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, Rebecca Walser, 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 “Wall Street is not discussing and not talking about” the landmark growth plan. Specifically, she highlighted the importance of “the addition of Saudi Arabia and the United Arab Emirates (UAE).”
“And that is a step closer to what I would consider the end of the real sort of dollar hegemonic status,” Walser stated. “And when we look at the data and the analytics on this, you’ve got more GDP of all the nations put together moving towards the BRICS bloc than we have in the G7.”
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, BRICS approved 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:
Let’s not forget, BRICS was founded 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, BRICS’s 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 to bankroll Russia’s campaign of death and destruction in Ukraine, despite punishing sanctions on Moscow.
Nor is that all. As of New Year’s Day, Saudi Arabia, the United Arab Emirates, Ethiopia, Egypt, and Iran—the greatest danger to U.S. personnel in the Middle East and the greatest sponsor of international terrorism—have swelled BRICS’s ranks. This doubles the trade group’s size, enhancing its attractiveness as an alternative to the American and European-led financial system. If current trends continue, it will become harder and harder 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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This IS going to happen literally overnight in the next couple years , once the globalists Dems and Rino’s steal the election again. In the meantime have fun watching WOKE football and Oscars.
“hope and change’.. BARRY O’ 2008 .. feel stupid yet kids? heh
Give people an incentive to join something and they will join.
Give people a reason to leave something and they will leave.
And China is bankrolling Russia in Ukraine? Saudi Arabia hasn’t joined, yet they sell oil in foreign currencies. This is a United States Senator who said this? No wonder our country is so screwed. The world has had it with the US and is throwing us out. And our queer men. Especially our queer men.
Competition is good for the world, just as it is within a nation. The way the USA handles currency endangers the world’s financial systems. The reason our USA is losing its leadership position in the world is because of corrupt DC and people like Rubio.
Rubio ignores the huge debt our USA continually builds up, the biggest reason for BRICS flourishing. He wants to use cold war language to blame Russia, which is a distraction. The USA has over 10 times the debt per GDP than Russia. That destroys our currency.
Rubio’s statements frequently read like intel reports. Rubio is on the senate intel committee so had easy access to those reports.