The United States, for the better part of a century, has been the “indisposable nation” that others turn to when they need just about anything.
But now, in the age of the suicidal Obiden Regime, a growing number of countries are attempting to move on from America and its currency, the dollar.
According to reports, a coalition of 24 countries is seeking to create a strategic alliance that would challenge the U.S. dollar’s status as the world’s reserve currency, which it has held for decades.
The BRICS group, composed of five economically aligned countries, is said to be in the process of a significant expansion.
South Africa’s BRICS ambassador, Anil Sooklal, has revealed that a total of 24 countries are interested in joining the strategic alliance that aims to challenge the U.S. dollar’s role as the world’s reserve currency. The core collective, consisting of Brazil, Russia, India, China, and South Africa, is on the verge of a significant expansion, as 13 countries have formally requested to join, and six others have informally expressed their interest in becoming part of the alliance.
The new members include Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, two unnamed East African countries, and one from West Africa, according to Sooklal, who spoke to Bloomberg.
BRICS was formed in 2006 without including South Africa, which joined in 2010. The new form of fiat currency will likely be backed by other assets, including precious metals like gold, said Russian State Duma Deputy Chairman Alexander Babakov, according to the Russian state-owned news agency Sputnik. Additional details are expected to emerge by the summer, with the next BRICS summit scheduled for late August in South Africa.
One of the reasons for the decline in the U.S. dollar’s global dominance is the changing geopolitical landscape. The rise of China as an economic power has led to the emergence of the yuan as a rival reserve currency. Furthermore, the U.S.’s use of sanctions as a foreign policy tool has led countries to look for ways to bypass the dollar. For instance, Russia has been reducing its holdings of U.S. Treasury securities in recent years as a response to U.S. sanctions.
Another reason that could contribute to the decline is the emergence of central bank digital currencies (CBDCs) and cryptocurrencies. Experts have discussed the impact of these innovations on the dollar’s share of the forex market. The US Federal Reserve is currently exploring the possibility of issuing a digital dollar, but it remains to be seen how successful this initiative will be.
According to experts:
The decline of the U.S. dollar’s global dominance has implications for the U.S. economy. For instance, a weaker dollar could lead to higher inflation and make imports more expensive. Additionally, if the dollar loses substantial market share, it could have a negative macroeconomic impact on the U.S.
Since the turn of the century, there has been a decline in the dollar share of international reserves. Despite being the world’s most important currency since the end of World War II, experts argue that dollar dominance leads to increased trade deficits and job losses. Many countries hold reserves in U.S. dollars for various reasons, including to assure creditors that debt payments can be made in foreign currency.
But the recent accelerated move away from the dollar comes
after President Donald Trump’s reelection was stolen from him
and the weak, brain-addled Joe Biden was installed as a puppet.
BRICS is the first global challenge to U.S. dominance but it will not be the last.
Because our nation has become so openly, so unashamedly corrupt, other nations around the world believe the U.S. is in major decline.
We are living through the Obama Transformation.
We the People are eager to begin the Trump Transformation.
Original Article: https://defconnews.com/2023/05/02/two-dozen-countries-align-against-u-s-dollar-as-brics-alliance-seeks-to-form-new-global-currency/
