Concerns Rise Over The Future Power Of US Dollar
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Analysis published Friday outlined how the future of the U.S. dollar is in jeopardy as the BRICS nations add more key members.
The BRICS nations, as of the time of writing, include Brazil, Russia, India, China and South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. At least 30 other countries have voiced an interest in joining the BRICS group, which is based around nations with emerging global economies, as noted by CBN. (LEARN MORE: Making The Most Of Your Golden Years: A Comprehensive Guide To Retirement Planning)
The core goal of BRICS is to remove the U.S. dollar as the global reserve currency. If this happens, our home nation could face a social and financial collapse, akin to that witnessed in Venezuela. Food and medical shortages are the norm, and millions are fleeing violence and complete social collapse, according to Al Jazeera.
Could This Really Happen?
The short version is: yes. But who is to blame?
“You ask, ‘Why is this going on at all?’ And the answer is we’ve turned the dollar into a weapon,” currency expert James Rickards told CBN. “And if you’re on the receiving end of that, Russia found out the hard way. But if you’re in China, Brazil, India, or a lot of other countries, what you’re asking yourself right now is, ‘Hey, what happens if the United States wakes up one day and decides they don’t like what I’m doing?'” (LEARN MORE: ‘Bidenomics’ Is Hurting Voters Despite Attempts To Spin)
BRICS could potentially develop a currency that displaces the dollar. “About 60 percent of global reserves are in securities denominated in dollars. Now, that’s not easy to unseat. Even if you don’t like the dollar, you have to ask yourself, ‘Where is there a securities market big enough to absorb the (need for a place to deposit) savings?’ And there isn’t one.”
A Weak Dollar Means More Inflation
How expensive is your life right now compared to four years ago? If you’re anything like us, you’re dealing with more costs to food, fuel, medicine, and just about everything else. (LEARN MORE: Biden’s Economy Brings Misery To Men)
You may also be one of the unlucky millions who purchased a home with a 5% or more mortgage rate in the last two years, meaning you’re locked into paying almost double for a property that won’t retain its value. The American financial system is not working for those of us who pay lawmakers to protect us. So, what can you do?
You can tell your lawmakers today: that the economy is the most important part of America’s international reputation and strength. Without it, we as a nation will collapse. We don’t make and export goods, and if we can’t buy anything, why would the rest of the world care about our existence?
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