BRICS expanding into economic powerhouse: Petrodollar under threat

In its South Africa summit, BRICS invited six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. The bloc now represents 37% of global GDP (PPP), over 40% of global oil production, and 1/3rd of global gas production, challenging the US petrodollar system. Ben Norton analyzes the importance of the meeting. VIDEO: https://youtube.com/watch?v=1SIfrWkQXeE BRICS debates mission at summit: Challenge West's G7 or be neutral?: https://youtube.com/watch?v=wQN7Uh_XMbA How a US debt trap in Argentina is fueling inflation, dollarization, far right: https://youtube.com/watch?v=1BRx90DhYWM US pressures Saudi Arabia to sell oil in dollars, not Chinese yuan: https://geopoliticaleconomy.com/2023/08/10/us-saudi-arabia-sell-oil-dollars-chinese-yuan Topics: 0:00 Introduction 3:21 Petrodollar under threat 7:51 BRICS+ makes up 40% of global oil production 9:00 BRICS+ makes up 1/3rd of global gas production 10:48 BRICS' massive economic weight 12:09 Will Argentina join? 18:29 De-dollarization 20:46 Saudi-Iran peace 23:35 BRICS vs. G7 30:17 Xi's speech 35:18 Putin's speech 41:06 Lula's speech 42:17 Lula calls for new BRICS currency 44:36 Lula warns of "green neocolonialism" 45:26 Africa-Latin America cooperation 47:42 Ramaphosa's speech 52:50 Venezuela 54:34 Cuba 55:37 Conclusion