If the current administration remains in power, the Treasury’s own estimates predict an additional $16 trillion increase in debt by 2034, without accounting for any recession or slowdown in tax receipts. According to the Congressional Budget Office, Vice President Kamala Harris’ economic plan would add another $1.9 trillion to $2.2 trillion to the national debt.

The Harris campaign has not even bothered to discuss a plan to balance the budget. She just said that “efficiency” and the old fallacy of higher taxes on the rich would pay for the increase in spending—two things that have proven to do nothing to the ballooning debt and that do not even start to scratch the already unsustainable $2 trillion annual deficit.

This reckless increase in debt is happening in an economic growth period. However, if we adjust for government debt accumulation, 2021 to 2024 were the worst years of growth, adjusted for debt, since the 1930s.

In a recent article, economist Claudia Sahm stated that we shouldn’t worry about debt. “Debt is neither inherently good nor bad,” she wrote in an opinion column for Bloomberg back in January. “As such, the question is not what’s the right level of borrowing, but rather what’s the economic return on the borrowing or the societal goals it advances.”

She went on to say that “the government can easily service its debt because of its unlimited taxing authority and ability to issue more U.S. Treasury securities to repay maturing securities.”

Now you must worry. A lot.

Unproductive Borrowing ‘Inherently’ Bad

Let us start with the benign idea of “economic return on borrowing and societal goals.” The evidence from the United States indicates that the economic return is extremely low. Entitlement spending has not strengthened the economic growth path, and debt continues to rise faster than gross domestic product.

It’s true that debt is not inherently bad, but unproductive borrowing is. It’s a massive transfer of wealth from the productive sector to the bloated bureaucratic state.

Furthermore, the societal goals cannot be unlimited. The government must administer and not just add expenditures to previous expenditures, particularly when there is no realistic analysis of the success or failure of government programs.

The idea that a particular government program is beneficial is not enough to add it to the budget without reducing other expenses. Not even a benign view of government spending as Sahm’s can justify that every government expenditure item today is essential.

Furthermore, we must always understand that governments do not give money for free. They tax the productive sector and borrow, which means printing a currency that is constantly losing purchasing power. Therefore, the government is not advancing societal goals by borrowing without control. It is implementing a profoundly regressive policy that creates a dependent subclass and makes it increasingly difficult for the middle class to thrive.

Economic, Fiscal, and Inflationary Limits

It’s false that the government has “unlimited” taxing authority and the ability to issue more debt, i.e., print money.

The government has economic, fiscal, and inflationary limits: Economic, because constantly increasing taxation leads to stagnation and more debt; fiscal, because expenditures are consolidated and annualized, while tax receipts are cyclical; and inflationary, because the constant issuance of new currency, which is what happens when more debt is issued, leads to the loss of confidence in the currency and the erosion of its purchasing power.

If what Sahm states were true, the euro area and Japan would be examples of high growth and economic strength, but they are examples of stagnation, high debt, and rising social discontent.

The government does not set taxes to fund its incessant spending habits. Taxes should be set according to the economic reality of an economy. The fallacy of taxes on the rich and corporations does not even address the ballooning deficit and erodes economic growth and productive investment.

When someone tells you not to worry about record debt, you should be extremely concerned. When they say that the government has unlimited resources, they mean that you will pay by becoming poorer with more taxes, more inflation, lower growth, or all three at the same time.

When they tell you that $35 trillion of debt is peanuts compared with $142 trillion of American wealth, they are saying that the government will be pleased to absorb the wealth of the economy. You will pay.

Private Sector Isn’t an ATM

When they tell you that tax cuts are the problem, it comes from the perspective that the private sector is an ATM at the disposal of governments.

Tax cuts do not reduce revenues, just as tax hikes do not raise them forever. Tax cuts adjust the taxable base to the real economy in order to encourage more investment and growth.

Tax cuts are not a loss for the government. They are a win for the economy. It is simply a return of funds to those who have earned them. The idea that funds are better in the hands of the government than in the pockets of those who earned them is confiscatory.

It’s ludicrous to think that the government knows better than the private sector where and how to spend money. Additionally, it’s insane to believe that the government will not squander the funds and bloat the administrative costs.

Furthermore, it’s foolish to assume that corporations and the affluent will hoard unused funds. There’s no such thing as idle money. Capital markets and the private banking sector invest all of their earnings in a productive economy.

If Sahm is concerned about economic returns and social advancements, she should advocate for the private sector to retain a larger portion of the earned money, as it will allocate it to the most advantageous investments.

