Topic: Can BRICS topple US' economic power? (Read 766 times)

The attempted assasination attempt against a former president, Biden's lackluster performance, polarizing politics (between the GOP and Dems), and a rising national debt are all signs of American decline. It won't be long enough before the world stops trusting the USA as a reliable ally. Once trust is gone, the USD will weaken, effectively losing its position as the reserve currency of the world. This will happen whenever we like it or not.

BRICS will only survive if it's able to sustain its military, and economy. China and Russia are two of the biggest superpowers in the bloc. They may be more than enough to drive BRICS all the way to success. We'll see. I wonder what effect will a strong BRICS have over the EU?

That's right, and here I have a nice piece of how Brasil steps forward towards BRICS:
So its its all small steps, and mostly it helps just governments.

https://www.bbc.com/news/articles/c0venrydg8yo
 

I don't think that increasing the membership of BRICS will make this task easier or that they will eventually turn this alliance into a powerful one. Today's politics has reached a point where it is not unusual for any change to occur at any time, but it is not easy to bring down America. All the countries that will fight against the United States will be able to continue without the help of the United States? I think there are many big countries who don't dare to do that, no matter what they say, when they go to take any action against America, they will face various obstacles. But if everyone is united in one goal then surely any action taken can be effective. But for now I don't think this alliance is very strong or they are working seriously towards their goals.

No company could become successful with that strategy.
No EU would have been grafted as organization with that philosophy.

The world's hunger for the $:


https://archive.is/f6vdU

and


https://archive.is/hv9de

Business people of IRAN needing $. Business needs $.
Once politics mixes in business gets interrupted.

I think BRICH and its members will provide good benefits and there is no agreement that binds each other, in fact with many BRICS members starting to enter this creates an unfavorable situation on the US side because there will be many countries that are not dependent on the US, because previously also has many currencies that dominate the world and gradually that position will be replaced slowly even though it takes a very long time to reach the goal in that direction and people don't believe it but they will soon believe it when everything happens to divide the gap which is not much difference .

That is literally the reason why they would get weaker if they do. It is not going to be BRICS making USA weaker, it is not going to be Europe, it is not going to be any Asian power, it's literally going to be the USA making themselves weaker.

I talked about this before, and I will say that again, they are getting too close to the border. They are making left and right a lot more radical, and in the wrong way as well. Like right doesn't mean lets add a lot of racists, and left doesn't mean lets all focus on trans rights, right means conservative values, and left means economical equality to a degree. This is why I honestly believe that they are going to have a lot of trouble, for a very long time, and that is going to cause them to get weaker.

Topple is not something that is all that reasonable because we are not really talking about each nation having a "battle" against each other anymore, it is made that way for political gain, but the reality is that location and sources matter more. Like if you are near China and need manufacturing, the power of USA doesn't matter to you, if you are a Latin American nation who wants to sell oil, China doesn't matter to you. Things are a lot more global and location based all at the same time, depending on your business.

Most bigger business' that are rich and at the top, sells it to all of them for example, like facebook, doesn't mind anything. So all in all, I believe that we should probably consider it an old tale and not new at all.

The way I see things from BRICS, things will not work out well for them because they are not united nations if not by now things would have changed as they promised. If they were serious by now they would started using the BRICS currency by now even it not their various countries but at least they would have used it in the regional and the international market then would have known that they are serious amount the currency.
But like this they are not serious and BRICS won't withstand with the test results f time.

Like what BRICS plans to do by forming an alliance of several countries to be able to fight against the dominance of the US and the Dollar, the US can also do the same thing (even more) to be able to fight against the dominance of BRICS and its influence in the Asian or global region. Don't forget that apart from its economic strength, the US also has other strengths (military, diplomacy, etc.) which can maintain dollar dominance and still make many countries side with it.
However, that does not mean that the resistance carried out by BRICS is in vain, it is something that needs to be done, and so that it needs to have greater influence than it currently has in order to show that the US should not dictate too much to other countries and assume that third countries are not capable of doing anything.

BRICS has a common ambition to reduce dependence on the USD and even completely eliminate the USD in trade transactions. They have a common ambition to create a multipolar world, not a unipolar world as the US wants.

Why can't China surpass the US when they are getting closer to the US  than ever before?

As I said, history is repeating itself just like the British believed that no one could overthrow them, they were the strongest until the U.S came and made them history. The U.S is very strong and really no country can defeat them but BRICS can weaken them and from there a country will also take their place.

