BRICS: Former Congressman Says US Dollar Collapse Has Already Begun

Joshua Ramos
US Dollar — When Will it Collapse?
Source: Barron’s

Amidst the de-dollarization efforts of the BRICS nations, former congressman Ron Paul says that the US dollar collapse has already begun. Moreover, Paul reiterated that the collapse of the dollar is closely connected with the US “interventionist” perspective.

The BRICS alliance has continued to make known its hope for a new currency. Specifically, this alternative would be used for international settlements, and replace the greenback. According to Paul, those efforts are already in motion beyond what the BRCIS nations have done.

Ron Paul Talks US Dollar Collapse

Source: CNN

In a recent YouTube video, former US Congressman Ron Paul stated that the US dollar collapse has already begun. Moreover, the former official spoke on the current state of the greenback amidst the rising prominence of the BRICS countries.

The US dollar has struggled to sustain its status as a global reserve currency. Yet, Paul believes that this is just the start, and it may be the country’s own doing. Stating that America stands as an “interventionist government.”

Paul stated, “We intervene in personal liberty; we intervene in economic liberty. We intervene in the internal affairs of all the other nations of the world. We tell them what to do, we put on sanctions to punish them.”

Subsequently, Paul noted how the perspective of the US has informed the desire to diminish the relevance of its currency. He added, “Those are the cracks that we’re seeing. This past year saw a significant decrease in the use of the dollar as the reserve currency of the world. And that is a big number, but it hasn’t concluded. I think it will continue in that direction.”

Conclusively, Paul assured that “the dollar system will collapse. It’s already started.” Moreover, he noted that various nations will eventually orchestrate international settlements in their national currencies. Finally, stating that the BRICS nations will be present to compete with its shortcomings.

BRICS Currency Set to Compete?

Source: Tutwa Consulting Group

Amidst the fading confidence in the US dollar, the BRICS nations have firmly established their own alternative currency. Specifically, a Russian official, Anatoly Aksakov, says that negotiations on a BRICS currency are underway.

As the US dollar continues its decline, the BRICS currency is likely to begin its development. Conversely, the timeline may be much quicker than anyone expects. The same Russian official stated his expectation that the currency would arrive at some point this year.