As the BRICS bloc looks to continue its de-dollarization efforts, one expert has outlined that a failing US dollar would precede the end of the Western empire. Indeed, Geopolitical Economy Report founder Ben Norton recently discussed how the greenback is key to the American prominence that has been present since the late 1940s.
In a recent interview, Norton called the greenback “the strongest weapon the United States has.” Moreover, he noted that the currency has afforded the country immense strength since the Bretton Woods agreement. Yet, the BRICS bloc is looking to change that. Moreover, their developing initiatives could provide the path to it.
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US Strength Lies in its Dollar as Experts Warn Of BRICS Opposition
The BRICS challenge of the US Dollar is nothing new. The collective has been threatening the greenback’s position for the last several years. Although it has been a steady process, its efforts have had some kind of impact. According to the Atlantic Council’s Dollar Dominance Meter, the share of the USD global reserve has fallen 14% since 2002; the second year of the bloc’s existence.
The reality is more harrowing, however, when considering the result of these efforts. With the BRICS bloc firm in its position, one expert shares that the US dollar is key to the country’s entire empire. As the currency goes, so too does the dominant status of the nation.
Ben Norton recently called the currency the US ‘strongest weapon.’ Moreover, he noted that its reserve status affords the country exorbitant privilege. Specifically, it can “export many of its economic problems,” by printing more of its currency. A currency that seemingly makes the world go round.
Also Read: BRICS Official: Native Currency Trade Already Exceeds US Dollar
Yet, every empire reaches a level of unsustainability. That looks to be nearing the United States. Countless experts have expressed concern over the rising US debt. The federal borrowing figure surpassed $35 trillion and is growing by the month. Moreover, its implications and concerns are growing with it.
That will be a massive issue for the incumbent US president. With the 2024 elections taking place in November, neither side has been vocal in addressing the spending concern. As a matter of fact, both candidate’s economic plans could potentially make the problem even worse.
Although many have dismissed the global south’s de-dollarization hopes, worry should still be present. The BRICS bloc is not the only threat, as the currency could buckle under the weight of its struggle. Therefore, creating the beginning of a monumental shift in global economics.