Yes. Polarizing politics within the United States, tells us that American decline is advancing at a fast pace. Countries are already considering moving away from the US Dollar. Perhaps, this has to do with the current administration's efforts of "weaponizing" the USD via sanctions.

If countries ditch the USD, western sanctions will have no effect over their economies. This new alliance (BRICS)  will further polarize our world. There will be a huge divide between the West, and BRICS. Russia and China will be the major driving forces of the bloc. This could even be a threat to the EU and NATO itself. I wonder what would happen in the future? I'd certainly don't want to know.

The BRICS bloc was brought into the fore as power brokers to the Western world by the East. They have been able to critically influenced and expand their tentacles across Asia, the middle east and some part of Africa. Those countries include Iran, Saudi Arabia, UAE, Egypt and Ethiopia in the last summit they had organized. They also made unsuccessful efforts to include Argentina which was hindered by the political situations in the country. I know it will be difficult for the BRICS to achieve its aim because unlike the NATO, the BRICS is more diverse in their economic differences.

BRICS is not a single country, it is an organization that is made up of different countries that have their own individual ambitions, so which of these member-countries do you believe will topple the U.S' economic power? I really cannot see any.

China is the only BRICS nation that comes close to the U.S, in the area of economic growth and all round development, but do you think the Yuan is going to topple the U.S dollar as the world's reserve currency? I for one do not think so. The U.S is a complete superpower nation, and it is going to be almost impossible for any country to topple them.

Before USD, we also had many currencies of other powers that dominated the world such as USD.
For example, before the United States, we had Britain as the leading power and the government at that time as well as many people believed that no one could defeat and take over Britain's position as the leading power. But after 105 years of maintaining its position as the world's leading power, they have been surpassed by the US and even Britain is now largely dependent on the US from economics to military. Likewise, the US government and many people also think that they are the strongest and no one can defeat them. It can be seen that history is repeating again but many people still don't believe it but they will soon believe it when everything happens and becomes history. We need to accept the fact that nothing lasts forever, including life on this earth, let alone the US domination.

BRICS or who will replace the US, no one knows but there will definitely be someone to replace the US in the future.

Beware of future tense use cases. Hardly ever anything proclaimed will happen, and specially in the way it was proclaimed.
At the moment there is no alternative to the banking system. Crypto could enter there but till businesses learn enough it takes time.

On a small scale no wallet lets you overdraw, you won't get a credit from it either. On a larger scale business can't finance anything except by proper means.

The saying "be your own bank" is a statement born in ignorance.

How many living in the 3rd World enjoy banking credibility?
How much is your national banking system allowed to issue on credits? 

Nothing can last forever, that's what we need to accept and the United States should also accept instead of thinking they can rule the world forever. A multipolar world will soon be created as more and more countries begin to get fed up with the overbearingness of the US and its allies. BRICS will face many challenges and difficulties ahead but that does not mean they will not be able to defeat US dominance.

Just looking at what is happening in the US politics is enough to show us their weakness when both of their presidential candidates are becoming a laughing stock to the whole world. One is called a criminal, the other is said to have out of date but still stubbornly refuses to give up power. 

Another thread in the economics board talking about the US dollar getting surpassed by some other currency which has pretty much become a trend these days. Pointless and silly theories if you ask me.

Anyway, coming to op's question, BRICS is definitely getting stronger with time, but you are delusional if you think that they can challenge a superpower like USA currently.

Why do you think there is a world order?
There are several issues where the US put legislation, without being allowed or else.
All Swift transfers pass through the US therefore the prosecution makes a case of it.

Due to ignorance of people working with money they put themselves into harms way. And blame the US.

I'm not a dan of the US. But I like the US $ more than our local currency.

Apart from maybe technology all these problems and a lot more exist in United States as well. We are already witnessing the mess called US presidential election where two elderly men, one worse than the other, one is a convicted felon and the other is senile, compete for the highest political position in that country.

As for technology, in this day and age there is no gap that can not be filled. I started a post about that gap in microchips nearly a year ago and today that gap that existed is nearly filled.
It will be the same in other fields as well.

Sorry but they don't. They are lacking the one thing the US,EU, Australia, New Zealand and a few other have.
A buyer base. And still quite solid when comparing to the rest.

