BRICS Alliance to Expand as Over 30 Countries Apply for Membership
The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, is set to challenge the dominance of the US dollar in international trade and finance with the establishment of a new global currency backed by gold and other commodities. With the increasing size and influence of its member countries, the BRICS alliance is well-positioned to facilitate a global currency reset that would have significant implications for the global economy and the balance of power between Western and non-Western countries. Are we witnessing the end of the US dollar hegemony?
The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, is set to expand with over 30 countries having formally and informally applied to join. South Africa’s representative to BRICS, Ambassador Anil Sooklal, has hinted at the prospect of growth within the alliance.
The countries applying to join the alliance include Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.
This development indicates a significant shift in the global economic landscape and is expected to deal a blow to the United States of America and other Western nations, which have traditionally held significant influence in the global economy. As the BRICS alliance grows in size, it is likely to have an impact on the US dollar’s influence and hegemony.
The BRICS alliance represents a significant portion of the world economy, with a combined GDP of around $16.6 trillion as of 2021. The addition of new members to the alliance is likely to increase this figure even further. The move by Zimbabwe to join the alliance is seen as a strategic step to neutralize an insatiable appetite for the US dollar among its citizens, which has been blamed for continued economic shocks in the country.
The alliance has been working towards establishing a new development bank, which could challenge the dominance of the International Monetary Fund (IMF) and the World Bank. The new bank could provide an alternative source of funding for developing countries, reducing their reliance on Western-dominated financial institutions.
The BRICS alliance, with its increasing size and influence, is also likely to challenge the dominance of the US dollar in international trade and finance. The US dollar has been the dominant currency for international trade and finance since the end of World War II, with many countries holding significant reserves of US dollars. However, the increasing size and influence of the BRICS alliance could lead to a shift towards the use of alternative currencies, such as the Chinese yuan, for international trade and finance.
The expansion of the BRICS alliance is also likely to have implications for global politics. The alliance has been working towards establishing a new world order that is less dominated by Western powers. The addition of new members to the alliance is likely to increase its political influence, challenging the traditional dominance of Western powers in international politics.
Creating a New BRICS Alliance Currency – Backed by Gold and Other Assets
The expansion of the BRICS alliance and the increasing size and influence of its member countries could also lead to the creation of a new currency that challenges the dominance of the US dollar. The BRICS alliance has been working towards establishing a new development bank, which could provide an alternative source of funding for developing countries. However, the alliance could take this a step further and establish a new global currency that is backed by gold and other commodities.
In recent years, there has been a growing movement towards a global currency reset that would replace the US dollar as the dominant currency for international trade and finance. The BRICS alliance, with its increasing size and influence, could facilitate this global currency reset by backing their new currency with gold and other commodities. This would provide a strong foundation for the new currency, making it more attractive to investors and reducing the risk of currency devaluation.
The US dollar has been the dominant currency for international trade and finance since the end of World War II, with many countries holding significant reserves of US dollars. However, the increasing size and influence of the BRICS alliance could lead to a shift towards the use of alternative currencies, such as the Chinese yuan, for international trade and finance. The establishment of a new global currency backed by the BRICS alliance would further challenge the dominance of the US dollar and facilitate a global currency reset.
The establishment of a new global currency would have significant implications for the global economy, politics, and the balance of power between Western and non-Western countries. The BRICS alliance, with its increasing size and influence, is well-positioned to challenge the traditional dominance of Western powers in the global economy and politics. The establishment of a new global currency backed by the BRICS alliance would further strengthen their position and challenge the hegemony of the US dollar.
Bottom Line
The expansion of the BRICS alliance and the increasing size and influence of its member countries could facilitate a global currency reset that would replace the US dollar as the dominant currency for international trade and finance. The establishment of a new global currency backed by the BRICS alliance would challenge the dominance of the US dollar and facilitate a shift towards alternative currencies for international trade and finance. This would have significant implications for the global economy, politics, and the balance of power between Western and non-Western countries.
Additional Reference: https://moderndiplomacy.eu/2023/05/24/more-than-30-countries-want-to-join-the-brics/
