If the BRICS countries create their own currencies, it will mean the collapse of the dollar’s dominance in the world. In addition, this situation will push the US economy to collapse even more. In this respect declaration former CIA adviser James Rickards in an article for The Daily Reckoning.
“This is due to the introduction of a new major currency, which could weaken the dollar’s global role and eventually replace the dollar as the leading payment and reserve instrument,” Rickards said.
According to him, the BRICS alliance is a good alternative to Western hegemony. The more the US tries to use sanctions as an element of economic pressure, the more other states will give up on the dollar. All this will weaken the US, which will lead to a decrease in confidence in the US currency.
He added that seeing the US and its allies impose many restrictions on Russia, other countries accelerated the process of abandoning the dollar. Therefore, others fear that the same thing could happen to them. Considering that the world does not follow the development of BRICS closely, there may be a severe shock to the international monetary system in the future.
On June 5, the infoBRICS portal, citing former US presidential candidate Ron Paul, reportedthat other states started to join the BRICS countries, which started to fight with the dollar, and it will increase even more.