The BRICS countries (Brazil, Russia, India, China & South Africa) have shown really significant economic growth & influence in recent years. They have the potential to challenge the US economic power, it is unlikely that they would topple it in the near future. The US has a strong & diversified economy, a deep financial system & and a dominant role in global trade & finance. BRICS countries face challenges such as income inequality, political instability and technological gaps. As BRICS countries continue to develop & cooperate they could eventually become important players in the global economy & potentially exert more influence over time.

Europe? there are no European countries that join BRICS


BRICS is want to dominate the economic and power, "challenge" is just to sugar coat their main intention. There are no countries want to be poor, so having a good economy and power will make them rich, they can control almost everything.

Almost everyone in this world discuss about Biden and Trump, but less people are interested to discuss about president in other countries.

Wow the BRICS are gathering some of the worlds most powerful country from Africa, Europe, and Asia if this stands I see america losing their position especially when they get to launch this their currency.
But why will these countries come together to plan the fall of other nations, is that not weakness a country like china with the largest economy  are still looking for the down fall of other nations for me this is insane, are they trying to come together to gather countries that would work against America. But if this should work out America economy may fall.

But to be honest this isn't right because from what I read from the BRICS it is designed to bring together world most important developing countries to challenge the economic and political power of wealthier nations of north America and western Europe.

Its stubbornly believe s vs outliving even you, or me for that matter.
For a change you need an alternative, none has appeared so far, the Euro I don't count in, although it comes closest to be an alternative. 

What's interesting is that as the West gets weaker (eg. UK PM and French Presidents are losing votes) and their countries fall into the hands of the "extremes" (Trump is coming as well) while their coalitions like EU gets weaker; the BRICS members are getting stronger and more united through multilateral cooperations. The recent SCO meeting was very productive and they even took new members as the necessity for dedollarisation was also highlighted by all members.

I'm Brazilian, the Brics are only for ideological political use, look who is in charge of the Brics bank, Dilma is the president who was deposed from office by the population for theft, embezzlement and many crimes against the economy. Those involved are people with low cognitive capacity, low ethical and moral values, who are involved in corruption crimes. This brics is just a political campaign because in practice it is a disaster. Do some research and you will see what a dump it is.

They can talk loud but talking and acting are two different things. I agree that BRICS should not be underestimated. If we consider the countries that joined it, we're talking about a very significant part of Earth's population as well as economic output. But those countries are more divided than those in Western coalitions, as they have very different priorities, regimes, currencies, and ambitions.
Also, when it comes to challenging the USD, there's certain data I like to bring up: currency composition of foreign exchange reserves. The USD dominance is at over 58%, with the next currency being EUR (20%), followed by Japanese yen (over 5%). The closest BRICS currency is the Chinese renminbi, with only a 2.3% global share. The situation reminds me of the crypto market, where Bitcoin and Ethereum have a similar dominance (51% and 17% respectfully) to that of the USD and EUR in foreign reserves. And someone says they'll unite, combine efforts and issue altcoin that will beat them all and dominate. That's how talks of overcoming dollar dominance sound to me.

The US will not leave its leading position if we talk about a unipolar world, but if BRICS succeeds in turning the world into multipolarity, the US will no longer be the leader when the rest of the world does not need them. They may still be the leading power in NATO, still the big brother of the EU, but for BRICS, which does not use the USD, they are nothing anymore.
What BRICS aims for above all is to create a multipolar world, reducing dependence on the USD, they have no intention of defeating or removing the USD from the world economic map.

I also don't like the Chinese communist party very much, but if the US doesn't find a way to restrain them, I truly believe that they can still surpass the US to become the number 1 power in the future. China's development is truly admirable.

It will, but there's a catch. It will happen at slow pace that I believe it might not happen even in my whole lifetime.
Well, at least there's a bit of progress that' happening already. The agreement between the Saudi and US hasn't been renewed, the Chinese ditched billions of US treasury bonds, more countries are joining BRICS already, Russia and North Korea's leaders met, and this will surely lead to NoKor joining the BRICS at some point.

There's a progress, but the pace is slow. We know that it will happen in the future, and I guess that would be a good thing. The thing though is that most countries are still accepting USD, and this makes the US more powerful. I'm no economist, but I believe this will happen - or not because the US will just not let it happen. TBH, I'm trying to have a grasp of what's happening around the world by watching videos on Youtube that's related to this, and I find it very exciting.

