Topic: Can BRICS topple US' economic power? - page 4. (Read 761 times)

It would give tough days for USD but i dont think BRICS creating currency and competing with US will be as easy as it looks and we shouldn't forget there are nations like India and China which have already fought wars and also we have seen so many skirmishes in the past. I don't think they will ever get along and eventually BRICS will die down just like Sovie.

Most of the brics countries are dropping like a.. brick. South Africa is a shell of what it used to be thanks to basically anarchy in the country. Brazil is stuttering along at a reasonable pace. Russia is in the middle of a self destructive war. India is doing ok but still a muddle with some very poor and undeveloped parts of the country. China is also huge population wise which means it should overtake the USA but frankly business relies on trust and a massive amount of foundations that the cccp will never be able to offer. Just look at how Xi Jinping has ruined Hong Kong to see how many bad decisions are done at the top of the Chinese government.

Surely BRICS can overtake US economy. It's just a matter of time. Why do you think US is constantly threatening China? Because China is the closest competitor of US in terms of the economy. As per the IMF date, the nominal GDP of US is 28 trillion and for China, it is 18 trillion. No other countries have reached double digital in GDP.

Also recently the petro dollar agreement with the OPEC nations has expired. Saudi said that they are not going to renew the agreement. So a lot of changes are happening at the global front. No one knows what the future holds for the future.

Well, it is clear that the dollar does not have the hegemony it had 30 years ago but it is still by far the most important currency, even though it is a shitty inflationary currency. But as things stand I wouldn't be surprised if at some point in the future the dollar was dethroned by another currency, as the pound was by the dollar about 100 years ago. But that, if it happens, is still a long way off.

One thing is certain, and that is the US' days are numbered. Empires don't last forever. What will ultimately lead America to its demise is the rising national debt. Constant money spending in external conflicts (like the Russo-Ukraine war) will further exaberbate the problem.

BRICS has a few oil-producing countries, so it won't be going anywhere soon. Especially now when demand for oil is rising. They might as well back their new currency with Oil. Backing it with Bitcoin or Gold is another option. The more countries join the bloc, the more powerful it will become. Will both Russia and China be the leading forces of the "New World Order"? Only time will tell. They're both superpowers (if I'm not wrong), and they're both part of BRICS. A multi-polar is approaching faster than we've thought. I wonder where the US will be after it loses its superpower status? Will the American Federation dissolve? Hopefully, this doesn't happen during our lifetime.

It depends on which countries they would be. If they're mostly the impoverished nations, then they wouldn't be much of a threat. Also, I don't think joining the BRICS necessarily means challenging the US. After all, the US is a top trading partner of BRICS nations. And even among BRICS members, there are also conflicts. They aren't as solid as some may portray. India and China, for example, have serious territorial disputes. Iran, for example, has also serious security issues with UAE.

As far as having a single digital currency for BRICS is concerned, I don't think it is tenable. It might only end up being controlled by China, to which other powerful members will not agree.

BRICS consists of 9 member states but none of them are great except China. What's the point of such an alliance? They want to get rid of the USA but what will happen then? Will quality of life dramatically improve in their countries? Is America really the issue? I don't think so and I think that this will bring more harm than good to everyone.
I don't think that anyone can beat the USA and allies. Even if their new currency will be backed by Gold, the USA and allies have the most Gold reserves. Half of the world, especially post-soviet countries, will not join the BRICS because we know from experience that life under the hood of Russia or its allies will not be good, it wasn't good when the Soviet Union was great, they were treating the whole population like slaves. I hope countries will not make a mistake and won't join Russia and its allies. If that happens in my country, there will be a revolution. It's in our constitution to join the EU.

I just feel like this comparison seems unbalanced between an economy linked by many countries and with one country. But perhaps the issue of US hegemony in the economy will also be changed, and not the domination when countries want to escape from it. Even now, looking at the key countries of the BRICS bloc, we can see their economic strength.

I believe that expansion with the participation of many countries further strengthens the bloc, sharing benefits and support will help get rid of dependence on one country. This is almost like our way of life we do not have to rely entirely on the attitude of a large country.

I thought that was the reason for having BRICS which is to create a new currency like what Europe did. The currency will unify all the currencies they are using. There must be something in that mbridge system they are releasing to make it easier for them to deal with all this parity.

But then if this is the case, therefore they still are resorting to digital currencies which negates the use of Gold they were buying.

this is just my opinion but the BRIC member itself has a different culture and economic model let's say a burger costs you a dollar in Russia but can cost you half or even a quarter in India so it would be hard to make a single currency like Euro and they separated by land and etc.

Tho I don't think is impossible maybe they have plans and some serious discussion and it would be great if BRIC create a new currency can be used in all bric member and backed by gold with stablecoin on chain if this really happen US gonna lose its value superfast IMO

Already a time will come when the United States Dollar will lose it's relevance and counties will begin to move out from using the USD as their reserved currency but I doubt if the BRICS ALLIANCE can be able to achieve that because creating another currency that will compete with the dollar in international trade will require a lot of institutions put together though it is achievable but it will take time because the dollar have been in dominance for over 80 good years now and and moreover, if the BRICS alliance decides to move away from the USD then the common currency that they will use will also become a thing of debate in the sense that China that has the largest economy amongst the BRICS nations will want their own currency to become the BRICS reserve in international market. Even if the BRICS alliance are using each others currency to trade it can only be among themselves as they can't trade in the international market.
 
