Topic: Is the US itself pushing the world towards de-dollarization? (Read 103 times)

I believe that any country could actually survive in the long term even under western sanctions, as long as such country has the baking of the rest of the BRICS, specially China and India, which are among the most economically revelant members within the alliance, perhaps that was the reason Argentina wanted to join the BRICS, to further strengthen relationships with Pekin and try to get a breath from the huge debt they have had through so many years. I believe China and Russia would be willing to adquire a significant part of Argentina's debt and re-negotiate it.
Though, since the block still does not behave as an actually Union of countries and they have not been able to issue their common currency (which has been a subject of much speculation), I will agre with you when you say this is for now nothing but a social club for presidents and authocrats to hang out.

Besides Russia, China, and Iran, I don't think any other nation in the BRICS Alliance will be able to stand any Western sanctions. Many of them are indebted to many Western-backed banks so it will be difficult for them to become financially free. They will have to be loyal to the West to avoid sanctions and deprivation from financial benefits like loans and grants. However other Western unions like NATO could not be said to totally uphold democratic principles because some smaller nations in this alliance have complained of high-handedness from other more powerful nations. But most of these BRICS nations are ruled by autocrats but it will have little effect if these nations are united. Until these nations set aside their national interests and focus on promoting the ideals of the alliance, they will continue to be a social club.

If we review the objectives of BRICS, the points that will be highlighted are:

1. To increase economic cooperation with those countries.
2. To solve the differences between developed and developing countries of those BRICS member.
3. To develop in information and technology
4. To increase trade in business among those countries
5. To develop education with those countries

Considering the above points, BRICS has to face various problems if the union wants to fulfill it's mission. Which is not an easy task.

BRICS wants to use its own currency. Even if they promise to use their own currency instead of the US dollar, it is not an easy task to implement. Although they have talked about establishing an international bank like the World Bank and the Asian Development Bank, there has been no progress. Officially, the alliance has been magnified, but many critics believe it is more than just lip service. Because mutual trust and confidence has not been achieved between the countries.

While BRICS has an economic alliance, there are clear political implications. When political matters come to the fore, the progress of all these matters will also come to a halt. There is a big difference of opinion with some countries and another big thing is that there is a big lack of democratic spirit among the countries under BRICS, so we think it is not an easy task to reduce the dominance of dollar through BRICS.

   Some nations feel that the US is weaponizing the dollars. So many of them are seeking means of avoiding these sanctions and one of the ways that have been pushed currently is de-dollarisation. The US has a very sound economy because they have some of the best economists. Before they sanction any nation, the effect of such a move on the American economy has been identified and corrective measures will be put in place. Although the global use of the dollar in international trade has reduced from 70% to 60%, it will take these anti-dollar forces many years to stop the eight decades reign of the dollar.
   I don't like talking about the BRICS alliance because the union is a toothless bulldog. We have had some about the alliance having their currency for a long time, but nothing has come to this news. Most of thier resolutions have not been implemented due to a lack of unity among BRICS nations. I have not seen any harm these sanctions have caused to the dollar because the US is still increasing its trade partnerships and influence in many nations.

The thing with sanctions, in my opinion, is that they are always negative to both the issuer of those sanctions and the target. The point of them is being as harmful as possible towards the target and harmless as possible against the issuer.
If the United States of America is aware their sanction policies make more likely to their foes to start using alternative currencies, in their eyes it is worth the risk in exchange of suppress the Russian economy, the Venezuelan Economy and North Korean economy.

Lately, there has been a slight sanction relief in favor of Venezuela by USA, in that case, I assume the risk outweighed the benefits of not giving a rest to the Caribbean country.
It is all about strategy and what it is good for their national interests.

Well even if there will be de-dollarization, I think it's only few countries that agrees to use different currency rather than the dollar can achieve that, as dedollarization may take a long time if it must happen because alot of countries still uses the dollar as their reserved currency. So before most countries will adopt the use of any other currency as a reserved will require an economic reform.

The way the US, the leading country of the world, is imposing sanctions on various countries, it is seen directly and indirectly that the country itself is moving towards de-dollarization. Recently, such a comments has been made by Elon Musk, the world's most US successful businessman. He made these comments while interacting with US entrepreneur David Sachs on his X Twitter space.



De-dollarization has also been influenced by the financial sanctions imposed by the Western world against Russia over the war in Russia and Ukraine. Especially those who want to do business with Russia like Brazil and India are using some other currency instead of dollar because the US has restrict them from using dollar with the country. The United States is forcing other countries not to use the dollar. Moreover, he also mentioned the countries of the BRICS alliance which now want to move away from the use of the dollar. They want to use some other currency instead of dollar for trade. They did not want to use such rules themselves. He thinks that such a situation has been created due to various policies of the United States.

Moreover, various economists of the world have made such predictions where they blame the different policies of the United States for the de-dollarization.

Do you think the US is hurting itself with sanctions?