Democracy is not in danger, it existed way before West claimed to have it and it will continue to exist long after US had the same fate as USSR.
What is falling apart is the liberalism and better said laissez-faire-ism (everything is for individual interest even human rights). That is weakening and hopefully falling apart for good reasons.

I wouldn't say it is being replaced by authoritarianism either, that's just temporary specially in Europe that is moving toward it. During the time when tensions are increased and they have put themselves in a bad position where they've brought war close, democracy loses its "bling"...

History repeats itself. Sooner or later, the US will fall. This is inevitable. We'll be heading back to a multipolar world like before. In the process, another superpower will take the US' place as the leading force of the world. No one knows if it will be BRICS countries altogether, the European Union, or China alone.

What we do know is that democracy is in danger. Especially when the West is showing signs of weakness. It's likely authoritarianism will rule the world in the future. How long will it take for the US (and democracy as a whole) to collapse is a mystery. The clock is ticking, so expect the unexpected. 

I feel like there are two things that we need to talk about with this question. First question is, will BRICS nations get better thanks to them getting together, and the second question is will they be stronger than USA? I think the first questions answer is yes, they will get better when they are together and they will do better business and if they build a currency for them all, that currency will make them all richer, so it will be a great idea for them without a doubt.

Secondly, will they get better than USA? I think not, not individually at least, combined forces economically could be bigger than USA of course, China alone is a close one, add all others they would, but individually? There is absolutely no way USA would leave the top spot.

Surprisingly enough USD is similar to USDT! If you are a trader, you most probably have used Tether. It has high liquidity, demand, etc. But what if iFinex decided to start stealing money? If they started freezing accounts and then spend users' balance; but selectively.
Would you still use it even though Tether would still have high liquidity, etc.? Or would you look for an alternative?

That's what dedollarisation is. The US regime decided to weaponize the dollar. They have already done this to dozens of countries, they steal their money so an increasing number of countries start looking for an alternative.

Those who stubbornly believe that the US dominance will last forever only prove that they have never read the world's monetary history. Because before the United States, we had five other countries that dominated the world and over time they were replaced by other countries, and I believe that history will always repeat itself when the time comes.
The United States once usurped Britain's position as a world power, so they need not be surprised if others do the same thing to them because that is the rule and the way the world works.
That's right, so far no country can compete with the US except China. Although I also don't completely like the Chinese communist party, I support a more multipolar world.

https://talkmarkets.com/content/bitcoin-world-reserve-currency?post=322700

I don't find it funny that BRICS was established and it's even a great idea because we will have a multipolar world and everyone admits that a multipolar world will be better than a unipolar world.
I do not deny that many citizens of third world countries are dreaming and looking to move to Europe or America because they think it will bring them a better life. But have you ever wondered why there are still more than 40 countries applying to join the BRICS bloc?

America does not give up its power, even doing everything to maintain power, but they will soon be weakened or replaced by another power and that could be BRICS. It's true that it's still very early to confirm anything, so let's leave time to answer everything.

It's very funny that they created BRICS. What's going to happen, is their life going to dramatically improve by creating a BRICS and building their own digital currency? BRICS countries aren't democratic countries and the far they'll be from west + with their own digital currency, I think their leadership will try to enslave people further. If BRICS is that good, then why are people from their countries coming in Europe and the USA? Why do they sell their houses to move here and live here? The west is bad, so why do they migrate here?

To be honest, I think that the USA won't simply give up on its economic power. There aren't trillions of dollars spent by NATO for nothing.

It's not easy to move away from the US Dollar. Especially when it's the world's reserve currency. "De-Dollarization" is a process that will take time before it materializes. BRICS countries are quietly planning their moves that will ultimately lead them to glory. Patience is key here. America is already showing signs of weakness. Russia saw it as an opportunity to attack Ukraine. Even China is planning to invade Taiwan.

A strong US would've already put an end to global conflict through the use of military action. The current administration has ultimately failed in bringing down peace between Russia-Ukraine and Israel-Hamas. Will Trump and his Republican Party fix this? I doubt it. Especially when the damage is already done. It won't be long enough before another superpower (or bloc) takes over the world by storm. What would be of the US when that happens? I certainly don't want to know.

There are a few things that would need to be done for that to happen:

- First, the dollar should not be the reserve currency when these things take place, but that's obvious.
- Second is if financial institutions around the world start playing to BRICS requirements more than US requirements
- Third is if OFAC is gradually usurped by the BRICS version, whatever that may be.
- Fourth would be people start caring more about BRICS tax where they live than the US tax.