Even if the BRICS alliance continues to increase by more countries developing interest in joining the alliance, they cannot completely devalue the USD because it took the United States of America a long time before they became the world power so they can't just watch any alliance devalue their currency simply because they want to move away from the USD so even if any currency will conquer the United States Dollar it will take so many years.
One of the reasons why some countries are moving out from using the USD is as a result of the sanctions that the United States issued to some countries like Russia, North Korea and the rest of them.

The news of BRICs nation coming up with a single currency has been around for some time now but we have not had any details from the organization yet. For now, I observed that BRICs nations are promoting the local currencies of member states by accepting them as payments instead of the US Dollar. Russian trade with China is conducted almost without the US dollar and other member nations like India, Iran and Saudi Arabia are following the same path.

As at October 23, 2023, BRICs nations are estimated to have about 29% of the world’s GDP which is sizeable. With more nations willing to join, they will keep expanding and gain more global market share. The dollar has been a tool of dominance for the US, so a shift from this currency will reduce the influence of the US and its allies. BRICS currency will not necessarily lead to the fall of the dollar but it create a world where nations have the choice to choose between two powerful currencies. Expectations are high to see the resolutions as well as new nations that will come out from the BRICS Summit in Kazan, Russia from October 22 to 24, 2024.

I think it depends on the countries involved and if they can all collectively agree on some issues. Disagreement might be the cause of them not being able to go up against the USA.

If there are enough powers in the group, they can control a lot of trades and exchanges which will cause a significant change in the market.
if US dollar struggles and the whole country gets into different kinds of conflicts then yes i believe there is a chance for the us dollar to not be the global reserve anymore

The question would be if not the us dollar then what will it be?

Its going to work in hand with the US, that is what diplomacy is all about. Founded back in 2009, I dont think the US is so stupid to not keep track of what is happening with this alliance and how to keep it under control through inside politics.

Still these countries need to have an alliance and not let the entire world be dictated only by the US to run their countries. US economic power will remain but will have to change its level of impact on different countries.

Lets hope BRICS does not end up being a forum of all the poorer economies and itself collapses before anything big.

I have heard news that Turkiye wants to join BRICS but there is no further information yet. It's not just Turkiye and as far as I know, there are more than 40 countries that want to join the BRICS group and will not stop at this number. This also shows us the dissatisfaction and indignation of many countries around the world with the hegemony of the US and its allies. And with more and more countries wanting to join BRICS, this means we will soon see strong growth in the bloc.

De-dollarization is a revolution that may succeed or fail, but with growing support from the vast majority of the world, it will increase the likelihood of success as much as the weakening of the dollar is inevitable.
https://www.reuters.com/world/what-is-brics-who-are-its-members-2023-08-21/

it will take time. if peace is achieved in MiddleEast, i think it will actually make the countries there grow and technologies will be shared with countries there to improve lives. there is no reason to stop people from having good lives.

it is a gradual growth for BRICS but there was already news about countries applying to join the bloc such as Turkey which is also a NATO member.
Putin suddenly releases new requirements before a country can join. 

I'm not sure if the BRICS alliance can overthrow the dominance of the US and the USD. But with what is happening, it can be seen that they are creating significant impacts and challenges to US hegemony. But to be fair, it is still very early to say anything because BRICS is still very young, while the US is still actively blocking the BRICS bloc and the USD is still dominating the global market.
In my opinion, it will take a long time for BRICS to weaken US hegemony, and we will not see another currency replace the USD's dominance anytime soon.

If half the world have decide to abandon the influence of the United States and its dollars, that by itself is already a big shift from the global system we have today and means that the US is no longer the dominant force. The US will always be a strong economy of itself but will not have the level of control it does now.

If they will fail it will be due to internal squabbles and not the inability of the countries to function without the hegemony of the US.

We always have had heightened geopolitical conflicts. This is far from the most heightened period in history, we are only more technology advanced now so the consequence of conflict is much higher.

The de-dollaration discourse, it won't be coming to an end anytime soon. One thing I know is, the dollar is still strong despite its devaluation recently, its even recovering. The creation of a BRICS currency will take years if it will ever happen, that's enough time to counter, they're not just going to stand by and do nothing.

This idea has been for over a decade and they've talking about how they want to make it possible for member countries to do international trades without the dollar, but 10 years later, member countries don't use local currencies are exchange within themselves. It's only with China. India even refused to accept Ruble from Russia.
My point is, a BRICS currency, though it might loosen the grip the US has on other countries, would need a lot of things to succeed
The dollar is still 80-90% on one side of cross-border trades of most BRICS member countries.

Half the world's population is migrating from USD to the currency that BRICS created, so it will certainly be a big power and could put pressure on the US. Even before that happened, with more and more countries joining, we saw that the US was starting to worry, not only that, many US policies always applied double standards as examples of war violations committed by countries or friends of the US which clearly violated the rules of war but were actually fully supported. Now factors like this make other countries pay attention to every US decision and no longer stand firm on the justice they have always upheld. Automatically, trust in Dollar products also has a negative impact.

The US is facing an election and the elected presidential candidate will determine the fate of the US in the eyes of the world, both in terms of economic and political strength. BRICS is really openly challenging it, and now the US response looks lackluster, even Biden is reluctant to respond or feels that he is on the verge of a big threat if BRICS further expands its expansion.