New BRICS Member Saudi Arabia Could Challenge US Dollar’s Hegemony, Says Ron Paul
According to former US Congressman Ron Paul, the inclusion of Saudi Arabia as a new member of the BRICS economic alliance poses a significant threat to the dominance of the US dollar. In a blog post, Paul argues that BRICS was established to challenge the economic and political supremacy of the United States. He specifically highlights Saudi Arabia as a country that could accelerate the decline of the dollar’s reign as the global reserve currency if it signs deals with other BRICS nations to accept their currencies for oil purchases. Paul also attributes the interest in replacing or creating alternatives to the dollar to the US’s growing debt burden and the weaponization of the dollar’s reserve currency status.
Hot Take:
The inclusion of Saudi Arabia in the BRICS economic alliance could weaken the US dollar’s position as the global reserve currency. If Saudi Arabia signs agreements with other BRICS nations to accept their currencies for oil purchases, it would hasten the end of the dollar’s dominance. This shift is driven by multiple factors, including the US’s mounting debt burden and the weaponization of the dollar’s reserve currency status. The growing resentment towards the dollar’s dominance and the desire for alternatives is a backlash against the arrogance of US foreign policy. The US dollar’s hegemony may face a serious challenge as BRICS continues to expand and gain momentum.
By
By
By
By
By