By Mona Austin
(TSN): Murmuring about the U.S. dollar no longer being king has turned into a sceam. U.S. exonomists are beginning ti reckon with the fact that BRICS countries desiring independence from the U.S. dollar are getting more attention and support could be a real game changer.
BRICS is an acronym for the group of countries that promote having a shared currency : Brazil, Russia, India, China and South Africa. Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain and Indonesia are interested in joining. Their focus is economic growth through trade and they all support trade using a different currency. Their form of currency is referred to as the bric.
Recently the prospect of de-dollarization has been taken more seriously although the idea has been floated hypothetically for years. Losing the strenghth of tye natuin's spending has numerous implications, the greatest one being the destabilization of global power. China and Brazil currently trade with other currencies.
BRICS countries represent 41.5% of the global population and 26.7% of the world's landmass. The BRICS nation is projected to be rivals to the G7, which is a group of the seven biggest economies in the world.
If the value of the U.S. dollar falls it will affect everything since the U.S. has a global economy. Product costs across the board could potentially increase. Some see the formation of a BRICS union tas the start of a new world order. Are you ready for this? Learn more... learn more about the BRICS governments and their collective plan...
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