Egyptian parliament approves agreement to join the BRICS bank
The vice-president of the Economic Committee of the House of Representatives, Mohamed Abdel-Hamid, affirmed that joining the institution benefits the country.
“We will benefit from the Bank’s financial and technical assistance in areas such as sustainable development, health, infrastructure, transportation, water, and telecommunications,” he said.
The addition of Egypt will also relieve the state budget of the pressure to find dollars to meet imports because members of that bank can use their national currencies in bilateral trade, he said.
Parliamentarian Ahmed El-Awadi, head of the House National Security and Defense Committee, also praised the decision: “It represents a step in the fight against the dollarization phenomenon and opens up new markets for Egypt’s agricultural and industrial products,” he said.
Legislator Mervat Mattar, stated that “the BRICS group is an important forum that can divert the course of the international economy from US and dollar dominance.” He also welcomed the Russian central bank’s decision a week ago to add the Egyptian pound to its list of foreign currencies exchangeable for rubles.
Last December, the Egyptian Council of Ministers announced its decision to join the BRICS, after a proposal by President Abdel Fatah El-Sissi.
Good bye Petro dollar...
Can’t wait
While I don't disagree, it's probably going to be a rough transition. Let's hope we don't transition to something worse and/or lose too many people along the way.
I think once the house of cards falls and people stop living in the illusion and comforts the US economy "affords", you are going to see people worrying about actual problems and will stop fighting for pronouns, gender identity liberalism, and victim intersectionality. We are gonna be going through a lot of changes, but hardship brings change in character.
I agree with your assessment and prognostication, however, massive amounts of inflation may not be just "hardship." Such activities lead to starvation, civil war, and very likely world war, given the scope of the petro dollar. Indeed, the same thing occurring in Germany about 90 years ago led to the rise of the Nazi party. I was going to say "and we all know how that turned out," but I don't think very many people actually realize how that turned out. Nevertheless, it wasn't good.
Yes, it was pretty bad. Also the Nazi movement gained steam as liberalism became mainstream in Germany. Follow that with cultural collapse and it's perfect recipe for a cultural turnheel and subsequent disaster. I am brown, and I am afraid if shit goes south people will blame and generalize people of my skin tone and have a turnheel moment. But whatever, I will have to live with the downfall. Hope for the best, prepare for the worse.
It begins! The trickle will become a roaring tsunami.
We'll have to create a new acronym soon with all of the letters being added to BRICS.