PodcastsAll-In with Chamath, Jason, Sacks & FriedbergE144: Biden targets Elon, BRICS challenges the West, Tiger hit piece & more
E144: Biden targets Elon, BRICS challenges the West, Tiger hit piece & more
All-In with Chamath, Jason, Sacks & FriedbergFri Sep 01 2023
Dollarization Corner:
- BRICS (Brazil, Russia, India, China, South Africa) added six new members: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE.
- BRICS now makes up almost 50% of the global population and 37% of global GDP in purchasing power parity terms.
- BRICS has a significant share of global oil production and food production.
- The goal of BRICS is to bypass the US dollar complex in trade and increase economic sovereignty.
- The organization aims to create an alternative settlement system for trade and reduce dependence on the US dollar.
- The addition of new members increases their influence over strategic trade routes such as the Arctic Sea route and various international corridors.
- There are challenges with legislative coordination within BRICS due to regional rivalries and differing governance systems.
Tiger Global Non-story:
- A former employee circulated a draft New Yorker-style expose about Tiger Global that was not published or endorsed by any reputable source.
- Tiger Global responded by stating they are being targeted with misinformation attacks from a disgruntled ex-employee.
- The document contained both business criticism and personal slander but lacked credibility without proper attribution or provenance.
BRICS Legislative Coordination:
- BRICS has had limited success in achieving policy coordination in the past but recent events have provided motivation for increased collaboration.
- Recent actions by the US to weaponize the US dollar have led to a desire among BRICS countries to maintain economic sovereignty and bypass the dollar complex.
- Efforts to de-dollarize include local currency support initiatives within BRICS and exploring alternatives for settling global trade flows outside of USD.
Implications of BRICS Growth:
- The growth of BRICS signals a desire for independence from US influence in economic policy and global trade settlements.
- It challenges the unipolarity dominated by G7 countries and prompts reevaluation of US foreign policy strategies towards these countries.
- The inclusion of authoritarian and democratic countries within BRICS creates a unique dynamic, but the shared goal is to prioritize national interests and economic sovereignty.
- The focus on energy, particularly oil production, highlights the importance of securing reliable and affordable energy sources for member countries.
- Nuclear power has also emerged as an area of interest, with India and China investing in nuclear reactors while the US lags behind.
- While there are challenges to achieving policy coordination within BRICS, the desire for independence from the US dollar complex provides motivation for progress in areas such as trade settlement mechanisms.
- It is important for BRICS to demonstrate tangible achievements and legislative coordination to establish themselves as a meaningful organization beyond annual meetings.
China's Strategy for Helping Other Countries:
- China has a strategy of going to other countries and offering help based on their specific needs.
- This approach is similar to copy China's strategy in order to assist other countries, such as India.
- The speaker emphasizes that the US does not have demonstrated capacity in nuclear energy.
Collaboration on Energy Independence:
- The speaker suggests collaborating with other countries on energy independence.
- However, politicians in some countries view American assistance as exploitation or neo-imperialism.
- The speaker believes this collaboration should be seen as a viable strategy rather than dismissed.
Seizing Reserves and Economic Sanctions:
- There is a discussion about economic sanctions and seizing another country's foreign reserves without due process.
- The US is accused of militarizing the dollar and seizing reserves, which is viewed negatively by many countries.
- The speaker argues that economic sanctions are preferable to starting a war but acknowledges differing perspectives on this issue.
Responsibility for Ukraine War:
- A disagreement arises regarding responsibility for the Ukraine war between Putin and the US.
- The speaker claims that 70% of the world's population does not believe the narrative blaming only Russia for the conflict.
- The discussion becomes heated when one person implies that the US shares equal responsibility for Putin invading Ukraine.
Summit Parties:
- One of the speakers takes charge of organizing parties for an upcoming summit.
- Three different themed parties are described: Bestie Royale (007/spy-themed), Blade Runner cyberpunk rave, and Fast Times at Barbie High (surfer-themed).
- Sponsors have been enlisted to cover costs, including I connections, Cooley law firm, House of Macadamia, Parties sunscreen, and Brew Bird coffee brewing device.
Future Summit Locations:
- Discussion about potential future locations for summits includes Brooklyn (speaker's hometown), Tokyo (favorite city), and Dubai (for its entertainment scene).