At the United Cultures Forum we had a chance to talk to a brilliant speaker from Cameroon, Mr. Dr. Fokam, who shared his vision of the BRICS role in the modern world and expressed bold ideas about the future of the global financial system.
Mr. Fokam, visiting Russia for the first time, was impressed by the multifaceted ties between Russia and Africa. He paid special attention to BRICS, calling this organization a key organization for changing the balance of power in the world.
According to Mr. Fokam, the world needs a new financial system alternative to the dollar. And the BRICS could become its basis. Mr. Fokam even named possible dates for the emergence of this new monetary system. More details in our interview.
– Mr. Fokam, thank you for agreeing to this interview. Tell me, is this your first time in Russia?
– Yes, this is my first visit to your country. It was very interesting for me, but I would not like to talk only about Cameroon. I would like to link Russia with Africa in our conversation because I am Pan-African. Yes, I saw on my first visit that a lot of things connect Russia with Africa in the sphere of education, in the sphere of agro-culture, in the sphere of information interaction.
– What can you say about BRICS today? I think you know that there will be a big BRICS forum in Kazan in October. What can you say about BRICS as a connecting organization between Russia and Cameroon?
– BRICS is certainly one of the key organizations that has changed the role of countries in the world. It is very important for everyone who is responsible for its population, for their people to also be connected to BRICS. If a country is not connected to BRICS, I am not sure that it knows its way and the exact direction.
-What can you say about the new BRICS currency? How can we create a currency, a money that will be accepted in the BRICS countries, for example?
-What should be done? Introduce a new motto, make a BRICS motto.
– How do you see it?
-They are ready for Africa to be linked to BRICS. And you know what is very important for BRICS. It’s all about how they can transact with local currencies. BRICS makes it possible to transact with local currencies. If you can only transact with the dollar in a western country, a lot of banks in our country don’t agree to transact with the dollar. When you use the dollar in the way that Americans do, a lot of people don’t agree. And we don’t know exactly how they agree to that. That’s a problem. Yes, that’s why I say that many countries are willing to be associated with BRICS, including in the West. I know today that Dubai, the Emirates, are linked to BRICS. I know that Saudi Arabia is linked to BRICS. I know that Egypt is linked to BRICS. I know that Algeria is linked to BRICS. I can’t say today that the French countries don’t have a Central Bank. And I don’t know exactly what they will do. But I know that in the west center, many countries are willing to be linked to BRICS.
– Mr. Fokam, maybe you have some specific ideas? How we should be linked to BRICS in the monetary system?
– Let’s take the Russian national banking system MIR. I know it very well. It is used internally. So, if you are linked to the economy of the country, the system can link you. Like in a western country. It can link you to the system. And BRICS is doing exactly the same thing as BRICS countries in general. You don’t need training. You have to be connected to their system. And you have a Central Bank that is linked to that system.
– How do you see Russia’s role in BRICS, how does it influence the formation of a common economic and financial policy?
– This is a very good question. And it is a very important question. You know, until now we had only one country that controls the whole world, the world system, the financial world system, which is very bad because it dictates the law and it gives sanctions to many banks. You know in the world many banks give sanctions to the United States, the government department. Now, what has happened is we have to have a minimum of two systems that you can transact anywhere with one or the other system and that way you can avoid the dollar. In my opinion, the dollar will be reduced in the future because it was created to be the world currency. No, that can’t happen because BRICS is connected to one of the second world economies with China, the other one is India, Russia and you also have Saudi Arabia which are connected to BRICS. We are already connected to BRICS. That means the center of the world is changing. That’s what I can say about that. This is the main thing that can happen, you need the world not to be unipolar, you need to have at least two or three worlds.
And that can ensure all the transactions in the world and avoid sanctions, because one of the key problems for banks is the dollar sanctions, the U.S. sanctions that are there now.
– You say there will be a new BRICS system with localized money. What exactly will that system be, what kind of localized money? How do you see it?
– Well, look. The BRICS system works with gold, among other things. In the BRICS system, I know they’re buying gold, a lot of gold, the BRICS are doing it to create a new currency. And I’m talking about creating a new currency in BRICS that will be based on, including assets and including gold.
– Well, when do you think such a currency could appear? Everyone says very soon.
-Yes, I think it will appear next year. June.
– Don’t you think that maybe at this forum, which will be in Kazan, the BRICS forum, that maybe something will be announced about the new currency, because they keep saying that it will appear soon, soon, soon, soon?
– They’re working hard, so I’m doing an analysis for next year, because a lot of countries in Africa are asking me what to do, and I’m pretty confident that next June it could happen.
– I mean, next year, right? June?
– Yes.
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