This is a soft-power transition, not a hard one.

Just grab the popcorn and let's watch the next events that happen.

What led to America becoming the world power isn't it war? Already I have stated that before the BRICS alliance or any other organization can take world power from America that it's not gonna be on a neutral ground and inasmuch as life continues to exist, humans will continue to fight for supremacy because as the days are going by that's how countries are becoming more superior to the other both in terms of economic system, technology, nuclear and biochemical weapons and in recent years we have seen that countries are advancing more on technologies. China, Russia and North Korea are countries that have been increasing in technology rapidly.

I know the United States Submarines is a no joke area but when a fight involves a conspiracy, it is always difficult to conquer but my question would be that if other countries use a concerted effort to subdue America who then will now become the world power among themselves because the three countries I mentioned earlier are almost equal in terms of production of nuclear weapons but China has the highest economy amongst them.

America didn't got world recognition on a neutral ground, they fought so hard for it and after the world war II they were recognized based on the fact that the war didn't destroy most of their resources both economical and industrial and they even offered aid to other European countries that were severely affected by the war. So what makes a country to be superior is surviving during war and sending aids to other countries that is where supremacy comes to play.

It took America so many years of consistent economic expansion before they gained world recognition and became the world power taking over from the British empire so this was a single handed effort by the Americans and not a joint alliance, that was the reason they had no competitor.

Currently, China is the only country that is increasing rapidly in their economy ahead of Japan and Germany. The United States of America remains unconquered in the global economy so when we are talking about world recognition it's not only about owning sophisticated weapons as the economy of such country is a major factor that can prepare an undisputed agreement to become world power. However, I don't believe that Americans are prepared to step down as world power because they have all it takes to fight war and conquer so we all should remove our mind from any organization toppling the United States in terms of economic power not even the BRICS alliance.

It will take the BRICS, lead by China and Russia to force the United States into an actual war to expend resources and break itself. But I believe in the Nuclear Age, if the United States will have their forces overrun, they could fire all their Intercontinental Ballistic Missiles and Submarine Launched Ballistic Missiles and take everyone down. No winners, all losers. Is that truly what everyone wants? Or is it better to stay at the current state of the world?

¯\_(ツ)_/¯

I think it is possible, but surely the US will not allow this to be easily overthrown by the BRICS, however today they are certainly taking preventive measures to save the dollar and the economy, the technology center is still heading towards the western bloc and it still continues to this day.

Regarding the dollar perhaps the dedollarization movement is still continuing and some countries are trading using their local currencies before the BRICS currency is officially issued for the bloc's trade.

If you imagine the impact of the dedollarization movement is very massive, then maybe inflation in the US will be very high, because most of the dollars today are outside, which are made into foreign exchange of other countries, and when they release it will return to their country and make the dollar supply rampant, and it will have a domino effect on the US economy, but another scenario I think there might be a military conflict, at least the US will definitely threaten several parties who are ambivalent, and yes it seems like war is the peak of the destruction of hegemony, if you talk about the bad scenarios of previous world rulers.

Inasmuch as life is concerned, revolution will always occur even though it can't be achieved on a neutral or smooth ground but it must surely come to pass. Just like the great Britain was the world power before America conquered and the American dollars dominated the International market instead of the British pounds so also will the dollars lose it's dominance one day but in my own opinion it may not really be the BRICS alliance that will take over from America.

 It took America a lot of things to gain world power and to control the world economy so if they would be overthrown it will result to tussle of power between the United States and countries that will conspire together to subdue the United States of America and America have become so powerful that any country that wants to compete with them must be ready to bear the brunt that would come out of such decisions. Even if half of the world conspire against America, most of the powerful countries will have to be involved and will also want the world power to come to them as well so it's not an easy decision just like I said earlier

Will the U.S. Dollar's dominance be "toppled" someday? Sure, like the Roman Empire itself, its decline truly started when its currency started to "debilitate". But will the BRICS be the "movement" to topple it? I don't believe it will be the one. Why? Because who would want to hold each of the currency or debt in BRICS for a very long term duration? BRICS countries are merely playing a game of Hot Potato. All of them still want to HODL U.S. Dollars because of its easy Spendability, high Liquidity, and Saveability - it's still in demand.

They should start HODLing Bitcoin.

