Dear Concerned Friend,
Brazil, Russia, India, China and South Africa (BRICS) are negotiating a shared currency that could challenge the dollar's dominance. While China has been pushing de-dollarization for years, experts are warning that the BRICS currency is a "threat unlike any other."
The Russian state-owned news agency announced that BRICS is working on developing a new global currency to replace the US Dollar. They said that the new currency would be backed by precious metals like gold. Brazil's President backed the idea, saying, "Who was it that decided that the dollar was the currency after the disappearance of the gold standard?"
As the BRICS alliance continues to expand with the inclusion of 24 more countries including Saudi Arabia and Iran, the dollar's dominance in global markets could soon be a thing of the past.
Experts have warned that if the US dollar loses its status as the world's reserve currency, it could have drastic consequences for the US economy. With its ability to borrow money cheaply curbed and its influence on global markets diminished, the US could be forced to live within its means – a stark contrast to the debt-led growth it has enjoyed for decades. A weaker dollar could lead to higher interest rates, slower economic growth, and decreased foreign investment.
Learn more about BRICS currency, as well as inflation and banking risks, with our free report: How to Protect Yourself From a Declining Dollar.
