BRICS Unite to Challenge US Global Dominance
In a plot twist that would make James Bond jealous, Brazil’s Luiz Inacio Lula da Silva has called on the BRICS currency nations to replace the dollar in foreign trade. Which allowed Brazil to join China’s ongoing struggle against US global dominance. The unsuspecting dollar, presumably shaking in its green boots, is now facing a new nemesis as Lula prepares to meet with President Xi Jinping in Beijing.
The alliance of supervillains, otherwise known as BRICS countries (Brazil, Russia, India, China, and South Africa), have already created their lair. The Shanghai-based New Development Bank. With former Brazil President Dilma Rousseff as its new CEO, the bank is now fully equipped with its own version of a Bond villain.
Plot Thickening: Beijing’s Currency for Foreign Trade
As he stroked an equally sinister-looking cat, Lula asked, “After gold parity ended, who decided the dollar would be the (trade) currency?” “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China? Even between Brazil and all the other BRICS countries.” If you ask us, this is one way to avoid the vast amount of inflation that comes with the U.S Dollar. Especially when the FED is constantly playing with its monetary system.
With the plot thickening, Beijing has stepped up efforts to boost foreign trade in its own currency. Brazil and China simplified their foreign trade settlement process last month so they can settle in yuan or reais instead of a third currency.
The Dollar’s Showdown with the BRICS Currency
A third accomplice in this scheme is Brazil’s Finance Minister Fernando Haddad. He added that the goal was to simplify the process so trade operations could be settled without third currencies, like the dastardly dollar. While probably hiding his secret BRICS decoder ring, he told reporters in Shanghai that having transactions settled in a foreign currency helps avoid the straitjacket.
With the BRICS nations conspiring against the dollar. One can’t help but imagine a world where the once mighty dollar is forced to scrounge for a new identity. And panhandling on street corners or attempting to reinvent itself as cryptocurrency. But alas, for now, it remains to be seen whether the BRICS alliance will successfully overthrow the reign of the dollar. Even better, if they’ll simply be left to twirl their mustaches in disappointment.
