The dollar, under the control of the Uniparty, is working hard to dethrone itself. All part of the plan to globalize the world.
People that should know better sometimes do, and sometimes don’t. The lessons of the Weimar Republic should shout out pretty loud.
“Let us not forget that several of these partners have joined the group, thinking that from now on they will be able to continue printing money and spending without control, but their monetary imbalances will be distributed to other nations....”
I think this is exactly what USA is doing, hence other nations are forced to seek shelter in other solutions -
The premise of inevitability and invincibility of US dollar as reserve currency rests on non-violability of BRICS or other currencies to be global reserve currency. Why does world need global currency or global reserve in the first place? It has never existed in the history of world, and kingdoms were still able to trade bilaterally, In a multi-polar world, nations will find ways to trade bilaterally and regionally by creating bilateral and regional arrangements. Resourceful nations will try to become self-sufficient so they would need only minimal international trade to meet their domestic needs. More nations are going to reject globalism and global trade, and they are heading in that direction
The US Treasury bond market is a major reason that the dollar is the reserve currency. There is no rival currency with anything like it, and BRICS won’t have it either.
Lol no. And the BRICS hate each other more than they hate the United States.
The elephant in the room is that China is the top trading partner for most countries in the World, including US.
Also one thing that made dollar the king was its apolitical nature meaning it is dangerous as a mean of settlement, making you at mercy of Washington.
It is not that China can’t be political, but there are no precedents so far. The US effectively politicized commerce, hence dollar as a reserve currency isn’t of interest for freedom-loving nations anymore.