BRICS is looking to destroy the U.S. dollar but breaking the currency is not as easy as ‘said and thought’. The U.S. dollar commands the international markets and without the USD the global financial sector could collapse. The USD is the root of the world’s finances and uprooting the currency is a herculean task, even for BRICS. Therefore, the idea of sending the USD on a path of decline is seen as an empty threat that could never turn into reality.
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So, if not BRICS, what could bring the U.S. dollar down to its knees and destroy the currency? In this article, we will highlight an insight given by a former hedge fund manager and financial analyst that can potentially destroy the U.S. dollar.
BRICS: What Can Destroy The U.S. Dollar?
Former leading hedge fund manager and financial analyst Russell Clark predicts that BRICS and other currencies might not bring the U.S. dollar down. According to his explanation, only the U.S. dollar is capable of bringing the U.S. dollar down in the international markets.
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Clark stressed that the government spending trillions in wars without controlling the $34.3 trillion debt could lead to its downfall. He wrote that the more the White House presses sanctions against other countries, the more it will hurt the U.S. Developing countries are now actively looking at alternative currencies to the U.S. dollar for trade with the help of BRICS.
In addition, developing countries are distancing themselves away from the U.S. dollar and trust in BRICS for a solution. The U.S. dollar also works on trust, but if the trust is eroded in the currency, BRICS can fill in the void and gain their trust.
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In conclusion, only the U.S. dollar can destroy the U.S. dollar, and BRICS or other currencies cannot complete the work. If the White House does not tame the $34 trillion debt, then not BRICS, but the U.S. dollar will consume the U.S. dollar. The development would make it easier for other local currencies to walk the talk next.