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BRICS and the dollar: Experts do not see the US currency collapsing any time soon
BRICS expert: US dollar remains strong despite de-dollarization attempts; Trump promotes USA first policy.
BRICS and the dollar: Experts do not see the US currency collapsing any time soon
Rumors of the US dollar's demise are grossly exaggerated, says a BRICS expert, as the alliance of Brazil, Russia, India, China and South Africa struggles with its de-dollarization efforts. For two years, the bloc has been working to break away from its dependence on the West and strengthen trade in local currencies. But the impact of these measures falls far short of expectations.
The Globe and Mail's Tom Czitron recently emphasized that investors would be better off keeping their capital in America. Just a year ago he predicted the decline of the greenback. But now he admits: “The devaluation is further away than expected.” The economic situation of the BRICS countries, especially Russia, is deteriorating increasingly, while economic growth in the USA and Europe is widening the gap.
Trump’s return: a new wind in the international economy
Donald Trump's political comeback could be the deciding factor. With his focus on “America First,” he pushes for the preservation of the US dollar as the world currency. In a speech in September 2024, Trump made it clear that he would not allow any country to turn away from dollar dominance without facing consequences. “Leave the dollar and you will no longer trade with us,” he warned firmly.
Putin, once a vocal critic of the greenback, now appears to be backpedaling and may be seeking better relations with the US. This suggests a shift within the BRICS, which is increasingly in a bind. The high hopes of cross-border success and throwing off the shackles of the dollar seem more than ever like a distant dream.