The BRICS new world currency may not happen after all, or will we live long enough to see the fall of the American dollar?
Creating a common currency to weaken the dollar faces profound economic, political, and geographic implications among BRICS nations, all of whom, except Brazil, show no enthusiasm about the approach.
India rejects the notion entirely, while South Africa maintains that a shared currency would greatly benefit China. Russia, on its end, inclines toward increasing trade with respective national currency. China remains diplomatically quiet on the topic as it pushes for a stronger Chinese Yuan on the global stage.
Despite the frenzy about creating a multipolar financial market or reducing the dollar’s hegemony in global trade, at the time that video was produced, the dollar still accounted for 90% of international forex dealings and 60% of the world’s global reserve.
In conclusion, the BRICS nations are not ready to converge their economy or lose the sovereignty of their national currency, like it happened with the Euro in 1999.
Therefore, the new BRICS world currency may be dead on arrival, or this generation will not live long enough to see the fall of the American dollar.
Dr. Bobb Rousseau
India rejects the notion entirely, while South Africa maintains that a shared currency would greatly benefit China. Russia, on its end, inclines toward increasing trade with respective national currency. China remains diplomatically quiet on the topic as it pushes for a stronger Chinese Yuan on the global stage.
Despite the frenzy about creating a multipolar financial market or reducing the dollar’s hegemony in global trade, at the time that video was produced, the dollar still accounted for 90% of international forex dealings and 60% of the world’s global reserve.
In conclusion, the BRICS nations are not ready to converge their economy or lose the sovereignty of their national currency, like it happened with the Euro in 1999.
Therefore, the new BRICS world currency may be dead on arrival, or this generation will not live long enough to see the fall of the American dollar.
Dr. Bobb Rousseau