"one of the biggest stories in the world and nobody is talking about it"
As a marxist, I’ve always known that an indispensable resource for understanding what is happening in the political economy of the country and the world is the business press. It’s the place where capitalists are required to rigorously and honestly take stock of the present state of, and ongoing developments in, what we call the infrastructure.
Thus, I came across this video from a channel called Inside China Business, by a guy named Kevin Walmsley, who has lived and worked in China since 2012 for a company called Direct Equipment. The video is entitled, bluntly, “The BRICS trading system is already wiping out US farmers, as global price discovery is destroyed” and it gives a concrete analysis, which surprised me, of how the BRICS system has already upended the global commodities trading system that was “for a hundred years” based on the U.S. dollar and essentially managed from Chicago. As he says, “This is one of the biggest stories in the world, and nobody is talking about it”—because few people know how. He knows how.
He talks about how the BRICS are developing
a new global trading system, which is completely independent of the U.S.-led system based on U.S. dollar trading and the SWIFT bank system. the system that we use in western countries … that has obvious advantages to us and obvious disadvantages to everyone else. If we're honest with ourselves there is no logical reason why a farmer in Brazil who's selling soybeans to China should use an American bank or the exchange in Chicago to make the deal happen, or need U.S. dollars to do so….Now, China, Brazil, and the other BRICS have the technology to build their own system, buying and selling directly without U.S. dollars, without Western banks, and without going through commodities traders and going through exchanges in Chicago.