BRICS JUST SHOCKED Everyone With This! | Fall Of American Dominance

BRICS JUST SHOCKED Everyone With This! | Fall Of American Dominance

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There have been reports that a new global order might be on the horizon. Economic powerhouses are stepping up their efforts to break away from US dollar supremacy. A high-ranking Russian official recently announced that the BRICS alliance is collaborating to establish its own currency.

BRICS consists of Brazil, Russia, India, China, and South Africa, which are the top five emerging economies. Deputy Chairman Alexander Babakov of the State Duma shared his thoughts on payments during an event in India.

He emphasized that both countries must team up on finding a better payment system. Babakov also suggested that digital payments could be the way to go, as they have a lot of potential.

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Babakov suggested that the BRICS nations should create a new currency, which could help China and other members. He believes that the new currency should be designed to serve the shared interests of the BRICS nations rather than being biased towards the US dollar or euro.

Babakov emphasized creating new monetary connections to benefit the BRICS nations and strengthen their economic ties.

Babakov says the upcoming currency will be backed by gold and other precious resources like rare-earth elements. Jim O'Neill, the ex-chief economist of Goldman Sachs, urged BRICS to expand and fight the dominance of the US dollar.

In a report published in the Global Policy journal, he stressed that the dollar has too much control over the global financial system.

The idea of a BRICS currency isn't new. You see, in 2019, Cointelegraph shared that the group was considering a digital currency to use in a unified payment system.

China and Brazil have agreed to trade in their own currencies, bypassing the use of the US dollar as a middleman. This move strengthens both countries' autonomy and distances them from the world's reserve currency.

The deal allows direct trade and financial transactions between China and Brazil using their respective currencies without going through the US dollar. China is making quick progress with its plan for a digital currency controlled by its central bank.

In addition, more and more people are using cryptocurrencies as a payment method in Brazil since it was made legal in the country at the end of last year.

On the other hand, the United States is still fighting against cryptocurrencies, with financial regulators making it tougher for the industry to grow. And just like BRICS, Brazil, and Argentina have expressed their interest in developing a shared currency.

Brazil and Argentina are teaming up to create a common currency called the "sur." This new currency could eventually become the second-largest currency bloc in the world.

The focus right now is on how the sur could increase regional trade and decrease dependence on the US dollar. The sur will work alongside the Brazilian real and Argentine peso.

It will take several years to make this project a reality, and an announcement was made during Brazilian President Lula's visit to Argentina.

Furthermore, the summit in Buenos Aires was a great platform for the two largest economies in Latin America to discuss their plans. Other nations in the region was also invited to join in the conversation.

Trade relations between Brazil and Argentina are currently thriving, but there are concerns about relying too heavily on a neighbor with an unstable economy.

The summit was also a great place to explore ways to strengthen regional value chains and benefit from on opportunities within the region. Additionally, they will work towards achieving a currency union, making progress towards greater regional economic integration.

Now, the burning question is, can the new BRICS currency effectively replace the US dollar in international trade?

People have been using the US dollar as the main currency for international trade for a long time. But nowadays, some people are talking about making a new currency to replace the dollar and challenge the power of the United States.

This "de-dollarisation" movement got a big boost when the war between Russia and Ukraine started last February 2022. And it gained even more momentum when Alexander Babakov said that the BRICS countries are working together to create a new way to make payments that don't rely on the dollar or euro.

The US dollar is often described to as the ruler of money. Back in 1944, a group of representatives from 44 countries, known as the Bretton Woods Agreement, made it the world's official reserve currency.
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