The BRICS alliance is advancing to reshuffle the global financial order by tilting power from the West to the East. Developing nations have come to realize that the US is keeping them back from turning into developed countries. The US sends factories to developing countries to leverage cheap labor for multinational corporations that keep them from becoming financially independent. Take the latest case of Bangladesh that’s turned into a full-fledged workers’ strike recently.
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Leading US fashion brands like H&M and Zara produce their outfits in Bangladesh but provide $2 per day as payment for the factory workers. While the factory workers now demand a pay raise to $6 per day, the executives are looking to pay them $2.7. That’s an increase of a mere $0.70 for all their hard work. The move keeps developing countries poor with little to no options for becoming financially independent.
Read here to know how many sectors in the US will be affected if BRICS completely stops using the dollar. The situation could reverse making American workers feel the pinch of the global economy.
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BRICS Looks To Control The Global Financial Order
BRICS now aims to step in and control the global financial order by strengthening their local currencies first. The alliance is looking to end dependency on the US dollar and weaken America’s power internationally. Clamping down on the US dollar’s growth will help developing nations boost their economy and strengthen their local currencies.
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The world will no longer have to depend on the US for jobs, and can earn a fair paying wage. BRICS looks to iron out the differences and make workers in developing countries earn equal to their Western counterparts. Therefore, if BRICS plays their cards well, the Bangladesh situation could soon be history forcing American brands to pay better wages.