Finally, Saudi Arabia, Egypt, Iran, Argentina, Ethiopia and the United Arab Emirates have formally been cleared and invited to join BRICS in 2024.
Keep in mind that Saudi Arabia is key to the Dollar earning its “petrodollar” status. Saudi Arabia was arguably the strongest ally of the United States in the region and losing Saudi to BRICS is not a very good news for the US dollar, but a really strategic move on the side of BRICS.
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A clear indication that a BRICS replacement for the dollar (BRICS currency) is imminent. The unbundling begins with member nations – active and prospective replacing initial dollar trades with their own currencies, in other words, rather than trade with the dollar, they use their individual currencies instead, as RUSSIA and China have been doing for some time now, and then gradually develop and migrate to a BRICS currency.
Meanwhile,
Truly interesting developments! The inclusion of these nations, especially Saudi Arabia, into BRICS is a seismic shift in global power dynamics. The transition from the dominance of the US dollar to a more decentralized, BRICS-backed currency system could redefine global trade, infact not could, it will redefine global trade.
As countries lean into trading with their own currencies, I’ll be curious to see the ripple effects on global economies and geopolitics.
On the topic of the dollar dominance, something tells me that the US is most definitely prepared for this change, in fact they could have been anticipating it for quite some time. Knowing fully well that the idea of BRICS was somewhat birthed by the company Goldmann Sachs, it would not surprise me that America has already anticipated the fall of dominance of their currency.
Truly interesting times ahead.
– JC Okechukwu
I thought Kashim Shettima Went to south Africa for the #Brics meeting? What exactly made him attend? Wetin he bring come back?
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