As I write this, the US Dollar is trading at 102.285, against a basket of foreign currencies.
Except for a sharp spike to 112.1 in June 2022, the USD is still trading at a 21 year high.
I do not understand why other exporting countries want to crash the US Dollar.
The USA buys more foreign goods than any other nation in the world.
If the USD crashes, our purchase of foreign goods will crash, too.
Over the last two decades, the United States dollar has lost 12 percentage points of market share falling from 71% to 59%, according to the International Monetary Fund.
The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue.
The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joined the BRICS New Development Bank, with numerous other countries poised to do the same.
The current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. The BRICS is expected to contribute over 50% of global GDP by 2030...
It’s about to accelerate.
A gold, silver, platinum, oil, lithium, rare-earth minerals-backed unified BRICS currency may weather the storm if anything can.