The future of the US dollar seems more uncertain than ever after JPMorgan's alarming predictions. Jamie Dimon, its CEO, mentions an inevitable crisis that could disrupt the global economy. The BRICS are cited as major players in this situation. Why such a statement, and what could be the consequences for the global economy?
The BRICS countries are actively working on creating a single currency, a project recently confirmed by Kazem Jalali, the Iranian ambassador to Russia. This initiative aims to reduce global dependence on the US dollar and promises to disrupt the global economy if it comes to fruition. This currency could reshuffle the deck of global economic power, but also deeply impact the dollar. Here are three concrete ways in which the BRICS currency will affect the US dollar.
De-dollarization, a recurring concept in economic discussions, is the subject of a lively debate. While some view this movement led by the BRICS as an imminent threat to the dominance of the US dollar, eminent experts reject this idea as unfounded. This article explores why the idea of de-dollarization is seen as a "big joke" by some experts.
The BRICS were known to be considering a currency. This time, it seems to be truly official. In a strategic move aimed at reshaping the global economy, BRICS countries are actively working on creating a new currency. This development could mark a major turning point in the fight against the dominance of the US dollar and have profound repercussions on international trade. As emerging economies seek to reduce their dependence on the dollar, this initiative appears as a significant challenge to the established economic order, with potential implications for the entire global financial system.
Several countries, including China, are working to reduce their dependence on the dollar by promoting the use of their own currencies in international transactions. However, despite the ambitious attempts at monetary diversification undertaken by this BRICS member, some experts remain skeptical about their success. According to their analyses, the dollar will withstand external pressures and retain its supremacy over the Chinese currency.
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Central bank digital currencies, or CBDCs, are often seen as the inevitable future of finance. However, despite their promise of modernization and increased efficiency, these currencies raise deep concerns about their true usefulness and their impact on individual freedom.
The dollar is the Gordian knot of geopolitical tensions. The signals in this direction are now legion. Bitcoin is biding its time.
Despite American sanctions, Russia distorts calculations and shows even stronger economic health by 2024. Against all odds, the co-founder of the BRICS reveals in April an annual increase of 100% in its oil and gas revenues. From $7 billion last year, its revenue from oil and gas jumps to $14 billion in April 2024. The Russian case now stands as an excellent precedent for the BRICS in their march against the dollar.
As the crazy growth of the US debt of over 34,600 billion dollars continues to worry, the BRICS deliver a new blow to the greenback. China and Russia, two founding members of the alliance, have planned 260 billion dollars of commercial exchanges without using any US dollars. Only Russian ruble, Chinese yuan, and some euros. Other members of the coalition are expected to follow suit soon. Perceiving the immediacy of the threat, the USA react by combining threats and diplomacy. Details.
As the BRICS alliance intensifies its de-dollarization efforts, the success of this initiative remains uncertain. While several countries are considering joining or already adhering to this movement, the supremacy of the US dollar remains unchallenged. Indeed, despite the coordinated efforts of the BRICS member countries, the dollar continues to outperform the currencies of these nations.
Times are tough for the US dollar. Once a symbol of stability and a pillar of the global economy, it now faces a gradual erosion of its supremacy. Amid fluctuating monetary policies and geopolitical tensions, the foundations of its dominance are being challenged. Like the BRICS, many countries are ditching the US dollar for various reasons.
The monetary influence of BRICS is increasing day by day. The latest news reports that the Chinese currency, the yuan, has surpassed the dollar as the most used currency in Russia. This change aligns with the alliance's desire to reduce their dependence on the American currency.
The BRICS have announced their plan to launch their own currency to break free from dependence on the dollar. While waiting for this project to materialize, the alliance is shunning the dollar through various strategies. One of the most recent ones is the massive use of gold by the BRICS to support their local currencies.
A central bank digital currency (CBDC) linked to the SWIFT network is expected to be launched in the coming months. This development challenges the BRICS countries, which are also working on issuing their own currency. Perhaps this is another reason to place more emphasis on this project?
The BRICS plan to end the hegemony of the dollar in international transactions continues to provoke reactions in the United States. American Treasury Secretary Janet Yellen recently expressed her concern about the implementation of this project. Especially since, according to her, detrimental effects are being observed on the dollar.
Former Zimbabwean Finance Minister Tendai Biti does not believe in the promises of financial autonomy through the BRICS' proposed exit from the dollar. In his view, this project being actively pursued by the country alliance is not positive, especially for his country considering joining the BRICS, which is completely understandable.
In an era where blockchain technology and cryptocurrencies are redefining the boundaries of global finance, the BRICS are positioning themselves as pioneers of radical change. With the announcement of an innovative payment system, these emerging powers challenging the hegemony of the US dollar are outlining the contours of a new global economic order based on inclusivity, security, and the speed of financial transactions.
Brazil, one of the founding countries of BRICS, has just broken its bilateral relations with Israel. The cause is a statement by Brazilian President Lula da Silva on the war being waged by the Israeli state in the Gaza Strip.
"Will Nigeria have the courage to de-dollarize in order to join the BRICS?"
In accordance with their ambition to move away from the dollar, the BRICS countries are increasing their initiatives deemed useful to achieve these goals. Essentially, this involves questioning certain institutions that promote American hegemony. Following this logic, Russia, an influential member of the BRICS, plans to present a new payment system that aims to undermine the SWIFT network.
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The most important emerging nations are abandoning the dollar. The next international reserve currency will be Bitcoin.
If the BRICS have launched their development bank (NDB), it is with a goal. That goal is to finance public and private projects in line with their de-dollarization plan. This bank has taken the mission to heart and recently carried out a significant bond issuance from an economic and geopolitical perspective.
Russia will take over the presidency of BRICS in 2024. Dedollarization will accelerate, as well as cross-border payments involving CBDCs.
We knew that the BRICS were considering, in order to end the hegemony of the dollar, to establish a common currency with possibly a digital option in crypto. It seems that the crypto in question would be bitcoin (BTC) according to the latest news. But can the flagship crypto really be a relevant means of de-dollarization?
Recent data shows that China is strategically strengthening its oil stocks. For several months, the Middle Kingdom has been benefiting from its partnership with Russia for this purpose. Some believe that this is a way for China to expand its influence within the influential BRICS of which it is a member.
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The famous economic analyst Noah Smith recently wrote an exciting article about bitcoin. He mentions the recent approval of ETFs by the SEC and the secret interests of certain bitcoiners. His thesis is striking: there would be an increasingly powerful Bitcoin lobby that would act in the shadows to create monetary chaos in the world.