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The U.S. dollar has dominated the world economy for nearly 80 years and has served as the principal reserve currency and unit for international trade—but now a conglomeration of the world’s emerging markets known as BRICS—Brazil, Russia, India, China, and South Africa—seek to topple U.S. economic supremacy by establishing a new currency.
As many as 19 other countries—including Egypt, Saudi Arabia, and United Arab Emirates—are aspiring to join the ranks of BRICS and catalyze a shift in the world economic order. BRICS was originally formed as a union of developing countries to address the marginalization faced by the Global South in areas such as security and trade. Though the original intent of this alliance was not to supplant the dollar’s hegemony, the quest to achieve multilateralism, escape U.S. sanctions, and dodge unfair trade regulations makes de-dollarization a crucial objective of BRICS.
The new currency will be used for trade among BRICS nations and eliminate the need for foreign countries to park transactions in dollar-denominated assets. BRICS countries will achieve economic independence and no longer be servile to the U.S. monetary system.
Political acrimony prevails between many BRICS nations, but the quest to de-crown the dollar is resolute, and countries are tabling their tensions to join forces against the United States on this one issue of mutual interest. Militarization on the Chinese-India border remains an unresolved point of violence and contention, and Egypt and Iran have endured severed diplomatic ties and decades-long estrangement; but the desire to usurp the dollar has inspired a wave of diplomatic rapprochement between BRICS members.
In addition, BRICS nations are primed for self-sufficiency in international trade because its members enjoy geographical diversity and possess a wide range of trade goods to offer. This is a steep advantage over other currency unions—take the Eurozone, for example—that share borders and similar geography.
Another leg-up on the dollar? BRICS currency will be pegged to gold.
This means the new currency will bear the interest-garnering properties of precious metals and serve as a diversifying agent for foreign investments. The United States abandoned the gold standard more than 50 years ago and converted to a fiat monetary system. Cash, therefore, has no intrinsic value; instead, cash holds value because the U.S. government arbitrarily deems it so.
The call to economic liberation and self-sufficiency is attractive to emerging economies. Economists warn that BRICS has the potential to be a global heavyweight. Other nations will soon have incentive to turn to this new currency. Such a turn will effectively metastasize the reach of BRICS currency across the globe.
The desire to shatter the dollar’s hegemony by creating a new currency is far from new. With Russia announcing its active participation, however, the threat is palpable. A new BRICS currency would not only deteriorate the value of the dollar as a global reserve currency, but also undercut the influence of the United States on a global stage. The collective power of these up-and-coming markets will outweigh the clout of the dollar.
The issuance of a competitive currency is no longer a question of if but when.
Investors are restructuring their portfolios to shield their wealth from the U.S. dollar. Precious metals—such as gold and silver—serve as a hedge against dollar devaluation. As the value of the dollar plummets, the value of gold trends upward. This form of physical assets leaves investors immune from the inevitable collapse of the dollar.
Diversification in gold is critical for retirees. As BRICS currency gains influence, the purchasing power of the U.S. citizen plummets—meaning a fixed amount of savings will have far less purchasing power down the road.
The U.S. dollar is a ticking time bomb, and investors must act fast.
If more nations join the gold-backed currency movement, it will likely significantly impact the global demand for the precious metal. What do you think will happen to the price of gold when nations start leaving the worthless inflated dollar behind? Bank of America just increased their year-end forecast on gold from $2,000 to $2,200.
The U.S. economy sits in a grave and unprecedented state of danger, but with BRICS currency still in development, investors have time to diversify their wealth away from the dollar. The best time to buy gold is now.
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