The planning continues around the world for the collapse of the US Dollar. Even a 5th grader knows if you start printing money to pay the interest on borrowed money, you simply can’t continue on that trajectory for very long. And then I run into a new group of people who have read the book “Deficits don’t Matter” and they actually have convinced themselves to believe that America can borrow and print an unlimited amount of money. In their eyes, $37 trillion in National debt is the same as $137 trillion. How can anyone actually fall under that delusion? If printing money solved poverty then there would be no poor people on earth. America could print $1 million and hand it to every American who could use it to pay off all debt, buy a house, buy a car and stuff their freezers with food! It doesn’t work like that! If America did that it would cause hyper inflation and a toaster would suddenly cost $1 million. Think I’m kidding? Look up “hyper inflation in Germany” and see what happened 100 years ago when they printed too much money.
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However, leaders like Brazilian President Luiz Inacio Lula da Silva said that countries that do not use the dollar should not be compelled to trade with each other using the currency. At a summit last year, he explained that a BRICS currency “increases our payment options and reduces our vulnerabilities.”
BRICS could end the dollar's dominance even without a shared trade currency
Even without a shared trade currency, the bloc could still swing an “economic wrecking ball” at the dollar’s dominance, according to former White House economist Joe Sullivan. He said that although BRICS nations have denied that a rival currency is imminent, the bloc of other emerging market countries that have been invited to join their ranks, such as Iran, Saudi Arabia, United Arab Emirates, Ethiopia, Argentina and Egypt, could pose a big threat to the dollar as their influence grows.
In fact, with Saudi Arabia, Ethiopia, and Egypt – three countries that surround the Suez Canal, a vital passageway for goods flowing into international markets – joining, BRICS would then have an influence over 12% of all global trade. Meanwhile, with Iran, the UAE and Saudi Arabia sitting among the biggest global exporters of fossil fuels and Russia, China and Brazil as major precious metal exporters, the bloc could have significant sway in the commodities markets.
He stated: "The BRICS+ nations do not need to wait until a shared trade currency meets the technical conditions typical of global reserve currency before they swing their newly enlarged economic wrecking ball at the dollar."
The Chinese yuan is already pushing out other currencies in trade as its trading partners increasingly use it, and this could see the dollar lose its stronghold.
"The BRICS+ states do not even necessarily need to have a shared trade currency to chip away at King Dollar's domain. If BRICS+ demanded that you pay each member in its own national currency in order to trade with any of them, the dollar's role in the world economy would go down,” Sullivan added.
With BRICS member states now being more open about moving away from the dollar and trading in national currencies or developing their own currency, it’s time to prepare for the reality that full dedollarization may happen sooner than once believed.
https://www.naturalnews.com/2024-05-08-brics-nations-preparing-global-collapse-of-dollar.html
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