BRICS Member Saudi Arabia Could Challenge US Dollar’s Dominance, Says Ron Paul
According to former US Congressman Ron Paul, a new member of the global economic alliance known as BRICS could pose a serious threat to the hegemony of the US dollar. Paul explains in a recent blog post that BRICS was established to challenge the economic and political supremacy of the United States. He specifically mentions Saudi Arabia, one of BRICS’s latest members, as a country that could contribute to the decline of the dollar’s reign as the reserve currency. If Saudi Arabia signs agreements with other BRICS nations to accept their currencies for oil purchases instead of dollars, it will accelerate the end of the dollar’s dominance. Paul also highlights the growing resentment towards the weaponization of the dollar’s reserve currency status as a factor driving countries to seek alternatives.
Hot Take
Saudi Arabia’s inclusion in BRICS could potentially undermine the US dollar’s position as the global reserve currency. If the country continues to forge currency agreements with other BRICS nations, it could hasten the end of the dollar’s dominance in international trade. This shift is driven by growing concerns over the US’s mounting debt burden and the weaponization of the dollar. As more countries seek to replace or create alternatives to the dollar, the long-standing supremacy of the US currency may be at risk. The rise of BRICS and the potential decline of the dollar’s reserve currency status signify a shifting global economic landscape that could have significant implications for the US and its position in the world.
By
By
By