BRICS: These 40 Countries Want To Ditch the US Dollar! VIDEO
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Discover how the BRICS alliance, with nearly 40 countries interested in joining, is leading a global movement to dethrone US dollar dominance. As emerging economies push for de-dollarization and local currency trade, the world braces for a seismic shift in global finance. Learn how this revolution could reshape the future of international trade and challenge the US’s economic hegemony.
BRICS: 40 Countries Eye Freedom from the US Dollar’s Grip
The stage is set for a seismic shift in the global financial system, and it’s sending shockwaves through the corridors of power in Washington. The US dollar, long regarded as the kingpin of international trade, is facing an unprecedented rebellion. A rebellion spearheaded by a rapidly growing BRICS alliance and nearly 40 countries that are ready to break free from the economic stranglehold the dollar has imposed for decades. These nations, hailing from Asia, Africa, and South America, are vying to join the BRICS bloc in 2024 with one shared goal—dethroning the US dollar and charting a new course for the global economy.
BRICS isn’t just some fledgling alliance; it’s an emerging powerhouse, and what started as a coalition between Brazil, Russia, India, China, and South Africa is quickly becoming the epicenter of a financial revolution. With the decline of US hegemony, these countries are looking for ways to strengthen their economies by shifting from dollar dependence and adopting local currencies for trade. But what does this mean for the future of global finance? How does this change impact the everyday person? The consequences are more far-reaching than many realize.
The US Dollar’s Decades-Long Dominance
For years, the US dollar has been the world’s reserve currency. Its influence is omnipresent, controlling everything from international trade to commodity prices, including the all-important oil market. In fact, more than 60% of global foreign exchange reserves are held in US dollars, and nearly 90% of all forex trades involve the greenback. That’s a staggering level of control.
But how did the dollar attain such dominance? It wasn’t just luck—it was designed. In the aftermath of World War II, the US economy emerged as the strongest in the world, and with the Bretton Woods Agreement in 1944, the dollar was pegged to gold while other currencies were pegged to the dollar. This essentially made the US dollar the cornerstone of global trade and finance. Even after the dissolution of the gold standard in 1971, the dollar maintained its dominant role, solidified further by its centrality in the oil markets, thanks to the petrodollar system.
The dominance of the dollar isn’t just about economics. It’s about power—geopolitical and financial power. The US has used its currency as a tool to exert influence, implement sanctions, and push its agenda on the world stage. The strength of the dollar has allowed the US to borrow cheaply, control inflation, and enforce its monetary policy on a global scale. However, this dominance hasn’t come without consequences.
The Rising Resentment Against the Dollar
The cracks in the US dollar’s dominance have been forming for years, especially among developing nations. The global financial system, dominated by the dollar, often puts these countries at the mercy of US monetary policies. When the Federal Reserve raises interest rates, it increases borrowing costs for countries with dollar-denominated debt. The burden is heavy, and in many cases, crushing.
For nations grappling with economic instability, inflation, or external debt, the US dollar isn’t just a currency—it’s a financial leash. When the US economy falters or policy changes are made, the ripples are felt across the globe. Countries like Argentina, Nigeria, and Turkey have faced significant economic stress as a result of dollar fluctuations.
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The pandemic has only exacerbated these challenges, as the Fed’s decision to pump trillions of dollars into the economy devalued the currency, leading to inflation and rising commodity prices globally. It’s no wonder many nations are seeking to break free.
BRICS: The Beacon of De-Dollarization
The BRICS alliance represents a collective challenge to the US-centric financial order. Initially formed in 2009, the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—was envisioned as a counterweight to Western financial institutions like the IMF and World Bank. These countries, representing roughly 40% of the global population and a quarter of the world’s GDP, saw the need for a platform to collaborate on economic, political, and financial issues independent of the US.
However, in recent years, BRICS has evolved into something much more significant. As the global economic landscape changes, so too have the priorities of the BRICS nations. They are now at the forefront of the de-dollarization movement, pushing for an international monetary system that reduces reliance on the US dollar. In fact, their latest summit in 2023 made headlines as nearly 40 countries expressed interest in joining the alliance, driven by a desire to shift to local currencies and reduce dollar dependence.
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The Strategic Role of China
China is perhaps the most critical player in this game. With its economic clout and growing influence, China stands to benefit immensely from the shift away from the US dollar. The yuan, or renminbi, is being positioned as a viable alternative for international trade.
China has been strategically building economic partnerships across Asia, Africa, and Latin America through initiatives like the Belt and Road Initiative (BRI), facilitating trade agreements in local currencies rather than the US dollar. China’s growing influence in organizations like the BRICS New Development Bank has made it clear that the yuan will play a leading role in the new financial order.
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For China, de-dollarization isn’t just about economic pragmatism—it’s a political move aimed at reducing US influence in global trade and geopolitics. The US dollar is a key lever of American power, and by eroding that dominance, China can reshape the world economy in its favor, creating a multipolar world where power is more evenly distributed among global players.