I also agree with your thoughts, BRICS will take a long time to kill or end the dominance of the American USD. For now I think the goal is not to replace the dollar, but to have an alternative that is not controlled by the US and its allies.

But what is certain is that the world has changed over time. The US will not dominate the world forever, if we learn from history that no country is in power forever, then its dominance will definitely change. So sooner or later the US will disappear, if the BRICS members increase and they give up the dollar. Now China has become even bigger. Many figures say that China will become a world superpower in the future.

According to the news I read, BRICS will soon launch the bloc's common currency and later this year they will have an official announcement despite many rumors that they will eliminate it. In addition, they are also thinking about the scenario of using cryptocurrency to process cross-border transactions to reduce dependence on USD and completely eliminate it in the future.

Besides, in March, Russia also launched an initiative for BRICS members to soon eliminate the USD and replace it with the countries' local currencies in trade transactions. They don't even need to create a new currency. If they reach an agreement to use the local currency of one of the countries in the bloc, they can shake the position of the USD. De-dollarization and a multipolar world are approaching, despite the skepticism of USD advocates.

https://watcher.guru/news/russia-makes-major-announcement-about-brics-currency



What I look forward to next is Saudi Arabia joining the bloc. They have received an invitation from BRICS but have not yet made a final decision. Saudi Arabia recently discovered a large oil and gas field, interestingly this discovery was announced right at the time the 50-year petrodollar agreement ended. If Saudi Arabia joins BRICS, this bloc will control 42% of global oil supply.

BRICS has full potential to overthrow the dominance of the US and NATO, everything is ready and it is only a matter of time.
https://watcher.guru/news/brics-saudi-arabia-makes-massive-oil-and-gas-discovery

One of the characteristics of a lot of newest BRICS members that may be overlooked is "potential".

For example Ethiopia as a massive country (2x France size) with a massive population (130 mil work force) and good amount of resources (minerals, metals, decent amount of natural gas) and a good agricultural potential has a lot of room to grow.

Another characteristic is "location".

For example Egypt is like the gateway to Africa through land (Belt and Road Initiative) and as an old civilization it has always been part of the ancient Silk Road. They are also like the "gate keepers" of a vey important water based route called Suez Canal. Both of these give them a very strategic importance in the New World Order.

Haven’t they already?

The “C” itself in BRICS (which is China) is already as big or bigger than the US. When you add another energy giant like Russia, it automatically becomes bigger than the US as economically.

India has a giant economy too.

South Africa has lots of natural metals.

Iran is another petroleum giant.

United Arab Emirates are also a member so, its one more oil giant.

Egypt and Ethiopia… um I don’t know why they are there tbh. Maybe they are providing super cheap manpower. I can’t call them giants in any way though that’s for sure.

First you need to look at the BRICS currency, which does not exist yet, and see how it will function. In addition, the question of great importance is: will it be a completely new currency or one of the existing currencies of current states? After all, this has enormous practical significance, which can lead to internal contradictions in this bloc, even to the point of its collapse.

The BRICS countries are an economic bloc, and therefore a possible confrontation with countries that support the dollar will be trade and economic. In any case, multipolarity is always better than unipolarity. But it is too early to predict what will happen to the dollar in this case. First, the new currency of the BRICS countries needs to prove itself well.

There is no denying the difficulties that BRICS countries are facing, but their failure to join forces and continue to suffer unreasonable repression from the US and its allies will make things even worse. They will never even escape their own difficulties but forming alliances and helping each other will certainly open up opportunities for them to improve and develop their nations. Each country has its own culture, language, different problems...but if there is a common enemy and a common goal, they will unite to fight the enemy and that will make them strong. 
The BRICS bloc is growing stronger and more and more countries want to become members, you should not deny that. The USD empire will soon have to collapse because nothing lasts forever and we need to accept that.

Exactly. It's a ticking time bomb that's about to detonate anytime soon. And once it does, the whole world will suffer dearly. Unless most of the world's countries switch to another currency. There have been repeated attempts to do this, but without any success so far. I think BRICS will be good enough to take down US' hegemony in the long run. Especially with two of the world's superpowers (China and Russia) behind it. Oil is what is going to strengthen the bloc until it becomes a "force to reckon with". Just you wait and see. And even if the oil industry shows signs of decline, China can gain the upper hand with its abundant supply of Lithium. It will be able to produce Li-Ion batteries for EVs in-house. BYD is already a major EV car manufacturer in China, challenging US EV car maker Tesla with its low prices. Slowly but surely, America will decline until it becomes history. It should only be a matter of time before this happens. As long as we're safe from a full-blown nuclear war (WW3), nothing else matters.



