The world continues to move away from the US Dollar. Vladimir Putin mentioned this fact at the BRICS Summit as he encouraged countries to settle trade in their own national currencies.
Putin participated in the 15th BRICS Summit by videolink on Tuesday. The gathering is taking place in the South African city of Johannesburg, addressing geopolitics, economic issues, trade and infrastructure development, business opportunities and the bloc’s potential expansion. pic.twitter.com/n9opnuI6cC
— RT (@RT_com) August 22, 2023
RT:
The US dollar is losing its global role in an “objective and irreversible” process, Russian President Vladimir Putin told participants at the BRICS summit in South Africa on Tuesday. Vladimir Putin spoke via video link, after choosing not to attend the event in person.
De-dollarization is “gaining momentum” Putin declared, adding that members of the group of major emerging economies are seeking to reduce their reliance on the greenback in mutual transactions.
The Russian leader claimed the five BRICS members – Russia, China, India, Brazil and South Africa – are becoming the new world economic leaders, adding that their cumulative share of global GDP has reached 26%.
He noted that if measured by purchasing power parity, BRICS has already surpassed the Group of Seven leading industrialised nations – accounting for 31% of the global economy, compared to 30% for the G7.
Over the past 10 years, mutual investment between the BRICS member states has increased by six times. Their total investments in the world economy have doubled, while cumulative exports account for 20% of the global total, Putin said.
The US Dollar won’t disappear overnight, but as Putin mentioned, it is in serious decline. The virus hoax and all the economic sanctions the ZOG people put on Russia have dealt serious damage to the world’s reserve currency. These decisions are going to ensure that the US Dollar is not the world’s reserve currency for much longer.
The US Dollar is backed largely the threat of force via the US military. The US military has shown that it is weak with the fiasco in Afghanistan and now the failure in the Ukraine. US and Western military equipment has also proven itself to be inferior to Russian military equipment. The end result is that the world no longer fears American military power.
It is possible that we might see the BRICS countries form some sort of new currency backed by gold or other asset/resource classes to challenge the US Dollar. If/when that happens, it will be very difficult for the US Dollar to sustain its reserve status.
