Economics/Class Relations

Will BRICS Break the Dollar’s Hold?

May 5, 2023


During a press conference with National Security Council Coordinator for Strategic Communication, John Kirby, the spokesperson was asked by a member of the press as to the level of concern the NCS had over the rise in the number of nations moving away from using exclusively the dollar for international trade.

“I don’t have a good answer for you,” Kirby responded.

That should be an answer enough. Since the United States attempted to truly establish itself as the center of the “New World Order” as George H.W. Bush had proclaimed after the first Gulf War, every president since then, including populists such as our forty-fifth POTUS, Donald Trump to a degree, have attempted to not only project U.S. power overseas militarily, but to defend the Dollar’s status as the world reserve currency at all costs.

Two decades of global military intervention and government destabilization throughout Africa and the middle east specifically has devalued the dollar’s strength as well as our global police force’s efforts to work effectively. Moreso, in pursuit of “building allies” we have only caused some of our economic friends outside of the NATO circle to choose to step away from having a solid relationship with the United States entirely.

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Now enter BRICS, which is attempting to now change the focus of the New World Order with a new standard and alliance the United States will have to contend with.

The rise of BRICS (Brazil, Russia, India, China, and South Africa) economies poses a significant threat to the US dollar’s dominance and influence globally. These emerging economies, with a combined GDP of over $16 trillion, have been growing at an impressive rate, challenging the established world economic order dominated by the United States and its allies.

Historically, the US dollar has been the preferred currency for international trade, as it is widely accepted and easily exchangeable. However, with the rise of BRICS nations, there has been a shift towards other currencies, such as the Chinese Yuan, as countries seek to diversify their currency reserves. This diversification of reserves reduces the demand for the US dollar and undermines its position as the world’s reserve currency, which could ultimately weaken the US economy.

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