BRICS Member Saudi Arabia Could Challenge Unitedย States Dollarโs Dominance, Says Ron Paul
According to former Unitedย States Congressman Ron Paul, a new member of the worldwide economic alliance known as BRICS could pose a serious threat to the hegemony of the Unitedย States dollar. Paul describes in a recent blogย post that BRICS was established to challenge the economic and political supremacy of the United States. He inย particularย mentions Saudi Arabia, one of BRICSโs latest members, as a country that could contribute to the decline of the dollarโs reign as the reserve currency. If Saudi Arabia signs agreements with other BRICS countries to accept their currencies for oil purchases instead of dollars, it will accelerate the end of the dollarโs dominance. Paul likewise outlines the growing resentment towards the weaponization of the dollarโs reserve currency status as a factor driving countries to seek alternatives.
Hot Take
Saudi Arabiaโs inclusion in BRICS could potentially undermine the Unitedย States dollarโs position as the worldwide reserve currency. If the country continuesย to forge currency agreements with other BRICS countries, itย might hasten the end of the dollarโs dominance in international trade. This shift is driven by growing concerns over the USโs 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 Unitedย States currency couldย be at risk. The rise of BRICS and theย capacity decline of the dollarโs reserve currency status signify a shifting worldwide economic landscape that could have wholeย lotย of implications for the Unitedย States and its position in the world.
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