To some extent, the process of de-dollarization currently taking place in the world is a self-inflicted wound.
After all, if you want to have a serious currency that serves as the “world's reserve,” maybe You must refrain from printing trillions of counterfeit paper money as if there is no tomorrow.
But it cannot be denied BRICS is the leading force in the push towards multipolarity Who uses the abolition of the dollar as an economic tool.
At the 2023 BRICS summit in Johannesburg, South Africa, there were some calls, particularly by Brazilian President Lula da Silva, for the rapid implementation of a BRICS currency – an idea first raised by Russian President Vladimir Putin.
Although this seems unlikely in the short term, the de-dollarization process is already in full swing Russia and China, for example, have begun to use their currencies – the ruble and the yen – to settle their large bilateral trade.
Meanwhile, the Joe Biden administration from hell is asleep at the wheel.
For his part, US Republican presidential candidate Vivek Ramaswamy showed that he is at least aware of the seriousness of the situation, as he described the potential common currency of the BRICS group as a “big problem” for the US government.
Responding to a reporter at an informal press conference, Ramaswamy said that the BRICS alliance and what he called the “de-dollarization mission” poses a threat to the United States and needs serious and urgent discussion.
Observer Guru reported:
“'This is a big problem for the United States“This will permanently increase the cost of our borrowing if the dollar is no longer the world’s established reserve currency,” he told a reporter who asked about the BRICS developing its own new reserve currency. He adds that a US struggling with trillions of debts will not help it in its potential global battle. With the common currency of the BRICS group, he said that now is “not the right time to increase domestic borrowing costs.”
If I reflect Ramaswamy's statement, I, as a Brazilian citizen from one of the BRICS countries, can argue that, to some extent, it is legitimate to distance ourselves from the dollar. Because by doing so, it significantly reduces the costs of borrowing or any other international transaction.
The Odd Candidate has the clear vision that the correct, immediate initial reaction to the problem is not to try to eliminate the multipolar campaign—which I'm afraid to say is quite impossible—but rather, by… Strengthen the currency that you want to remain as a planetary reference.
Regarding the dissolution of the BRICS common currency, Vivek Ramaswamy says: “The right way to deal with it, however, is not to try to destroy it, but Increase the value proposition of the dollar itself by associating the dollar with hard goods'. He adds that the sole mandate of the Federal Reserve, the US central bank, should be to stabilize the dollar.
The US dollar is used in trade by most countries.
But with the expansion of the BRICS bloc in 2024, and the modernization of the BRICS currency and payment services, Ramaswamy wants to address this “potential threat” before it gets worse.
Great moment from last night's press conference.
Vivek Ramaswamy attacks the media when a young journalist asks about BRICS and the value of the dollar.
“I'm sorry, sir. Smart questions are not allowed.” pic.twitter.com/sZ7lv9F5dE
– Brad Nichols (@BradNicholsX) January 10, 2024
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