Inflation Is Regressive Form of Taxation

Inflation is a form of default, in which the government transfers its imbalances to those who receive their salaries in currency. This is the most regressive form of taxation, primarily affecting the poorest. When governments ignore the real demand for the money they issue, confidence in the currency disappears.

Developing countries do not issue debt in foreign currency because they are stupid, but because there is no international demand for their local currency.

Economists such as Sahm assume that the U.S. dollar will have eternal and unlimited demand, and, as such, the U.S. government can export inflation to the rest of the world through the loss of the purchasing power of the currency it issues.

However, global central banks are reducing their holdings of U.S. dollars (U.S. treasuries). International demand is declining, and the limits I mentioned before are already evident.

The U.S. is showing its economic limits, as evidenced by the significant slowdown despite a record deficit and government so-called stimulus. The U.S. is also demonstrating its fiscal limits as the government persists in raising taxes, resulting in significantly lower tax receipts than anticipated and an interest expense bill that has escalated to $3 billion daily.

Declining Purchasing Power of Dollar

Furthermore, the inflationary limit is evident due to a 20% increase in inflation over the past four years, a 30% increase in the cost of basic groceries, and persistent inflation, which is exemplified by the constant decline in the purchasing power of the U.S. dollar.

What Harris is doing as vice president and intends to continue doing if she becomes president is to continuously test the patience of the world and U.S. citizens when it comes to accepting a constantly depreciated purchasing power of the currency.

Saying that nothing will happen if debt continues to rise and deficits continue to drive government policy is, literally, like saying that an alcoholic should drink more vodka because cirrhosis has not killed him yet.

The dollar is the credit of the U.S. economy. If the U.S. government loses its credibility, domestic agents will begin to reduce their use of the dollar, while international agents will decline the currency due to its constant fiscal excess and its tendency to push the limits of global patience.

Thinking that the U.S. dollar will never lose its reserve currency status is simply reckless and ignores history.

Harris is threatening the dollar, and you should be very concerned when someone says that the government has unlimited taxation and printing resources. That means it has unlimited ways of making you poorer.

Much of that cash as well as dollar denominated debt (physical and digital) ends up in the coffers of foreign central banks, international banks and investment firms where it is held as a hedge or used to adjust the exchange rates of other currencies for trade advantage. As much as one-half of the value of all U.S. currency is estimated to be circulating abroad.

World reserve status along with various debt instruments allowed the US government and the Fed to create tens of trillions of dollars in new currency after the 2008 credit crash, all while keeping inflation under control (sort of). The problem is that this system of stowing dollars overseas only lasts so long and eventually the consequences of overprinting come home to roost.

The Bretton Woods Agreement of 1944 established the framework for the rise of the US dollar and while the benefits are obvious, especially for the banks, there are numerous costs involved. Think of world reserve status as a “deal with the devil” – You get the fame, you get the fortune, you get the hot girlfriend and the sweet car, but one day the devil is coming to collect and when he does he’s going to take EVERYTHING, including your soul.

Unfortunately, I suspect the time is coming soon for the US and it may be in the form of a brand new Bretton Woods-like system that removes the dollar as world reserve and replaces it with a new digital basket structure. Global banks are essentially admitting to the plan for a complete overhaul of the dollar-based financial world and the creation of a CBDC-centric system built on “unified ledgers.”

There have been three recent developments all announced in succession that suggest the dollar’s replacement is imminent (before this decade is over).

The IMF’s XC Model – A Centralized Policy For CBDCs

The IMF’s XC platform was released as a theoretical model in November of 2022 and matches closely with their long discussed concept of a global Special Drawing Rights basket, only in this case it would tie together all CBDCs under one umbrella along with “legacy currencies.”

It’s promoted as a policy structure to make cross-border payments in CBDCs “easier” and this model is focused primarily on currency exchanges between governments and central banks. Of course, it places the IMF as the middle-man in terms of controlling the flow of digital transactions. The IMF suggests that the XC platform would make the transition from legacy currencies to CBDCs less complicated for the various nations involved.

As the IMF noted in a discussion on centralized ledgers in 2023:

“We could end up in a world where we have connected entities to some degree, but some entities and some countries that are excluded. And as a global and multilateral institution, we’re sort of aiming to, you know, provide a basic connectivity, a basic set of rules and governance that is truly multilateral and inclusive. So, I think that is—the ambition is to aim for innovation that is compatible with policy goals and that is inclusive relative to the broad membership of, say, the IMF.”

