Former WhiteHouse economist Joseph Sullivan has warned that a BRICS currency would erode the U.S. dollar’s dominance. $USD dedollarization
If member nations use only a common BRICS currency for international trade, “they would remove an impediment that now thwarts their efforts to escape dollar hegemony,” he described.A former White House economic advisor, Joseph Sullivan, discussed de-dollarization and the potential impacts of aon the USD in an opinion piece published by Foreign Policy Monday. The BRICS nations are Brazil, Russia, India, China, and South Africa.
If the BRICS used only the bric for international trade, they would remove an impediment that now thwarts their efforts to escape dollar hegemony. The former White House economic advisor believes that it is “realistic to imagine the BRICS using only the bric for trade.”The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world’s other currency unions.
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