What is BICS and the new world order he proposes?

But recently, attention is seeking to focus more and more on BRICS.

BICS is an acronym representing the bloc made up of 5 economies often referred to as future superpowers: Brazil, Russia, India, China and South Africa.

Last week, the leaders of the BRICS gathered for a virtual summit from which everyone expressed their proposals.

Each with his own agenda.

India was focused on common economic interests.

Russia on the bypass of Western sanctions.

But China had it most ambitious.

China already wants to cultivate BICS as a top Western rival a forum to confront face-to-face with the United States.

To do that, they certainly need a coalition much larger than five countries.

And that's exactly why China's most important proposal was that this block should start accepting as many members as possible.

And two countries have already applied and are awaiting membership.

They are Iran and Argentina.

Technically they both fit the profile, they're developing economies, they're rich in natural resources and they're not subject to the Western system.

Most of all, though, the BRICS is trying to challenge G7 and G20. In essence, they want a new world economic order.

In theory it does not sound like something that cannot be accomplished. A new economic alliance between several countries with common views.

But in more practical terms, what would this new world order look like when this alliance leads the current superpowers?

The odds are, of course, this order will be very similar to what happens in China today.

And of course nobody would like that.

The reason China is the main leader in this alliance is its economic power.

Together, The total GDP of BICS is almost $27.5 trillion, and China contributes to almost 70% of that number.

India - 13%, Russia and Brazil 7% each and South Africa 3%.

And at this point, it's obvious that the list will not stop only at these five, nor at the two new entrances.

According to China, there is a long list of potential members like: Egypt, Turkey, Indonesia, Kazakhstan, Saudi Arabia, the United Arab Emirates, Nigeria, Senegal, Thailand.

Some of them are the main allies of the United States, and that's exactly why China cares about them joining the BICS.

Another important aspect about BRICS, is that they are creating a whole new currency of their own.

A similar idea with former Libyan leader Muammar Gaddafi's proposal many years ago, which proposed creating an African currency that was never realized.

If this works, 20 years later, we would see a world where we would have Western-inflicted systems led by dollar-euro currency. And on the other hand, we would have the faucle of China or the Russian Juan, or whatever the combination they'll choose.

Of course, no one knows if by then, every currency will have turned into a digital format or if Bitcoin will continue to exist as a particular entity or be completely banned.

Nothing is more certain about our economic future at this point.

But something seems to be quite clear, and it is the truth about China's intentions. They're clear enough.

The question is, how should the world respond?