To translate, decentralized systems are bad. “Inclusivity” (collectivism) is good. And the IMF wants to work in tandem with other globalist institutions to be the facilitators (controllers) of that economic collectivism.

Bank For International Settlements Unified Ledger

Not more than a day after the IMF announced their XC platform goals, the BIS announced their plans for a unified ledger for all CBDCs called the ‘BIS Universal Ledger.’ The BIS specifically notes that the project is meant to “inspire trust in central bank digital currencies” while “overcoming the fragmentation of current tokenization efforts.”

While the IMF is focused on international policy control, the BIS is pursuing the technical aspects for the globalization of CBDCs. They make it clear in their white papers that a cashless society is in fact the end game and that digital transactions need to be monitored by a centralized entity in order to keep money “secure.” As the BIS argues in their extensive overview of Unified Ledgers:

• “Today, the monetary system stands at the cusp of another major leap. Following dematerialisation and digitalisation, the key development is tokenisation – the process of representing claims digitally on a programmable platform. This can be seen as the next logical step in digital recordkeeping and asset transfer.”
• “…The blueprint envisages these elements being brought together in a new type of financial market infrastructure (FMI) – a “unified ledger”. The full benefits of tokenisation could be harnessed in a unified ledger due to the settlement finality that comes from central bank money residing in the same venue as other claims. Leveraging trust in the central bank, a shared venue of this kind has great potential to enhance the monetary and financial system.

There are three major assertions made by the BIS in their program – First, the digitization of money is unavoidable and cash is going to disappear primarily because it makes moving money easier. Second, decentralized payment methods are unacceptable because they are “risky” and only central banks are qualified and “trustworthy” enough to mediate the exchange of money. Third, the use of Unified Ledgers is largely designed to track and trace and even investigate all CBDC transactions, for the public good, of course.

The BIS system deals far more in the realm of private transactions than the IMF example. It is the technical foundation for the centralization of all CBDCs, governed in part by the BIS and the IMF, and it is scheduled to go into wider use in the next two years. There are already multiple nations testing the BIS ledger today. It’s important to understand that whoever acts as the middle-man in the process of the global exchange of money is going to have all the power, over governments and over the populace.

If every movement of wealth is monitored, from the shift of billions between governments to the payment of a few dollars from an individual to a retailer, then every aspect of trade can be throttled on the whims of the observer.

SWIFT Cross Border Project – Another Way To Control The Behavior Of Countries

As we’ve seen with the attempt to use the SWIFT payment network as a bludgeon against Russia, there is an ulterior motive for globalists to have a high speed large scale monetary transaction hub. Again, this is all about centralization, and whoever controls the hub has the means to control trade…to a point.

Locking Russia out of SWIFT has done minimal damage to their economy exactly because there are alternative methods for transferring money to keep the flow of trade running. However, under a CBDC based global monetary umbrella, it would be impossible for any country to work outside the boundaries. It’s not only about the ease of shutting a nation out of the network, it’s also about having the power to immediately block the transfer of funds on the receiving end of the exchange.

Meaning, any funds from any Russian source could be tracked and cut off before they are allowed to get into the hands of, say, a recipient in China or India. Once all governments are completely under the thumb of a centralized monetary system, a centralized ledger and a centralized exchange hub, they will never be able to rebel and this control will trickle down to the general population.

I would also remind readers that the majority of nations are going right along with this program. China is most eager to join the global currency scheme. Russia is still part of the BIS, but their involvement in CBDCs is still unclear. The point is, don’t expect the BRICS to counteract the new monetary order, it’s not going to happen.

CBDCs Automatically Require The End Of The Dollar As World Reserve

So what do all these globalist projects with CBDCs have to do with the dollar and its venerated position as the world reserve currency? The bottom line is this: A unified CBDC system completely excludes the need or use-case for a world reserve currency. The Unified Ledger model takes all CBDCs and homogenizes them into a puddle of liquidity, each CBDC growing similar in characteristics over a short period of time.

The advantages of using the dollar disappear in this scenario and the value of currencies becomes relative to the middle-man. In other words, the IMF, BIS and other related institutions dictate the properties of CBDCs and thus there is no distinguishing aspect of any CBDC that makes one more valuable than the others.

Sure, some countries might be able to separate their currency to a point with superior production or superior technology, but the old model of having a big military as a way to ensure Forex and trade favors is dead. Eventually the globalists will make two predictable arguments:

1. “A world reserve currency under the control of one nation is unfair and we as global bankers need to make the system “more equal.””
2. “Why have a reserve currency at all when all transactions are moderated under our ledger anyway? The dollar is no longer any more easy to use for international trade than any other CBDC, right?”

