Are the BRICS working to bring down the US dollar?

[MrD]

Andy Schectman, President and Owner of Miles Franklin and an expert on monetary and economic history, said that he anticipates many countries will dump the US dollar globally. Interest rates will rise accordingly, followed by a “collapse” in asset prices, which would be used to usher in Central Bank Digital Currencies (CBDCs) and The Great Reset.

“The BRICS are, I think, coalescing against the dollar, the perceived hypocrisy and hegemony of the dollar. We’ve already been told that the BRICS currency would be pegged to gold or commodities, assuming that gold is one of the commodities.”

What is the BRICS' next move?

The BRICS are meeting in South Africa this August, and creating an alternative to the U.S. dollar is on the agenda. Saudi Arabia’s willingness to accept other currencies in exchange for oil is the biggest fuel to de-dollarization.

Schectman said that if the dollars returned to the United States, this would immediately create a spike in interest rates to compensate for the loss of purchasing power. This would cause a “crash” in assets like housing, stocks, and bonds, which have gained value due to loose Federal Reserve monetary policy.

The threats to our economy are becoming stronger and stronger. While we can hardly do anything about it except to contribute to the country’s productivity, we can do something about protecting our wealth.

Protect your wealth with a global asset.

Gold is as valuable in the US as in the UK or Asia. It has real-world utility and is scarce. That’s why it remains the best hedge against any economic distress.

So, if you are looking for an asset that could hold up anywhere in the world, look into gold.

(c) Newsletter by NobleGoldInvestments.com

[JamesOnFire]

I just heard on the news that Arhentina will drop the US dollar 

https://foreignpolicy.com/2023/04/27/argentina-yuan-china-dollar-currency-trade-imports-imf-diplomacy/

[DoubleCycleBiz]

If the dominance of the dollar and its exchange rate decreases, the whole world will suffer.

[MrD]

On 5/22/2023 at 4:26 AM, DoubleCycleBiz said:

If the dominance of the dollar and its exchange rate decreases, the whole world will suffer.

Why do you say that? I suppose countries like Russia, China, and other BRICS countries will do better if they avoid the dollar in the long run.

[Rahul verma]

The dollar could face a growing challenge from BRICS countries, thanks to the bloc's growing size and influence over global trade, according to former White House economist Joe Sullivan.