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<p>As we step into the era of geopolitical shifts and economic transformations, the BRICS alliance (Brazil, Russia, India, China, and South Africa) emerges as a formidable force, plotting what could be the ultimate takedown of the US <a href="https://www.cryptopolitan.com/russia-iran-dump-the-us-dollar-for-good/" data-type="post" data-id="432063" rel="noopener noreferrer nofollow">dollar’s</a> global dominance.</p>
<p>The year 2024 marks a critical juncture in this journey, with the bloc’s concerted efforts to de-dollarize gaining unprecedented momentum. This strategic move, highlighted by former White House economist Joe Sullivan, signals a seismic shift in the global economic order, potentially reshaping the landscape of international trade and finance.<a href="https://watcher.guru/news/brics-ready-economic-wrecking-ball-for-us-dollar" rel="noopener noreferrer nofollow" target="_blank"> </a></p>
<p>Sullivan’s remarks, as reported by Business Insider, suggest that BRICS is wielding an “economic wrecking ball” aimed at the US dollar. This strategy is not a sudden pivot but a culmination of years of planning and coordination within the alliance, gaining significant traction in 2023. With the bloc’s expansion to include influential economies like Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, BRICS’s influence on global trade and currency dynamics is poised to escalate dramatically.</p>
<h2 class="wp-block-heading" id="expanding-influence-and-strategic-maneuvers">Expanding Influence and Strategic Maneuvers</h2>
<p>The expanded BRICS bloc now encircles key global trade routes and commodity markets, with new members holding strategic positions around the Suez Canal and being top exporters of essential commodities like fossil fuels and precious metals. This expanded influence, particularly with the inclusion of Saudi Arabia, a major holder of US Treasury bonds, amplifies the alliance’s capacity to challenge the greenback’s supremacy.</p>
<p>Sullivan points to the potential of the BRICS nations to establish a rival currency, though official statements from the bloc have denied such plans. However, even without a unified currency, the simple demand for trade in their national currencies could significantly diminish the dollar’s role in the global economy. The BRICS nations’ control over a substantial portion of global trade and their sway in commodities markets make this a plausible scenario, one that could see the US dollar facing a fate similar to the British pound, which lost its global dominance in the 1800s.</p>
<h2 class="wp-block-heading" id="brics-challenges-and-possibilities">BRICS: Challenges and Possibilities</h2>
<p>While the ambitions of BRICS are clear, the road ahead is fraught with challenges and uncertainties. Other economists argue that the dollar’s position as the world’s primary trading and reserve currency is likely to continue, given its current dominance in international trade and central bank reserves. The Chinese yuan, despite making recent gains, still lags significantly behind the dollar in global currency reserves.</p>
<p>2024, therefore, emerges as a pivotal year for BRICS and its de-dollarization strategy. The alliance’s geopolitical maneuvering and its growing anti-Western initiatives have captured global attention, making the BRICS expansion a subject of intense scrutiny and speculation. The addition of traditional US allies like Saudi Arabia and the UAE to the bloc adds another layer of complexity, potentially altering longstanding economic alliances and currency dynamics.</p>
<p>In essence, as BRICS continues to expand and assert its influence, the implications for the US dollar and the global financial system are profound. The alliance’s strategy to reduce reliance on the dollar and potentially introduce alternative trading currencies presents both challenges and opportunities. The year 2024 stands as a critical milestone in this journey, a year that could redefine the contours of global economic power and herald a new era in international finance.</p>

BRICS plots the ultimate takedown of the US dollar

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