The US dollar in present times stands at a precarious threshold. With the multipolar polar currency narrative spinning in full force, local regions and nations have started to boost their own currencies, hammering the US dollar even more. As the BRICS alliance gains consistent strength by expanding its trade proceedings using local currency, the American dollar now has a new foe, ASEAN, which bolsters efforts to prioritize its currencies. Where is the world heading? Let’s find out.
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The Multipolar World: What’s Happening?
The world is now consistently expanding and questioning the worth of the US dollar as the global reserve currency. USD has claimed considerable notoriety by sanctioning certain regions of the world. The move has dubbed the dollar a currency capable of being weaponized, which has become a topic of contention and heat as of late.
Additionally, rising US debt numbers and derailing US dollar metrics due to a spike in local currency supremacy are adding more pressure to the USD. The BRICS alliance, comprising ten powerful nations, is now inching towards building its currency system, one that competes directly with the US dollar. The pact has already ditched the dollar for trade to streamline their local currencies.
ASEAN is also powering this narrative by working on introducing its currency system. The currency, which is reportedly under construction, will rival the USD and Euro, establishing its mark in the process.
“Furthermore, such a currency should aim at competing with the USD and the Euro as a reputable reserve of value. CME also strongly agrees with the primacy of structural reforms. Rather than monetary policy, when acting domestically to support the currency by encouraging the awakening of entrepreneurial spirits,” it said
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Ten ASEAN Nations Ready to Ditch the US Dollar
Now, with the element of weaponization and US debt metrics wreaking havoc globally, these ASEAN nations are ready to ditch the USD for trade.
- Brunei,
- Cambodia,
- Indonesia,
- Laos,
- Malaysia,
- Myanmar,
- Philippines,
- Singapore,
- Thailand
- Vietnam.
The news of the US going bankrupt was also recently shared by Tesla CEO Elon Musk. Musk took to X to share an image titled The Devaluation of the US Dollar, hinting at the grave threshold that the USD currently stands at.