How’s it going, everyone? Today, I want to discuss the following: What will be the new World Reserve Currency?
What are BRICS nations?
It’s the coalition of these 5 countries: Brazil, Russia, India, China, and South Africa.
Last week, these countries met in Johannesburg and invited 6 other countries:
- Saudi Arabia
- United Arab Emirates
The last 2 are big players in the world economy because of their oil resources.
BRICS accounts for 32% of global GDP this year.
I believe they’re together because they share an opposition for the American superpower: the U.S. dollar.
Last week, India made their first major oil deal using rupees, not the USD.
Additionally, Saudi Arabia has been talking about using the Yuan for trades instead of USD.
Back to BRICS…
These countries have not been trading partners traditionally.
They also have very different political and social systems (i.e. liberal and communist countries).
I keep seeing tweets like, “The dollar is dead,” or “It’s dying,” but I don’t believe it!
The dollar is up 11% over the last 3 years.
If you don’t believe me, google “the dollar index” and see for yourself.
The USD is doing well compared to any other world currency.
I’m curious to see what happens to Saudi Arabia and UAE over the next 6 months now that they’ve decided to join BRICS.
From what I’ve observed, every time someone has gone against the USD, bad things happen.
Like I said in my video…
The U.S. would rather start World War III than let go of world reserve currency status.
So, what will be the new world reserve currency?
I hope it stays the USD, but it’s obvious that other countries are on the move per the recent activity of BRICS nation.
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That’s it for today!
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DISCLAIMER: This content is for educational and informational purposes only. It is not to be taken as tax, financial, or legal advice. You should always consult a legal professional before taking action. Furthermore, this is not a recommendation to buy or sell any security. The content is solely just the opinion of the author