America
The rise of BRICS: The end of dollar dominance in global economic arena
In the current changing world, the BRICS group has emerged as a new player in the global political and economic arena. The key players in this group are Brazil, Russia, India, China, and South Africa, and other countries have recently joined this group, including Saudi Arabia, Egypt, Iran, the United Arab Emirates, and Ethiopia.
This variety of countries has increased the strength of this group in terms of politics, economy and geography. These countries, which account for more than 45pc of the world’s population and 26.98pc of the world’s gross domestic product, play an important role in global political and economic developments. In this sense, BRICS is considered as an influential factor in economic and political developments.
The tendency of new countries to join this platform shows their desire to reduce their dependence on the US dollar and western markets. Thus, BRICS seeks to create a common currency to strengthen economic cooperation and facilitate trade between member countries, which can replace the dollar in economic exchanges in the future.
Reducing dependence on the dollar:
The dominance of the US dollar over the world economy began after the end of World War II and the establishment of the Bretton Woods system in 1944, in which the dollar was introduced as the main currency for international trade, but this dominance ended with the abandonment of the gold standard in 1971.
Therefore, one of the main goals of the BRICS countries to create a common currency is to reduce dependence on the US dollar as a global currency and its dominance in international trade. BRICS member countries seek to remain immune from currency fluctuations and US economic sanctions.
The strength of economic cooperation:
The creation of a common currency can help facilitate trade between BRICS countries and prevent additional costs related to currency conversion.
This issue can increase the competitiveness of the goods and services of member countries in domestic and foreign markets and promote regional trade in a faster and cheaper way. Increasing trade between member countries directly contributes to economic growth.
Strengthening the political position:
The BRICS countries seek to strengthen their position in the international arena and reduce the influence of Western powers and challenge the dominance of the dollar. A common currency can help strengthen international cooperation and representation of these countries in the global financial system. Building stronger ties between member states can also help strengthen them on the world stage.
Attracting and facilitating investment:
By creating a common currency and ensuring financial stability, the attraction of foreign investment will be boosted. Foreign investors can easily cooperate in many projects both independently and jointly because challenges related to costs and other currency conversion problems have been resolved, this will help facilitate trade and investment for BRICS members.
An introduction to the prerequisites for creating a new currency for BRICS members
Creating a common currency for BRICS members can help strengthen economic cooperation and reduce dependence on traditional currencies such as the US dollar.
However, certain prerequisites are necessary for this initiative to succeed. These prerequisites include strong economic cooperation among the member countries, political stability, creating a coherent financial system and suitable legal arrangements for the diverse economy of the members.
Providing these above conditions can pave the way for the adoption and effective use of the new currency and help to strengthen the position of BRICS in the global financial system.
Prerequisites:
To create a common currency, the BRICS countries need certain conditions, including providing a suitable platform for strong economic cooperation among the member countries, economic diversity, cohesion to create a financial system, and political stability, which is the most important pillar of this prerequisite. In order for the new currency to be implemented, the member countries must reach full economic convergence. This convergence includes common understanding and agreement on financial, commercial and economic policies.
Political support:
Creating a common currency requires strong political support from the BRICS leaders. Despite the symbolic support for the new currency at the meeting of the BRICS members in Russia, the members of the group must remain steadfast on the political support of this issue, otherwise it can cause difficulties in the process of this joint project.
Challenges: Major differences in size and economic structure
One of the main challenges in creating a BRICS common currency is the economic and financial differences between member countries.
BRICS countries have different economic structures and these differences can lead to conflicts in financial and currency policies.
For example, China and India as larger and faster growing economies in BRICS will have a high capacity to influence common policies, while the economies of Russia, Saudi Arabia and Iran are dependent on natural gas and oil resources.
Brazil and South Africa both have smaller economies and are relatively dependent on certain industries such as agriculture, mining and raw materials.
Ethiopia is a country that has one of the highest economic growth rates in Africa, and agriculture plays an important role in the Ethiopian economy, and this country is recently trying to become a commercial and industrial center in East Africa.
As the second largest economy in the world, China is considered the largest and most industrialized economy and the driving force of BRICS, which undoubtedly plays a dominant role in the economy of this group.
This situation can lead to more dependence of member countries on China and economic differences between members; Because smaller countries may not be able to keep up with the speed of growth and economic complexity of China.
America
US Senate panel seeks records in Trump-linked crypto investigation
Richard Blumenthal, the ranking Democrat on the US Senate Permanent Subcommittee on Investigations (PSI), has requested documents from cryptocurrency exchange Binance, Tether, and crypto projects linked to President Donald Trump as part of inquiries into potential financial irregularities and conflicts of interest.
The documents were requested to be submitted by 4 January 2027.
