Secure Freedom Minute: The BRICS Threat to the Dollar
This is Frank Gaffney with the Secure Freedom Minute.
Leaders of Brazil, Russia, India, China and South Africa met virtually last week in what amounted to an ominous throw-down to the United States and its dollar’s privileged status as the world’s reserve currency.
The Russians and Chinese have been trying for some time to supplant the dollar, especially following the financial punishment meted out to Russia’s ruble and economy following Vladimir Putin’s invasion of Ukraine. Now, they appear to have the buy-in of not only South Africa for a “BRICS” basket of currencies, but two putative American allies: Brazil and India.
It remains to be seen how fast this alternative to the dollar will materialize and with what effect. But the present impetus behind it makes more likely a scenario we should dread – when we can no longer sustain profligate spending and economic dominance by simply printing more money.
This is Frank Gaffney.
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