BRICS Nations Challenge U.S. Dollar Hegemony, Turning to Gold and Alternative Currencies

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Analyst Says BRICS Actions Hurting The USD, Not The Ukrainian War
  • BRICS nations are actively working to reduce their reliance on the U.S. dollar.
  • Increased gold purchases and the end of the petrodollar agreement signal a potential shift in global financial power.
  • China’s non-alignment with BRICS or the IMF adds complexity to the evolving currency landscape.

Within the BRICS alliance—comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates—a growing movement is underway to diminish the global influence of the U.S. dollar, according to some cryptocurrency analysts.

This push to lessen reliance on the dollar has gained significant momentum, with BRICS nations actively pursuing strategies to reduce their exposure to the U.S. currency. Analysts point to the substantial gold repatriation efforts by African and Indian nations, who are exchanging their dollar reserves for the precious metal at an unprecedented rate.

Furthermore, BRICS’ growing influence in geopolitical affairs is increasingly evident, challenging traditional power dynamics. This shift is in stark contrast to the views of some commentators, such as New York Times bestselling author Jim Rickards, who believes the U.S. maintains significant control in global conflicts like the ongoing war in Ukraine.

According to Rickards, the ongoing war could end soon, following some intel that the U.S. is withdrawing surveillance assets from the battle space. The bestselling author believes withdrawing surveillance would imply a withdrawal of U.S. support for Ukraine, making it impossible for the Ukrainian neo-Nazis to launch missile and drone attacks on Russia.

The recent termination of the petrodollar agreement by Saudi Arabia is another factor highlighted by analysts as a potential blow to the U.S. dollar. This move, coupled with China’s strategic non-alignment with either BRICS or the IMF, further complicates the global financial landscape and could contribute to the dollar’s ongoing challenges.

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