Ooh Lula La! Brazil Wants To Dedollarize Too t.co/UuoMALuJSk
— zerohedge (@zerohedge) April 17, 2023
A Costly De-Globalization Is Underway, It Just Doesn't Look Like It Yet t.co/z8NLSaakUI
— zerohedge (@zerohedge) April 17, 2023
Janet Yellen admits what many of us have been saying.
“Economic sanctions imposed on Russia and other countries by the United States put the dollar's dominance at risk as targeted nations seek out an alternative, Treasury Secretary Janet Yellen said Sunday.” pic.twitter.com/taFPyqvHxT
— Wall Street Silver (@WallStreetSilv) April 17, 2023
Yellen admits that weaponizing the dollar can result in the destruction of the dollar as adversaries seek alternatives. I explained this dynamic to the Pentagon and Treasury ten years ago. The slow kids in the class are finally catching up.t.co/AzWQpTos5P
— Jim Rickards (@JamesGRickards) April 17, 2023
Is There A Worldwide Run On The Bank Of The United States Of America? t.co/qZpaN9MVA8
— zerohedge (@zerohedge) April 17, 2023
BRICS Nations Developing “New Currency” as Quest for Global De-Dollarization Accelerates
China and Brazil recently finalized a trade deal in their own currencies completely bypassing the dollar, but that’s not the only bad news for the world’s reserve currency.
Last week, a Russian official announced that the BRICS nations are working to develop a “new currency,” yet another sign that dollar dominance is waning.
State Duma (the Russian legislative assembly) deputy chairman Alexander Babakov said the transition to settlements in national currencies is the first step. We’ve already seen this occur with recent oil deals between India and Russia being settled in currencies other than dollars.
The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future. I think that at the BRICS [leaders’ summit], the readiness to realize this project will be announced, such works are underway.”
That summit is scheduled for August.
Babakov said the BRICS nations are developing a strategy that “does not defend the dollar or euro” and that “a single currency” would likely emerge within BRICS, pegged to gold or “other groups of products, rare-earth elements, or soil.”
Brazil, Russia, India, China, and South Africa make up the BRICS block. It accounts for about 40% of the global population and a quarter of the global GDP.
Last year, Iran officially applied to join BRICS, and according to a report by The Cradle, several nations have expressed interest in joining the bloc, including Saudi Arabia, Algeria, UAE, Egypt, Argentina, Mexico, and Nigeria.