According to the latest news, the BRICS summit from August 22 to 24 this year will discuss the important issue of creating a "BRICS currency" with gold as collateral
If the "BRIC currency" can reach a consensus agreement at the BRICS summit, then this will undoubtedly have a strong impact on the hegemony of the US dollar.
After all, the world has had enough of the dollar bill.
Since U.S. President Nixon announced the decoupling of the U.S. dollar from gold in 1971, the flood of U.S. dollars around the world has been as unstoppable as a torrential flood. In particular, the periodic dollar shortage often makes emerging market countries miserable.
Recently, since the outbreak of the Russo-Ukrainian War, European and American countries have imposed crazy sanctions on Russia, and the United States even kicked Russia out of the SWIFT settlement system at the risk of the world. This crazy and irresponsible behavior has made the world completely aware of the true face of US imperialism’s hegemony and brutality.
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Not to mention, the United States took advantage of the soaring energy prices caused by the Russia-Ukraine war to sell a large amount of shale oil to European countries at high prices, and at the same time tried to use shale oil to seize the international energy market, which undoubtedly offended OPEC countries.
The BRICS currency was born against the background of U.S. imperialism going against the grain all over the world
This has led to the trend of "de-dollarization" starting all over the world, and the discussion of the BRICS currency this time is a new round of the trend of "de-dollarization".
Whether it is China and Russia, which have been besieged by U.S. sanctions, or emerging market countries affected by the appreciation of the dollar, or OPEC countries like Saudi Arabia, they finally understand that under the hegemony of the U.S. dollar, these countries will always be lambs to be slaughtered by the U.S. imperialist currency hegemony.
If the BRICS currency is successful, there is no doubt that the US dollar will gradually be squeezed out of the international trade of China, Russia, Argentina, Brazil and other countries, and everyone will use the BRICS currency for international trade instead of the US dollar or the euro.
The BRICS currency is not only collateralized by gold, but more importantly, it is not controlled by any country. All operations of the BRICS currency will be transparent and open. All participating countries, regardless of their economic status, will have the right to participate, unlike the U.S. dollar, which is completely controlled by the Federal Reserve.
More importantly, China, Russia, Brazil, Argentina and other countries have several times the total population, total resources, or market size of European and American countries. Once the euro and the US dollar are squeezed out of the international trading system of these countries, it will be the end of the US dollar hegemony.
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