Senators warned that they would resort to compulsory measures if the request was refused.
Entities sent document requests include World Liberty Financial and Fight Fight Fight LLC, both linked to President Trump’s family.
Blumenthal began examining the activities of these entities in May 2025 following reports that they may have engaged in transactions with foreigners under federal criminal investigation, attracted investments from foreign governments, and violated public ethics rules.
Notably, in 2026, it emerged that individuals close to the Abu Dhabi royal family had signed an agreement with the Trump family to purchase 49% of the shares in World Liberty Financial for $500 million.
The company, founded in September 2024 by the US President and his sons, launched a token called WLFI.
According to official disclosures, Trump made $800 million from this token alone.
Conversely, crypto analytics firm Nansen calculated, by tracking 1.48 million crypto wallets, that approximately two-thirds of those who invested in the token after its launch in January 2025 incurred losses.
While many retail investors spent several thousand dollars on purchases, the largest investors poured in millions of dollars.
Trump also launched his own memecoin, TRUMP, on 17 January 2025, prior to his inauguration.
Rising 10.6-fold in value within three days, the cryptocurrency’s market capitalisation reached $15 billion at its peak.
However, after those three days, the price entered a downturn, plunging by 97%.
Trump reported in his financial disclosure that he earned $635 million in income from sales of these memecoins.
In July 2026, Blumenthal held public hearings on the family crypto projects from which the President made $1.4 billion.
The losses suffered by TRUMP memecoin investors were also addressed during these hearings.
Cryptocurrency exchange Binance and Tether, which issues the largest stablecoin, USDT, are under scrutiny over their dealings with the Trump administration.
Lawmakers suspected conflicts of interest stemming from the exchange’s collaboration with World Liberty Financial.
Previously, a group of senators had demanded an inquiry into the terms of the presidential pardon granted to Binance founder Changpeng Zhao.
Separately, The New York Times reported that the United Arab Emirates (UAE) gaining access to American artificial intelligence chips coincided with a $2 billion investment by a UAE entity into Binance using USD1, a stablecoin issued by World Liberty Financial.
While this deal rapidly expanded the volume of tokens in circulation, it enabled Trump’s company to generate revenue from interest on government bonds where USD1 reserves were held.
Trump, for his part, described the report as slander.
America
US credit card debt hits record $1.29 trillion, New York Fed reports
Americans’ credit card debt reached a record $1.29 trillion in the third quarter, according to a new report published by the New York Fed.
Falling behind on credit card payments can trap struggling households in a cycle of fees, credit score downgrades, and increasingly expensive borrowing.
Although delinquency rates across the country have shown improvement, the latest figures indicate that financial distress is concentrated in lower-income communities.
Consumer credit card balances rose by $22 billion in the third quarter, representing an increase of 1.7%. This figure is $52 billion higher than it was a year earlier.
The figures are not adjusted for inflation, which may mean that part of the increase reflects rising prices rather than more borrowing in real terms.
Total household debt, which includes mortgages, student loans, and auto loans, rose by $334 billion in the third quarter to reach a record $19.1 trillion.
This total represents an increase of $5 trillion compared to 2019, just before the pandemic.
The volume of credit card balances falling into serious delinquency is declining, indicating some improvement in Americans’ ability to make their payments on time.
The rate of credit card debt transitioning into serious delinquency fell to 6.9% in the third quarter. However, this rate remains distinctly higher than the 5.2% recorded prior to the pandemic.
Americans living in lower-income neighbourhoods are facing greater difficulty in keeping up with their credit card payments compared to more affluent groups, according to a separate report published by the New York Fed on Tuesday.
Delinquency rates across all neighbourhood income tiers remain above pre-pandemic levels, while the gap between the wealthiest and poorest areas has widened since 2022.
In the lowest-income neighbourhoods, 10.3% of credit card balances transitioned into serious delinquency over the past year.
This is more than double the 4.4% rate observed in the wealthiest neighbourhoods.
The average credit card balance per borrower now stands at $6,678, according to TransUnion’s third-quarter analysis report.
Among borrowers under the age of 30, the rate of credit card debt falling at least 90 days delinquent reached the highest level, according to the Fed’s report.
Democrats won the midterm elections promising to bring down prices, but delivering relief that voters can genuinely feel in their household budgets will be a difficult target to achieve.
America
Mamdani quietly asks Trump to release detained immigrants
New York City Mayor Zohran Mamdani is using his rapport with US President Donald Trump to secure the release of selected detained immigrants.
According to reporting by Politico, Mamdani persuaded Trump during their second White House meeting in February to free a university student who had been detained that day by ICE.
