BRICS plans to transform the international monetary and financial system, and discussed policies at the 2024 summit in Kazan, Russia. Can it successfully challenge the dominance of the US dollar? Political economist Radhika Desai is joined by Ben Norton and former central banker Kathleen Tyson, author of the book "Multicurrency Mercantilism".VIDEO: https://www.youtube.com/watch?v=X7ejfZdPbooThis is part of the show Geopolitical Economy Hour. You can watch other episodes of the program here: https://youtube.com/playlist?list=PLDAi0NdlN8hMl9DkPLikDDGccibhYHnDPYou can follow Kathleen on Twitter/X here: https://x.com/kathleen_tyson_Topics0:00 Highlight1:24 Intro: 2024 BRICS summit in Kazan, Russia7:33 Evaluating BRICS proposal to improve financial system16:47 De-dollarizing trade vs capital markets24:50 Can a global currency solve the Triffin dilemma?29:10 Investment flows from poor to rich30:44 Capital controls37:16 Could Special Drawing Rights (SDRs) be a new global reserve currency?42:17 Can a currency backed by a basket of commodities help settle trade imbalances?48:38 Financial deregulation, Glass-Steagall, and China53:21 HSBC splits between West and East55:18 How can central banks de-dollarize reserves?1:02:35 Controlling finance1:09:01 What can China do with its huge surplus?1:16:11 Outro