despite all the crimes, killings, and destruction in the Gaza Strip, our message is that Palestine wants to live and to develop." In contrast, Russia and China are paving a different path, one that challenges the current economic order.
Some observers have noted that if Palestine joins BRICS, it could help strengthen economic ties with the member states, especially at a time when U.S. funding to Palestine has seen significant cuts.
While Milei’s approach might bring short-term stability to Argentina’s economy, it also locks the country into a system where it has little control over its monetary policy. Meanwhile, the possibility of a BRICS-backed currency is growing, which could disrupt the dominance of the U.S. dollar.
The bottom line is that Argentina’s path under Milei looks very different from the direction countries like Palestine, Russia, and China are heading. While Argentina is leaning on the dollar as a kind of safety net,
Palestine’s potential move into BRICS points to a future where economic independence could reshape its role on the world stage. Russia’s invitation to Palestine is not just a diplomatic gesture; it is a step towards a world where the rules of economic power are being rewritten.
If Palestine follows through and BRICS continues to grow its influence, we could see other nations rethinking their ties to the dollar, exploring new alliances, and accelerating the shift towards a more decentralized global economy.
