The dollar’s role as a world currency is being condemned day-to-day. