Loading ...Russia & China’s US-Provoked Payment Problems Caught Most BRICS Enthusiasts By Surprise
RT published a feature analysis on Friday asking, “Has the US finally succeeded in choking off Russia’s biggest trade lifeline?”, which readers are encouraged to read in full to learn more Russia and China’s US-provoked payment problems. In a nutshell, Chinese banks of all sizes have suddenly started complying with the US’ sanctions out of fear of secondary sanctions, which RT’s financial expert Henry Johnston reminded everyone has also been reported by the domestic Russian media whose articles he cites.
All of this is shocking for the average BRICS enthusiast who’s been influenced by wishful thinking articles since the start of the special operation into imagining that this group is an anti-Western bloc. They’ve also heard countless times that “the dollar is dead” or is “about to die any day now,” that Russia and China are “allies” who are jointly resisting the West in all respects, and that a new world order has already emerged to replace the previously American-led unipolar one. None of that is true though.
……..Third, the reality of BRICS is finally more apparent in light of these problems: it’s a network of countries that voluntarily coordinate their policies to accelerate financial multipolarity, but whose members are limited by structural constraints and their ties with the West in terms of how far and fast they go. If it was a bloc like the average enthusiast imagines, especially an anti-Western one, then there’s no way that Chinese banks of all sizes would ever comply with the US’ anti-Russian sanctions.
This is an example of the “straw man fallacy”. The argument that creating an economic system independent of the western, American dominated one would be quick or easy is not one I’ve heard or read about. It is because it is an arduous process with a great deal of difficulty attached that makes the undeniable progress of the BRICS so profound.
Confirmation of that progress can be seen in the growth of the Russian economy in the face of the most concerted sanctions program in history. When compared to the growth rates of western economies, one wonders whether exclusion from “the rules based order” is all that significant anymore. Of course, the transition from it to another would entail considerable struggle, yet the benefits are clearly apparent.
It doesn’t go unnoticed that western economies are, to greater or lesser degrees, dependent on the resources of many of the countries favourable to joining the BRICS and allied organizations. So these sanction policies are replete with loopholes making them far less effective. One could argue that the more effective the sanctions, the more they hurt those that issue them.
Recent history proves the progress toward freer and less restrictive trade among nations is unstoppable save by military means. The success of the Special Military Operation in the Ukraine leaves that option even more questionable than the sanctions war. No one said getting free of western dominance would be easy, but the hegemon apologists who think it impossible are clearly mistaken. It’s happening before their eyes!