Exactly. China has an abundant supply of Lithium. It can become the biggest supplier of Li-Ion batteries for EVs worldwide. This will strengthen China (and BRICS) in every way. Chile and Iran will also have a huge impact on the bloc. It seems that half of the world will join BRICS, leaving the US behind in the dust. There's no reason to be worried about this, right?

Exactly. There are two problems with this debt.
First it is not just the national debt that is usually quoted (almost $35 trillion), there is also debt held by people and intergovernmental debt that if I'm not mistaken puts the total to around $80 trillion!

This is why many have been using the term Ponzi Scheme to describe US economy...

On top of that due to high interest rates and the massive amount of bonds the government has issued, they have to pay trillions in interest every month as well.
The scariest thing about this is the day all these countries that have purchased US debt, stop buying more or worse if they decide to liquidate what they have...

It is hard to predict specially since the decision makers in Washington seem to have chosen the route of armed conflict as the response to losing power.

Fun fact: Lithium rich countries are either members of BRICS or fall in the blocs that are member or have submitted a request to join.
For example China dominates that market and is a member of BRICS
Chile has a their request in to join.
Iran is another member that has been suddenly finding new reserves (I believe currently sitting on 20% of the world supply) over the past 2 years

Yes. It's going to take a long time before "de-dollarization" efforts have a negative impact over the American economy. As long as the USD is still "King", don't expect the US to go anywhere soon. Both China and Russia are struggling right now because of the sanctions. Especially Russia with its on-going escalation with Ukraine. This should slow down both countries' ambitions to rule the world for a while.

The US has a "ticking time bomb" that simply can't be defused. National debt will keep rising until it spirals out of control. Once the US defaults, the true era of "de-dollarization" will begin. Just you wait and see. Who knows what surprises we'll find in the future?

It's clear that countries are stepping up their efforts to move away from the dominance of the dollar. Despite facing many challenges, we have seen increased efforts in de-dollarization. The positive sign is that this trend continues, and we might see more countries adopting other alternatives. As you mentioned, the BRICS bloc is becoming more influential, and analysts believe it might grow even stronger in the coming days. This shift could be profitable for these countries but bad news for the US. But will the US just let this happen so easily?

I agree with you that nothing lasts forever and American dominance is no exception. They have ruled the world for over 100 years and based on the same world history as the empires before them, it is time for them to cede the world to a new power. But I think this could be delayed longer than we think because so far they've tried to slow down the growth of their competitors quite successfully. Russia is still immersed in war and has not been able to escape to recover, while China's economy has also been facing many difficulties recently.

The BRICS bloc is still increasingly asserting its strength, but it is clear that they need to make more efforts in de-dollarization. I think it will take some time before we see more pronounced de-dollarization.

Im not yet convinced of an alliance as people state it.  BRICS was originally a label to characterize a type of country that was growing and could be a force to be reckoned with.  Most famously China finally sorted itself out after decades of near famine in some cases and was then able to trade with the world which changed things for them and altered the world forever pretty much.    

One obvious thing to say is the USA is an alliance not in doubt, where as these other countries may or may not be able to work together.  California just by itself is the worlds 4th largest economy, plus the many other states not being inconsiderable either in size nor sophistication.    I do think its the combination which counts alot and is hard to beat, USA has a standing advantage but an excessive cost from politics and the worlds largest military in its cost at least.

The other perspective would be to state the gigantic growth possible outside of the USA.   India has the majority of its 1.4 billion people below age 30 which makes them poised to become able to outproduce most countries.   China is already a large country but with a falling working population, their growth would be via altering their economy towards more profitable business and greater efficiency.   The other BRIC essentially must be able to support those other countries in their 'alliance' but they all have varying currency strength which makes this entire endeavor much harder.

China could overtake the US as the leading superpower if it continues to grow at an unprecedented rate. It's already the second-largest economy in the world. That's why I believe both China and Russia will be the leading forces of the "New World Order". The US will continue to weaken itself with rising national debt and constant money spending in external wars. And there's nothing the FED will be able to do about it.

