The curtains are off and the messaging is clear on the wall that BRICS is after the US dollar’s global dominance. The alliance has thrown the challenge right at America’s doorstep threatening to replace the currency from the world’s reserve status. The 16th summit in Kazan threw in several punches at the US and the West indicating that global financial power might not last forever.
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BRICS: The First Punch at the US Dollar
BRICS threw the first punch by launching a mock-up of a new BRICS currency that could soon take shape. The unveiling of the ‘BRICS bill’ in Kazan is a paradigm shift in how the global finances operate. The bloc aims to shift the power of balance from the West to the East through the new payment method. This puts significant pressure on the US dollar to perform or perish, as BRICS is ushering into a new financial era.
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The Second Punch
The second punch came after the alliance inducted 13 new nations into the bloc as ‘partner countries’. The 13 countries are not full-time members but will be closely associated with the happenings of the bloc. This further strengthens the BRICS alliance as more countries will use the new currency and sideline the US dollar.
No More Hide & Seek: It’s Officially BRICS Currency Vs US Dollar
All speculations are laid to rest after the 16th summit as BRICS Pay is looking to uproot the US dollar. The path to dethrone the USD is tough but not impossible in the coming decades. Remember the phrase a century ago which said ‘The sun never sets on the British Empire’? The United Kingdom’s economy is in turmoil and the country is fighting for survival.
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Anybody who thinks that the ‘sun will never set on the US dollar’ needs a reminder that being complacent will only lead to disasters. The US needs to step up and fight tooth and nail against BRICS in order to survive the onslaught. Remember, be it in the jungle, civilization, or global finances, the strongest always wins.