Finally, the dollar has to die because it’s an integral part of the “old world” of material exchange. The globalists desire a cashless society because it is an easily controlled society. Think of the covid lockdowns and the attempts at vaccine passports – If they had a cashless system in place at that time, they would have gotten everything they wanted. Refuse to take the experimental vaccine? We’ll just shut off your digital accounts and you will starve.

This was even partially attempted (think Canadian trucker protests), but with physical cash there’s always a way around a digital embargo.  Without physical cash you have no other options unless you plan to live completely off the land and barter goods and services (a way of life most people in the first world need a lot of time to get used to).

I believe that a sizable percentage of the American populace will go to war before they accept a cashless society, but in the meantime, there is still the inevitability of a dollar crash to deal with. Globalist organizations are pushing CBDCs to go active VERY quickly, and as this happens along with the centralized ledgers the traditional dollar will swiftly lose favor. This means that those trillions in greenbacks held overseas will start flooding back into America all at once causing an inflationary disaster well beyond what we are witnessing today.

As much as the economy has benefited from world reserve status in the past it will suffer equally as the dollar fades, only to be replaced by a framework even worse than fiat. That is, unless there’s a dramatic upheaval that removes the globalist order from the equation entirely…

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That was made clear when Tucker Carlson recently interviewed the Russian strongman President Vladimir Putin, who clearly articulated how the uniparty in Washington is destroying America’s greatest strategic and economic asset — her currency.

Last year, led by the chairman and ranking member of the relevant House and Senate committees, a bipartisan and bicameral bill was introduced that would hand another $300 billion to the Ukraine, this time in the form of the confiscated U.S. dollars owned by the Russian central bank and the Russian people.

There are now renewed calls for this measure as both the budget battle at home and the war in the Ukraine drag on.

Not during the Vietnam or Korean wars or at any point during the height of the Cold War did America do this to the Soviet Union. U.S. statesmen understood then, as our adversaries do now, that the dollar’s reserve currency status is among our most important global assets, both economically and strategically.

This steadfast principled commitment facilitated our post-war expansion of influence over global affairs and commerce, directed investment to the U.S., and kept inflation at bay by parking dollars as reserves the world over.

Eager to demolish this foundation of our global presence and dam that holds back inflation, the Washington uniparty is rallying behind the next step to gut the U.S. dollar.

We warned on this site before how Biden’s unprecedented freezing of U.S. dollars owned by a foreign central bank has fundamentally jeopardized the currency’s hard-won reserve status. In fact, it’s a main factor now driving dozens of countries away from what they see as a dangerous and unpredictable United States — countries now including France and Saudi Arabia.

Of course, China is eager to exploit these fears and welcome countries into its rapidly growing BRICS anti-dollar bloc.

After the Biden administration spent months scoffing at the mere hint of de-dollarization, Janet Yellen dropped a bombshell last year, casually admitting that not only is de-dollarization happening, but Americans should expect more – in her words, it’s “only natural” for countries to flee the dollar since the world is big.

In fact, countries are not fleeing the dollar because the world is big, they are fleeing because Biden made them question the U.S. dollar by using it as a political football where countries must grovel and obey Washington or risk having their national patrimony frozen.

Nations who disagree with Biden on abortion, homosexuality, fossil fuel use, etc. also run the risk of seeing their dollar reserves taken away. As if on cue, the Biden administration has threatened sanctions against countries with anti-sodomy laws such as Uganda.

This asset seizure bill would dramatically up the ante. If the U.S. is willing to not just freeze, but actually hand over a nation’s entire dollar reserves to another country, it confirms the worst fears of any country questioning whether they can count on the dollar or the U.S. at all.

As more nations lose confidence in the dollar, they will sell their dollars. If enough countries do this, those trillions will come flooding home to America — essentially 70 years of deficits pouring in almost all at once.

This tsunami could set off an inflation the likes of which we haven’t seen in a century. Imagine the last three years of price increases put on steroids, amphetamines and covered in nicotine patches.

At a minimum, it’d be multiple years of double-digit inflation like we’re used to seeing in third world countries. At worst, it’d be a full-blown Weimar Republic replacing wallets with wheelbarrows for carrying around currency.

Such an economic catastrophe would, of course, take America off the world stage, not by choice but by necessity. The uniparty would have made their virtue-signaling gift to the Ukraine at the expense of America’s very standing as a world power.