American decline will happen whenever we like or not. Things don't last forever. I understand the current situation with oil-producing countries, but that doesn't mean it's the end of the world. Especially when oil is still in high demand these days. As long as gasoline-powered vehicles exist, don't except the oil industry to go anywhere soon. Even lithium-ion batteries have been unable to replace oil as the alternative fuel source. Russia has survived the sanctions because it's been selling oil to its allies (mainly China, and India). The US depends heavily on oil-producing countries to survive (mainly Saudi Arabia). If these countries stop exporting Oil to the US, America will be doomed. Who knows what will happen in the future?

Not so sure how stabile the USA is at the moment. So its job of world stabilization may falter a lot in the next few years. Brics or no Brics

I've talked about BRICS many times in the past on this forum and my stance about their dominance will never change as it is a rebellious formation that is not founded on solid ground. Whether those countries joining like it or not, a little disagreement over time will scatter them, and the reason is that the foundation is soft which was built on the vendetta and the power-shifting attempt by China and Russia with the help of India and Brazil that introduced it. However, the conversion of a new nation has been so little judging by its current status of 9 members since 2006 (almost 2 decades) that it was formed. If continued like this tempo, those who formed it would have died and the true intention of forming it might have died with them before it could achieve its aim.

Frankly, I have never seen anything serious about this union, and you can imagine, for it to continue to hold, members like Russia and China are still classifying themselves as developing nations. And truly, they found the right excuses to be termed developing nations despite the reality of what they are. This even got me wondering if there is a true definition that can truly distinguish between developed nations and developing ones. The best classification in my observation can only be a developed and underdeveloped nation to be fair.

They only saw an opportunity and cajoled some countries to join them especially those who also did not like the US or just wanted the US dominance to reduce. Well, there is nothing bad about that, but still, the leadership of the US is what stabilises the world to this level. Let the power shift to the likes of Russia and China and everyone will feel the heat.

Something that needs to be addressed. I tried to emphasize this in my last post. These countries like China are from the top tier while others not naming them, are underdeveloped and are going to be overshadowed by the "big name" in the group. I dont think they will be able to shine on their own but the creation of this group was to aid them develop and allow mutual trade.

By all means the dollar might see bad days but then again just another fiat currency will dominate and then it will also go down and another one will come up. Similar to political parties dont you think?

Why the rumors about BRICS launching a digital currency keep popping out of nowhere? This is old fake news and it isn't backed by any facts.
The BRICS members will dump the US dollar and replace it with their national currencies, when trading between each other. There's nothing about "a BRICS digital or fiat currency". I've heard rumors about the creation of a BRICS payment infrastructure, which is going to be based on the usage of national currencies.  The name of the platform is supposed to be "M-bridge" or something. I don't remember it correctly.
The members of BRCIS will keep developing their economic and financial relations. The US economic power will be "toppled" by the enormous US national debt and the lesser usage of the US dollar as a global currency.

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.

I wouldn't call it "topple". In order to grow, there is no need to topple anything.
BRICS will help all these member countries to grow whereas in the Old World Order (ie the unipolar world) they couldn't because US regime prevented them from growing either by sanctions (economic war) or invasion (armed conflict).

It all means end of US as the only power that dictates everything like a bully.
With more power poles we go back to a normal world that existed for thousands of years until 1991.

The success of BRICS is unpredictable at this point since during transitional phase when the World Order is changing there is a lot of tension and conflicts. In the chaos, everything is possible. From a smooth transition (with the existing conflicts on small scale) all the way to global nuclear war and extinction of human race.
Only one thing is certain though: the unipolar world is over.

Definitely possible, it just takes time.

We don't know what Biden will do in the future to react few countries that want to be against US, either US sanction those countries, US start a war or they do nothing. If US do nothing, they will lose since most of their products are imported from Asian countries, probably they will sanction those countries, so it will pressure other countries that to join BRICS.

Day by day, the BRICS' alliance is strengthening itself as new countries become members of the bloc. They've announced their intentions of launching a digital currency of their own, in a bid to challenge the US' hegemony over the global economy. It's rumored that the new currency will be backed by Gold. Recently, Thailand announced its intentions to become a member of BRICS. At the time of this writing, the bloc consists of 9 member states.

What would happen if half of the world (or a sizeable amount) joins the bloc? Would this threaten US' economic power? Or will they eventually fail? With rising geopolitical conflicts, the world will become extremely polarized. This might very well mean the end of the USD's status as the world's reserve currency and the US' status as a global superpower. Am I right?

Your input would be greatly appreciated. Thanks.