The outcome served as validation for Mamdani, who pointed to the release of the Columbia University senior as proof that his surprisingly cordial relationship with Trump could produce tangible results for New Yorkers.
Mamdani subsequently continued to seek similar immigration-related interventions from the Republican president.
Since that February meeting, Mamdani and his aides have quietly forwarded the names of approximately two dozen immigrant New Yorkers held in ICE custody to Trump’s team, asking the president to order their release.
Two sources familiar with the matter said Mamdani most recently shared names of detained immigrants during a September meeting with Trump at Gracie Mansion.
The sources said the individuals in question had no serious criminal records, though they declined to disclose their identities, citing safety concerns.
According to Politico, these ongoing efforts regarding detained immigrants indicate Mamdani’s belief that he can leverage his rapport with Trump to advance causes the mercurial president might not ordinarily support.
Mamdani’s decision not to disclose these continued appeals publicly suggests an inclination to keep his interventions private to improve their chances of success.
Yet it remains unclear whether any immigrant besides Columbia University student Elmina Aghayeva has actually been released as a result of these efforts, and concern is mounting within City Hall that the window for securing such releases may be closing.
Mamdani’s aides working on the releases, including his Chief of Staff Elle Bisgaard-Church, communicated primarily with Trump’s White House Chief of Staff Susie Wiles, according to people familiar with the matter.
Last week, Trump replaced Wiles with Stephen Miller, the architect of the administration’s most hardline immigration proposals and one of the loudest internal voices urging the president to pursue a mass deportation agenda in his second term.
A person familiar with the Mamdani administration’s thinking said the mayor’s team views it as unlikely that Miller will continue cooperating in the manner Wiles did, given his stance on immigration.
Mamdani spokesperson Dora Pekec declined to comment on internal concerns regarding Miller and did not provide details about the immigrants whose release the mayor had requested.
Pekec noted, however, that Mamdani has “consistently advocated directly on behalf of New Yorkers in his calls and meetings with the president.”
Murad Awawdeh, a close Mamdani ally and president and CEO of the New York Immigration Coalition, said the mayor’s team should not halt engagement with the Trump administration on immigration matters because of Miller’s promotion:
“Stephen Miller is a cruel individual who has spent his career attacking immigrants, but he is not the president; Donald Trump is, and this is his deportation agenda. New York expects the president to work with the mayor to serve this city and end the terror in our communities. Miller’s promotion changes none of that.”
Mamdani’s warm dynamic with Trump has confounded both allies and critics.
During last year’s New York mayoral election, Trump referred to Mamdani as a “communist lunatic” and threatened to have him arrested.
In turn, the 35-year-old democratic socialist branded the president a “fascist” and pledged to fight him relentlessly if elected mayor.
Yet that animosity fell away late last year during their first White House meeting, where an amicable tone prevailed.
The thaw culminated in September at Gracie Mansion, where Trump said Mamdani had “great potential” to be a “terrific mayor.”
Mamdani returned the compliment by noting that the president had “built quite a bit of housing in our city.”
Despite the polite exchange, questions remain over how much substantive progress Mamdani can genuinely secure through Trump, including on immigration.
To date, Aghayeva’s release stands as one of the few concrete concessions Mamdani has obtained from Trump.
Aides on both sides are also discussing a multi-billion-dollar federally backed housing initiative in Queens, and last month Mamdani used his channel to Trump to help secure a temporary visa for a Ghanaian woman whose son was shot and killed in the Bronx.
Beyond those instances, few tangible results have emerged, though Trump’s decision not to enact punitive measures against New York is viewed by Mamdani’s allies as a win for the city.
Trump’s political standing is widely seen as weakened following the Republican Party’s loss of both houses of Congress in elections last Tuesday.
How this political shift will affect Trump’s willingness to engage with ideological adversaries such as Mamdani remains uncertain.
Miller’s appointment as chief of staff appears to signal little presidential interest in moderation, particularly on immigration policy.
Even so, the mayor said last week that he does not intend to stop seeking Trump’s assistance, despite “fierce” policy disagreements.
“We have found an area of common interest in the well-being of New York City, and as long as that can deliver for our city, I’m going to keep that door open,” Mamdani told Politico on Friday in Puerto Rico.
Mamdani and other elected officials from New York had gathered in Puerto Rico for the annual Somos political conference.
Two days later, in an interview on Fox News, a network Trump is known to watch regularly, Mamdani described a “productive relationship” with the president, saying the two text and speak by phone frequently:
“Through those conversations, we were able to get a New Yorker out of ICE detention. We were able to secure a visa for a grieving mother who would have otherwise had to watch her son’s funeral from thousands of miles away. What that tells me is: My job is to deliver for New Yorkers, and I have to work with whoever has the power to do that, wherever they may be.”
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