October 23 – Reuters (Lisandra Paraguassu): “Brazilian President Luiz Inacio Lula da Silva said… that it is time for the BRICS nations to create new payment methods between them, adding that the group's New Development Bank was designed as an alternative to what he called failing Bretton Woods institutions. ‘It’s not about replacing our currencies, but we need to work so that the multipolar order we aim for is reflected in the international financial system,’ Lula told the BRICS summit…”
Lula da Silva was "elected" President of Brazil this time around because the United States put him there. The US didn't like the rhetoric of Bolsonaro so they staged an election coup and gave the election to Lula.
Now, Lula is turning around and undermining the strength of the dollar by proposing what seems to be a balance of payments system between the BRICS central banks.
What other participants should remember though, is that Lula is on unsure footing. It is a big question mark as to whether he will retain US support for his presidency if and when Donald Trump takes power. If Lula loses US support, how long will he be able to hold on to his position?
Now, Brazil may still pursue its position within BRICS but how will that change once da Silva is kicked out?
