New BRICS Member Saudi Arabia Could Challenge United States Dollar’s Hegemony, Says Ron Paul
According to former United States Congressman Ron Paul, the inclusion of Saudi Arabia as a new member of the BRICS economic alliance poses a whole lot of threat to the dominance of the United States dollar. In a blog post, Paul argues that BRICS was established to challenge the economic and political supremacy of the United States. He in particular outlines Saudi Arabia as a country that could accelerate the decline of the dollar’s reign as the worldwide reserve currency if it signs deals with other BRICS countries to accept their currencies for oil purchases. Paul likewise attributes the interest in replacing or creating alternatives to the United States dollar to the US’s growing debt burden and the weaponization of the dollar’s reserve currency status.
The inclusion of Saudi Arabia in the BRICS economic alliance could weaken the United States dollar’s position as the worldwide reserve currency. If Saudi Arabia signs agreements with other BRICS countries 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 United States foreign policy. The United States dollar’s hegemony may face a serious challenge as BRICS continues to expand and gain momentum.
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