The US dollar has long been regarded as the world’s leading currency, but its abuse and weaponization have caused concern among global players. The financial instrument, which was supposed to facilitate transactions, has been used as a tool of coercion, resulting in a growing global distaste for it.
As a result, there is now a real threat to the US dollar as a new global currency is set to emerge, backed by some of the world’s most powerful emerging economies. The BRICS nations – Brazil, Russia, India, China, and South Africa – will meet in South Africa in August to discuss the creation of this new currency, and Russia is advocating for its adoption.
Despite previous attempts to overthrow the dollar’s dominance, this latest threat is significant because of Saudi Arabia’s role in the global oil market. The US dollar became the dominant reserve currency in 1944 after the Bretton Woods agreement pegged the dollar to gold, and all other currencies to the dollar, under the assumption that the US had the most gold.
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In 1971, President Richard Nixon decoupled the dollar from gold, and Saudi Arabia agreed to sell its oil in exchange for investing the dollars earned into the US Treasury market, along with security promises. This led to a situation where every country in the world needed the dollar to buy oil.
However, many changes have occurred since then, with other countries strengthening their economies and some developing their oil supplies. Meanwhile, the US has experienced repeated economic crashes and failed to develop its industries. Additionally, Saudi Arabia now accepts other currencies as payment for its oil, which is the most critical development.
The BRICS meeting in August will discuss the creation of a new currency, which Russia needs to trade its goods. This development has given many other countries the opportunity to divest themselves from the US economy, and the threats to our economy are becoming increasingly severe.
Given the current circumstances, it is wise to re-evaluate one’s investment portfolio and consider assets outside of the US government’s control. Cryptocurrencies and precious metals are examples of truly global assets that may provide protection against economic instability. You can purchase gold online very easily if you choose to invest with Legacy Metals. They offer a platform that makes investing with as little as $20 very simple.
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In conclusion, the US dollar’s dominance is threatened by a new global currency being developed by powerful emerging economies. It is essential to be informed of these developments and to take action to protect one’s financial interests.