New BRICS Member Saudi Arabia Could Challenge Unitedย States Dollarโs Hegemony, Says Ron Paul
According to former Unitedย States Congressman Ron Paul, the inclusion of Saudi Arabia as a new member of the BRICS economic alliance poses a wholeย lotย of threat to the dominance of the Unitedย States dollar. In a blogย post, Paul argues that BRICS was established to challenge the economic and political supremacy of the United States. He inย particularย outlines Saudi Arabia as a country that could accelerate the decline of the dollarโs 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 Unitedย States dollar to the USโs growing debt burden and the weaponization of the dollarโs reserve currency status.
Hot Take:
The inclusion of Saudi Arabia in the BRICS economic alliance could weaken the Unitedย States dollarโs 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 dollarโs dominance. This shift is driven by multiple factors, including the USโs mounting debt burden and the weaponization of the dollarโs reserve currency status. The growing resentment towards the dollarโs dominance and the desire for alternatives is a backlash against the arrogance of Unitedย States foreign policy. The Unitedย States dollarโs hegemony may face a serious challenge as BRICS continuesย to expand and gain momentum.
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