Russia and the De-Dollarization Crusade
Russia, too, is a staunch advocate of de-dollarization. Given the West’s sanctions following the annexation of Crimea and, more recently, the invasion of Ukraine, Moscow has been aggressively seeking ways to insulate its economy from US financial control. The dollar has long been a tool of leverage in enforcing sanctions, and Russia is eager to escape this vulnerability.
Russia has made significant strides in this regard by increasing trade with China and other partners in non-dollar currencies. In fact, in 2022, Russia and China agreed to settle much of their bilateral trade in yuan and rubles. Russia’s decision to align closely with BRICS on de-dollarization is more than just a survival tactic—it’s a strategic attempt to undermine US hegemony on the global stage.
A Flood of Interest: Who Are These 40 Countries?
The growing list of countries expressing interest in joining BRICS is telling. This isn’t just about economics—this is a political statement. Countries like Argentina, Egypt, Saudi Arabia, and Iran have openly discussed joining the alliance in recent months. What unites these nations is their shared frustration with the current US-dominated financial system and a desire for a more balanced, multipolar world.
Saudi Arabia’s interest in BRICS, in particular, has raised eyebrows. As the world’s largest oil exporter, Saudi Arabia has traditionally priced its oil in dollars under the petrodollar system, a cornerstone of the US dollar’s dominance. However, recent moves by Riyadh to explore oil trade in other currencies, especially with China, signal a potential pivot. If Saudi Arabia were to shift away from the petrodollar system, it would be a massive blow to the US dollar’s global standing.
In Africa, countries like Nigeria, Kenya, and Algeria are also eyeing BRICS membership as a way to escape the dollar’s grip. These nations see BRICS as an opportunity to diversify their trade partners and strengthen their economic independence. Similarly, Latin American nations like Argentina and Venezuela are drawn to BRICS due to their tumultuous relationships with Western financial institutions and dollar-based debt crises.
BRICS and the Move Toward Local Currencies
The heart of the BRICS de-dollarization effort lies in promoting trade using local currencies. The logic is simple: why should nations continue to rely on the US dollar, especially when it exposes them to the whims of US monetary policy? BRICS is pushing for the creation of a financial system where countries can trade directly in their own currencies, bypassing the dollar altogether.
One of the key tools in this endeavor is the BRICS New Development Bank (NDB), which has been funding projects across member states in local currencies. The NDB is designed to be an alternative to Western-dominated financial institutions like the IMF and World Bank, offering a platform for emerging economies to access capital without the political strings often attached to dollar-based lending.
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Furthermore, bilateral currency swap agreements between BRICS members and other nations are becoming increasingly common. These agreements allow countries to trade goods and services directly in their own currencies, reducing the need for dollars. For instance, China and Brazil have signed agreements to settle trade in yuan and reais, a move that further chips away at the dollar’s dominance.
The Potential Collapse of the Dollar’s Global Role
While the US dollar’s dominance isn’t likely to vanish overnight, the writing is on the wall. The shift away from the dollar is accelerating, and the BRICS-led de-dollarization movement poses an existential threat to the greenback’s global supremacy. As more countries join the ranks of BRICS and adopt local currencies for trade, the demand for dollars will decline, eroding its value and influence.
This could have far-reaching consequences for the US economy. The dollar’s status as the world’s reserve currency has allowed the US to borrow cheaply and maintain a massive trade deficit without immediate repercussions. However, if the world moves away from the dollar, the US could face higher borrowing costs, inflation, and economic instability.
The US will likely resist this shift, and we may see increasing efforts by Washington to maintain dollar hegemony through diplomatic and economic means. However, the momentum behind the de-dollarization movement, fueled by BRICS and its potential new members, suggests that the US will have a tough time reversing this trend.
What Does This Mean for Everyday People?
The implications of de-dollarization aren’t confined to policymakers and economists. If BRICS succeeds in reshaping the global financial order, everyday people across the world will feel the impact. For those in developing nations, moving away from the dollar could lead to more stable local economies, less exposure to external shocks, and more control over their financial futures.
For people in the US, the consequences could be stark. The erosion of the dollar’s dominance could lead to inflation, higher interest rates, and a decline in the standard of living as the US loses its privileged position in the global economy.
As the BRICS alliance grows in strength and influence, the days of unquestioned US dollar dominance are numbered. The nearly 40 countries showing interest in joining BRICS represent a collective desire to escape the US dollar’s grip and forge a new, more equitable global financial system. This isn’t just an economic shift—it’s a geopolitical earthquake. The world is watching, and the US is on high alert. What remains to be seen is how quickly this change will come and how the US will respond to a world that no longer revolves around the dollar.
The revolution has begun, and BRICS is leading the charge.