The naïve calls for currency manipulation are a defiling of the dollar’s sanctity and an assault on people’s property rights. If the uniparty in Congress and the Biden administration push the issue much further, it will mean a long walk off a short pier into an ocean of misery for the American people. 

E.J. Antoni is a public finance economist, and Peter St. Onge is the Mark A. Kolokotrones fellow in economic freedom, at The Heritage Foundation.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

If BRICS is successful, it will ensure an economic collapse in the West. Venezuelan Foreign Minister Yvan Gil Pinto foresees that BRICS expansion will unite major energy producers and consumers, offering a pathway toward reducing the dependence on the US dollar in global trade.

As reported by RT, in a recent interview with RIA Novosti, the senior diplomat highlighted the inclusion of Saudi Arabia and Iran in this group of emerging economic powers. Additionally, Venezuela aspires to join BRICS in the future. This expansion would encompass over 80% of the world’s crude reserves and production, as emphasized by Minister Pinto during the interview, which was published on Monday.

“With China and India included, BRICS will also be the biggest energy consumer. In other words, it will become an ideal alliance, ideal complementary,” he explained.

The U.S. is still attempting to expand its empire as it seeks to put a military base in contested territory in order to take over oil supplies.

Six new members joined the BRICS organization. Those new members are Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. They are joining in an effort to reduce the dollar’s decades-long dominance and end its use as the preferred payment for the one commodity that still dominates global trade: oil.

The anti-Western alliance now has six of the world’s top oil producers: Saudi Arabia, Russia, China, Brazil, Iran, and the United Arab Emirates.

“De-dollarizing” the world economy could have dangerous consequences for the United States. We haven’t seen anything yet. The illusion of freedom is only going to last so long, at which point, the world will know it is enslaved. It’s better to wake up to it now, while we still have a chance.

Alternative Video Sources:

Drew Mason, Managing Partner of St. Joseph Partners, told LifeSiteNews in a recent interview on “The John-Henry Westen Show” that not just the UAE but also many other countries around the world are divesting from the U.S. dollar and replacing it with precious metals that actually hold value.

Since 1913, the U.S. dollar has ceased to be an actual currency, which it once was, and is now a debt note printed by the private Federal Reserve banking cartel. Just like Monopoly money, the U.S. dollar holds no actual value and can be printed infinitely at will, which is why inflation is sky-high.

Gold, conversely, is an actual physical asset with built-in scarcity – there is only so much gold in the world, while U.S. dollars can be printed endlessly since they are just colorful pieces of paper. The UAE and other growing world powers recognize this, which is why they are ditching the dollar and switching to gold and other precious metals.

You can watch the video interview, which is about 30 minutes long, at LifeSiteNews.

Mason says buying gold and silver can protect wealth amid economic uncertainty

Before the Federal Reserve existed – and even for a while afterwards until Richard Nixon became president – U.S. dollars were backed by gold. That changed after Nixon removed the dollar from the gold standard, rendering it a valueless strip of paper that functions as an IOU for the usurious money changers.

At a time like this when the valuelessness of the dollar is on full display due to early onset hyperinflation, precious metals experts like Mason want people to know that they, too, can transform dollars into gold just like the UAE is doing.

“We see the UAE buying 75 tons of gold, making this massive purchase as a vote with their wallets to decrease exposure to the dollar and currencies, and to increase their exposure to physical gold,” Mason explained during the interview.

“As these planners, very powerful, are looking at the world and what is unfolding, they are consciously deciding that even though they had a significant allocation of gold already, they want to increase it further based on risk and reward and what they see.”

Mason also pointed out that the UAE specifically chose to buy its gold from a country that is not aligned, at least on the surface, with the U.S. Instead, they chose to buy it from Russia, which appears to be at war with not just Ukraine but also NATO and the entire Western power structure.

“They rejected the United States and deliberately went to a country that the White House is sanctioning,” Mason said.

“And they’re buying it from Russia and making a clear statement as to where they are seeing their alliances move in the future as we’re seeing repeated again and again throughout the world with nations voting to go with the BRICS nations and are rejecting the U.S. dollar and America’s alliance.”

Be sure to watch the full interview to learn more.

In order to make way for a new world order, the current one will have to be demolished. More of the latest news about this transition can be found at Collapse.news.

