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BRICS vs. Dollar: Will Brazil's Currency Plan Make History?
An Illinois analyst is studying whether the BRICS currency can replace the US dollar, despite new payment systems.
BRICS vs. Dollar: Will Brazil's Currency Plan Make History?
The countdown is running! BRICS, the economic superpower in the making, plans to challenge the strong US dollar. Brazil in particular has confirmed that a brand new payment system will be presented at the upcoming summit that will also allow non-members to process transactions. The big question: Can the US dollar really be brought to its knees?
A wave of doubt hits the world of central banks! Developing countries have had enough of the risk factor of the US dollar and its possible debt spiral. But Jack Truong, the ex-CEO of James Hardie Industries in Illinois, believes the BRICS currency has difficult times ahead. The article by watcher.guru illuminates his analysis: After the fall of the British Empire, the world only relied on the dollar years later - there would be no new confidence miracle that quickly.
So, the numbers continue to speak in favor of the greenback: it is used in a whopping 85% of all global spot trades and three quarters of all Asia-Pacific trading transactions. Truong notes that trust in a currency doesn't happen overnight. “The BRICS currency has a huge way to go to even begin to threaten the dollar,” the analyst concluded. Only time will tell whether BRICS will reshuffle its cards!