The U.S. faces a global movement to join the Russia-China-controlled BRICS trade group away from G10-controlled SWIFT, to remove the dollar as the world’s currency. While most predictions claim it will be a slow process, not everyone agrees. Some experts say the pain will begin this year.
Watcher Guru:
Among the greater BRICS de-dollarization plans, one expert has predicted big challenges for the US Dollar in 2024. Indeed, the expansion of the economic alliance has certainly created an obstacle for the greenback. Subsequently, many expect the trouble to begin as soon as this year.
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Specifically,ย Rebecca Walser,ย the President of Walser Wealth Management, discussed the impact that the expansion could have on the US. Moreover, she identified the expansion effort as a key play in the global movement away from the dollar as a widely accepted reserve currency.
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Walser noted her concern macroeconomically began with the BRICS Expansion. Subsuqnety, Walser said that โWall Street is not discussing and not talking aboutโ the landmark growth plan. Specifically, she highlighted the importance of โthe addition of Saudi Arabia and the United Arab Emirates (UAE).โ
โAnd that is a step closer to what I would consider the end of the real sort of dollar hegemonic status,โ Walser stated. โAnd when we look at the data and the analytics on this, youโve got more GDP of all the nations put together moving towards the BRICS bloc than we have in the G7.โ
The US will be a lot poorer and far less powerful if this continues and it has momentum. So, will China and Russia rule the world? Is it either these brutal dictators or Wokes? Is that our choice?
SENATOR RUBIO’S WARNING
In a new article on RealClearWorld, Republican Senator Marco Rubio warned that the recent expansion of BRICS threatens the SWIFT payment system.
Since the US weaponized SWIFT against Russia, there was a mad rush for the door out of SWIFT.
Last year, BRICSย approvedย the admission of Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates to challenge the US-led world order.
In the article, Sen. Rubio writes:
Letโs not forget, BRICS wasย foundedย in 2009 by Vladimir Putin with the clear goal of ousting the United States from our position as a global leader. Now effectively controlled by Beijing, BRICSโs members pool foreign currency reserves and lend billions in easy money to pit developing nations against the United States and other Western countries. These measures are allowing China toย bankrollย Russiaโs campaign of death and destruction in Ukraine, despite punishing sanctions on Moscow.
Nor is that all. As of New Yearโs Day, Saudi Arabia, the United Arab Emirates, Ethiopia, Egypt, and Iranโthe greatest danger to U.S. personnel in the Middle East and the greatest sponsor of international terrorismโhaveย swelledย BRICSโs ranks. This doubles the trade groupโs size, enhancing its attractiveness as an alternative to the American and European-led financial system. If current trends continue, it will becomeย harder and harderย for the United States to prevent international violence and oppression through sanctions.
He wants the US to be able to weaponize the system and level sanctions. Rubio praised Javier Millei for pulling Argentina out.
Weaponizing SWIFT against Russia hasn’t worked. It looks like enough countries won’t cooperate with SWIFT sanctions any longer. In the case of Russia, they needed the oil.
Reuters reported that Saudi Arabia is yet to accept the BRICS invitation and the decision to join the bloc is pending. The report states that the Kingdom of Saudi Arabia has not signed the BRICS agreement and is reevaluating the benefits of being a part of the alliance.
KITCO reports:
The BRICS expansion is a major catalyst for the ultimate demise of the U.S. dollar, with the additional five new members accelerating the de-dollarization process as they increase trade in local currencies and buy and sell oil not using the dollar, thereby further destabilizing the petrodollar, warned Andy Schectman, President and Owner of Miles Franklin Precious Metals.
Saudi Arabia joining or not is big. The UAE has already joined.
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