According to BRICS member and U.S. enemy China, countries are practically clamoring to join the powerful economic alliance of Brazil, Russia, India, China, and South Africa. It is undeniable that many nations are now courting either BRICS or China, or both. And the United States should be worried, because China repeatedly framed de-dollarization — breaking the U.S. dollar as world reserve currency — as a goal for it and its fellow BRICS members.
Chinese Communist Party (CCP) propaganda outlet Global Times boastfully declared on June 11 that a growing list of countries are interested in or applying to join BRICS. These include “Ethiopia, Nicaragua, Venezuela, Argentina, Iran, Algeria, Saudi Arabia and the United Arab Emirates.” The “BRICS bank” is reportedly talking with Saudi Arabia and already admitted new members “Bangladesh, the United Arab Emirates, Egypt and Uruguay.” The CCP outlet even smugly noted that China-loving French President Emmanuel Macron is reportedly “knocking on the doors of BRICS.” Bloomberg, meanwhile, reported 19 countries seeking to join BRICS. That’s a lot.
While not all these countries will necessarily be allowed to join BRICS, the bigger the alliance grows, the worse it will be for the U.S. Indeed, a trend of global de-dollarization is already emerging, as China restricts key rare earth exports to America. The CCP wants to destroy the U.S. dollar, and there’s an increasing number of countries (including Russia, Iran, and Brazil) that seem quite willing to assist that ambition.
BRICS is looking to alter the current world reserve currency. For instance, in a June piece that touted an “accelerated de-dollarization push,” Global Times mentioned BRICS as part of that de-dollarization:
BRICS – Brazil, Russia, India, China and South Africa – asked the New Development Bank (NDB) to provide guidance on a how a potential new shared currency might work, while the use of alternative currencies was among the prominent talking points during the BRICS foreign ministers’ meeting held in Cape Town, the legislative capital of South Africa, Bloomberg reported.
Back in August 2022, CCP’s Global Times also discussed BRICS in the context of de-dollarization:
Russian President Vladimir Putin said in June that the issue of creating an international reserve currency based on the currencies of BRICS member states is under consideration, and some media outlets believe that the move is aimed at breaking the dominance of the dollar.
In that same piece, Global Times argued that U.S. sanctions accelerate “global de-dollarization.”
All of which reinforces my point that BRICS is looking toward de-dollarization as an important goal. The CCP, of course, is America’s number one enemy, and they are forming the BRICS coalition to be anti-U.S., too. Unfortunately, it seems as if many countries are rushing to join BRICS and pander to the CCP without any prodding.
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Is the CCP overestimating BRICS’s determination to undermine the U.S. dollar as the world reserve currency? Or is the U.S. dollar about to start a dangerous downward spiral? Pay attention to the upcoming BRICS meeting in late August, because decisions made there could end up striking uncomfortably close to home.