Last month, the BRICS economic bloc extended invitations to six new members, including Saudi Arabia. What are the ramifications of this expansion? That remains to be seen.
But as Ron Paul pointed out, it could further erode the West’s economic power, and ultimately threaten the status of the dollar as the exclusive global reserve currency.
The BRICS economic bloc announced it will add six new members, including Saudi Arabia. The growing influence of BRICS could ultimately dent Western economic power and undermine the dollar’s role as the world’s reserve currency. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the ramifications of BRICS expansion, de-dollarization, and the possibility of a BRICS currency. He also talks about how silver is inexcusably low.
The BRICS summit is underway with talk of expanding the economic block and speculation about a “new currency.” Peter Schiff appeared on Real America with Dan Ball to talk about these developments, saying the BRICS nations will blunt Western dominance.
In another blow to dollar dominance, India and the United Arab Emirates settled an oil trade without converting local currencies to dollars for the first time on Monday, as India’s top refiner made a payment for oil in rupees.
Indian Oil Corp. bought a million barrels of oil from Abu Dhabi National Oil Company in a dollar-free transaction.
The US dollar is on shaky ground. There is a growing trend toward de-dollarization. Meanwhile, the Federal Reserve is tinkering with the idea of a digital dollar that could give the government unprecedented control over your spending.
Given the trajectory of the dollar, it might be a good idea to find some alternatives. In other words, we need currency competition.
Dollar doubts continue to grow, threatening the greenback’s perch at the top of the global financial system.
Last week, Kenyan President William Samoei Ruto suggested that African nations should shift away from using the dollar in intercontinental trade.
Earlier this year, Saudi Arabia said it was willing to discuss trade in currencies other than the US dollar. This could mark the beginning of the end of petrodollar exclusivity. That would be a huge blow to dollar dominance. Ron Paul said historians may one day call this the most significant event of 2023.
Americans continue to deal with rising prices even as the economy deteriorates. But the US isn’t the only country with an inflation problem. As Peter Schiff explained in a recent podcast, every country has let the inflation horses out of the barn. When you couple that with the de-dollarization trend, it’s bullish for gold.
There has been a lot of talk lately about de-dollarization. As just one example, the BRICS nations recently announced they are developing a new currency. Peter Schiff recently appeared on Commodity Culture with Jessie Day to talk about the trajectory of the dollar. He said that the death blow for the dollar is coming. And when it does, people will run to gold.