Sources for this article include:

• LifeSiteNews.com
• Newstarget.com
• NATURAL NEWS

The five nations that make up BRICS – Brazil, Russia, India, China and South Africa – represent more than 40 percent of the global population, and their share of the world economy – when measured in purchasing power parity – outperforms that of the American-led G7 bloc.

Once viewed simply as a loose association of disparate emerging economies seeking to find a way to make it easier to sign trade deals with one another, BRICS has in recent years taken on a more concrete shape as an economic bloc that stands in opposition to the West.

The foreign ministers of BRICS met in South Africa on June 1 and 2 for a summit along with senior officials from more than a dozen other nations looking to forge closer links with the BRICS bloc, either by signing lucrative deals or by joining the group. (Related: BRICS to lay foundation for EXPANSION: 13 Nations formally asked to join group, 6 others expressed interest.)

Eight countries sent representatives to Cape Town for a talk with the BRICS bloc, known as the “Friends of BRICS” discussions. These eight are Comoros, Cuba, the Democratic Republic of the Congo, Gabon, Iran, Kazakhstan, Saudi Arabia and the United Arab Emirates. Five other nations – Argentina, Bangladesh, Egypt, Guinea-Bissau and Indonesia – participated in the discussions virtually.

These are just some of the nations that have formally expressed their desire to join the bloc. Other prospecting nations include Mexico, Nigeria and Turkey.

Indian Foreign Minister Subrahmanyam Jaishankar remarked that some of the talks included deliberations on the guiding principles, standards, criteria and procedures of what an expanded BRICS bloc would look like. No set standards were released, as these are still a “work in progress,” according to Jaishankar.

South African Minister of Foreign Affairs Naledi Pandor said the foreign ministers were aiming to complete work on a framework for admitting new members and submitting them for the approval of BRICS leaders before they meet for a summit in Johannesburg, South Africa in August.

If the group does expand, BRICS is expected to provide other emerging economies with a platform to advocate for their interests and coordinate action contributing to each other’s economic growth. This will help BRICS in its ultimate goal of providing a credible alternative to the benefits offered by the current Western-led economic order.

BRICS to continue work on creating new currency

In light of the West’s weaponization of sanctions following Russia’s special military operation in Ukraine, BRICS has taken the lead in discussing creating a new currency that all member nations could use in international transactions.

The use of alternative currencies was among the prominent talking points during the recent BRICS meeting, with member nations discussing how this potential new currency could shield other member countries from the impact of Western sanctions.

Pandor noted that BRICS is looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions.”

Analysts have noted that BRICS members are also interested in pushing for a common currency to usher in a non-dollar-denominated world with multiple reserve currencies, which they believe would give them more autonomy in terms of internal policies. Without a common currency, for now, these nations are striving to sign trade agreements that settle payments in their own currencies.

India, for example, already has agreements with at least 18 countries, including Russia, to settle certain international transactions in Indian rupees. China has already signed currency swap deals with several nations, including Brazil, to allow them to conduct trade in the Chinese yuan to reduce the cost of bilateral trade and limit their exposure to fluctuations in the value of the American dollar.

In the New Development Bank, the Shanghai-based multinational bank created by BRICS, bank chief and former President of Brazil Dilma Rousseff revealed that the bank is gradually moving away from the dollar and is promising at least 30 percent of loans to be conducted in the local currencies of member states.

“It’s about financial independence and sovereignty,” said South African Ambassador to BRICS Anil Sooklal. “These countries want greater determination in terms of investments, trade and financing sources. They don’t have to be straitjacketed into a certain currency or financial institution.”

Several BRICS nations have already brought up proposals, which are being considered by officials at the New Development Bank. Pandor said the bloc “will be guided to them as to what the future model might be,” without providing any further details.

Learn more about the global shift away from primarily using the American dollar at DollarDemise.com.

Watch this video discussing BRICS’ potential expansion and its pitch for the creation of a common currency.

This video is from the Thrive Time Show channel on Brighteon.com.

More related stories:

• World moving on from US dollar amid failed Biden presidency as BRICS countries announce they will adopt their own currency.
• De-dollarization efforts continue: BRICS member nations to discuss COMMON CURRENCY in August meeting.
• Two dozen countries align against US dollar as BRICS alliance seeks to form new global currency.
• BRICS nations rapidly working to create common currency to counter US dollar’s global hegemony.
• Potential BRICS expansion could mark end of dollar as world’s pre-eminent currency.

Sources include:

• GeopoliticalEconomy.com
• Reuters.com
• JapanTimes.co.jp
• Bloomberg.com
• Brighteon.com
• NATURAL NEWS