Taking out the US dollar, BRICS by BRICS: A new world order comprising 40% of the world's population is cooperating to develop a new global currency to replace the USD

Part of the great devolution of American power is not just related to depletion of military stores and the lack of enlistments for the service, but also our economic power. The latest monetary threat is coming from both East and West and may be the coup de grâce for the U.S. dollar, which has long been the dominant global currency for international financial transactions.

This initiative is a serious concern for American interests. The countries in the BRICS alliance have a combined population of 3.1 billion. That's about 40% of the world's population and 20% of the world gross domestic product (GDP). China is positioned to be BRIC's de facto leader.

If the proposed BRICS currency manages to replace the U.S. dollar, there would be several potential consequences, which include the following.

Weakened U.S. economic and geopolitical power: If the U.S. dollar were no longer the global currency, the U.S. would lose much of its influence over the global financial system, which would weaken its standing in the world.
Increase the dollar's volatility: The U.S. dollar's status as the global currency helps to stabilize the world's financial system. If it were to no longer hold this role, there could be an increase in volatility as investors and banks contend with different currencies battling for dominance.
Impact on international trade: If the U.S. dollar were no longer the global currency, international trade would become more complex and expensive. Countries may have to engage in currency swaps or use multiple currencies in their transactions.

The Biden administration's main tool to dissuade the world's bad actors from acting on their baser instincts has been economic sanctions. A shift away from the U.S. dollar would cost the nation much of its dominance on the world stage and lessen the impact of such sanctions.

Pipe dreams...The US dollar index will be strengthening in the months ahead, as it has already done over the last few years.

Some FReepers are still whistling past the graveyard. The six-month forecast for the dollar is fine, but the six-year outlook is terrible. For many, the invincibility of the US dollar has become a tenant of faith, but this belief has helped accelerate the demise of the dollar. In the past three years, the United States has squandered a good portion of the economic goodwill it has accumulated in past 75 years. First, with unprecedented money printing during COVID and then all the broken contracts and asset seizures with Russian sanctions. People will always gravitate to a safer and more reliable financial system. If one isn't available, then they'll create it.

Sorry for writing War and Peace - but hopefully this helps lay out my thought process of why the US dollar will strengthen and won’t be going anywhere...

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Please continue writing your economic War & Peace.

Great posts BTW. Thank you.

People will always gravitate to a safer and more reliable financial system. If one isn't available, then they'll create it.

I believe you're missing the premise that governments aren't running the financial show in the global marketplace - at all.

Leaders can be brought down through actions of those who actually own the power: (the control of the future labor (actions) of others.

It doesn't matter at all what governments want. They are all enslaved to use debt-based money, with the Eurodollar (US dollar used in foreign markets) being the driver.

People with your premise believe that this can change. It can't. Not without it being desired by those who run the show - the international banksters...

Debt free fiat currency system. I like it!

Exactly. It's not the "fiat" money that's the problem.

It's that it's debt-based and are claims against promises of future labor.

"Promises" can be made in enormous amounts.

Instead, the Treasuries of the respective countries could issue the money supply against the "completion of labor".

In other words, the only way money could get from the treasury into the economy is through things like public-works projects.

The amount of money that could be injected would be limited by the ability of the labor to be completed. No completion. No payment and injection of money.

There would be no more "promises" of future labor.

No more indentured servitude of those upon who the promises are made.

Yep and many of them want to go digital because it will be easier for them to rob the people of the fruits of their labor.

EXACTLY!!!

People need to realize that we still have a system with fiat money that could change into one of "completed labor".

It would take our Treasury being the issuer of our money supply, without being tied to any bond auctions, etc.

We already do have a segment of our money supply that is "completed labor" based....coinage. All of our coins are issued from the Treasury, and sit on the opposite side of the Fed's balance sheet from currency.

If everything goes digital then there will be no more ability to move away from debt-based money. Even coinage will no longer be "completed labor" based, since it wouldn't be needed anymore.

Digital money would be the ultimate grab of POWER (defined as having the "claims" that control the "future labor a.k.a. actions" of the populace).

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