by William Upton, The National Pulse:
For the first time in nearly a decade, BRICS – the bloc of nations led by Brazil, Russia, India, China and South Africa – will expand, with Saudi Arabia and the United Arab Emirates (UAE) receiving formal invites, as well as Argentina, Egypt, Ethiopia, and Iran set to join in a year.
One of the top priorities of the BRICS nations has been to end the U.S. dollar’s global financial dominance. As the global reserve currency, the U.S. dollar is a key tool used by the United States government to maintain its global hegemonic status.
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So far, the bloc has struggled to develop a dollar alternative – owing mostly to the fact that any other choice would need to be new given the state of their own national currencies. China purposely devalues its currency, while the Russian ruble is trading at just over 1 cent on the dollar, with the Indian rupee hardly much stronger. Brazil’s corrupt and dysfunctional economy makes the Brazilian real unattractive. Racial violence and the associated political and economic instability in South Africa makes the rand a non-starter.
This is where the addition of the Gulf States, Saudi Arabia and the UAE is critical for BRICS. The wealthy petro-states are viewed globally as economically and politically stable, attracting tens-of-billions of dollars in foreign investment annually. While the founding members of BRICS have thus far been unable to come up with a U.S. dollar alternative, its two newest potential members will at least increase their odds of success.
BRICS was founded during the 61st session of the U.N. general assembly in 2006 as a semi-formal international organization with the aim to act as a counter balance the U.S. dominated global economic order. Standing for “Brazil, Russia, India, China, and South Africa”, BRICS has not undergone an expansion since 2010.
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