New BRICS Currency Bad for Dollar – John Rubino

August 16, 2023

by Greg Hunter USA Watchdog

Analyst and financial writer John Rubino has a new warning about the fate of the U.S. dollar with the announcement next week (Aug 22–24) of the new BRICS (Brazil, Russia, India, China and South Africa) currency. There has been lots of speculation about it. Will it work? Is it gold backed? Will it immediately replace the U.S. dollar? 30 countries in all have signed onto the BRICS currency experiment. Rubino contends, “No matter what shape it takes, the new BRICS currency is bad for the dollar. . . . You don’t want to be an enemy of the U.S., but neither do you want to be a target just because you are doing what you think is right in the world. . . then the U.S. comes in and destroys your banking system. That is now a real possibility for a lot of countries. If you take the BRICS countries . . . and you add in all the other countries who want to join the BRICS coalition, and that includes Saudi Arabia and Mexico, you take all those countries together and, basically, you have half the world’s population and half the world’s GDP. So, this is not trivial. This is a major potential currency block, or trading block that is a real threat to U.S. dominance in the world. The sad fact is it’s our fault. The U.S. made this bed, and now we have to lie in it. We blundered around the world starting wars, overthrowing governments and bombing anybody that gets in our way. The world is just about at the point where it’s done. Regardless of what is going to happen at the BRICS meeting next week, it’s part of a trend of countries looking for ways to avoid dependence on the dollar and the dollar centric financial system. We could be seeing the end of U.S. dominance . . . dollars will still be used for trade, but the peak of the dollar could be happening before our eyes right this minute.”