In a recent report, the chief advisor Joe Sullivan of the Lindsey Group has published his assertions on the recent BRICS plan to break USD dominance through the introduction of a new currency. Sullivan suggested that the newly formed organization does not need to create new money to defeat the American fiat dollar; instead they can achieve their aim through their local currencies.
For a few months now, the BRICS, which comprises five countries including Brazil, Russia, India, China, and S. Africa, has publicly revealed their intentions to dismantle the long-standing dominance of the United States Dollar in order to reshape the order of the financial world. In alignment with its aims, the alliance planned to introduce a new currency that they would use to execute their international trades in order to usurp the USD.
However, Joe Sullivan, the Lindsey Group’s chief advisor, recently weighed in on the matter, advising the organization against its plan of innovating a new currency. He said that the countries already possess the necessary economic powerhouse needed to compete with the supremacy of the USD.
BRICS Seeks To Undermine USD Global Dominance
According to the report, the Senior advisor asserted that the BRICS can effectively reduce the dominance of the dollar if they enforce regulations that ensure trades are executed in their various fiat currencies. He claimed that the strategy could significantly threaten the USD’s dominance, hence restructuring the international trade flow.
Sullivan added that if the consortium can successfully eradicate the mandatory use of US dollars as settlements for trades conducted within their member nations, they would seamlessly displace the USD, which had been ruling supreme over others for decades.
Furthermore, reports revealed that the BRICS countries had gradually started heading towards the strategy as some had begun settling international trades with their native currencies instead of the dollar. This move signifies that there is a potential economic restructuring.
BRICS Might Rival USD With New Strategy
In addition, Joe Sullivan expatiated that if the suggested strategy is enforced, it would significantly decrease the global reliance on the US dollar while promoting the value and status of the individual fiat currencies of the BRICS nations. Since the member nations are among the countries with rapidly growing economies, the enhanced currencies would further boost their economies, according to the report.
Furthermore, the report revealed that the groundbreaking movement is not a mere power play but a well-calculated financial strategy that could cause a significant change in the global trade system, giving the BRICS native currencies more dominance and influence over the USD. He added that the change would eventually cause economic power distribution worldwide.
And, of course, the ripple effect of such a bold power shift would have significant consequences. Should the United States dollar lose its dominance in the global economy, especially in the oil and gas sector, a number of industries in the US economy would be impacted deeply.
The World Prepares For A Major Shift In Economic Power
According to the report, the mere revelation of the BRICS plan has spurred speculations and analysis across different platforms, which try to quantify the potential risks and damages that would occur should the lead role of USD in global trade be reduced. In the near future, the strategic movements of the BRICS consortium would have huge influence as it would be pivotal to the international trade economy. However, it is not clear yet if the alliance would introduce a new currency or instead facilitate the growth and global adoptions of their collective fiat currencies for international trades to leverage their economy in order to rival the US dollar.
Either way, it is crystal clear that the global economic flow is preparing for a significant change in direction. This is evident as many countries are now stepping out, creating their terms of international engagement instead of relying on the US code of conduct.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
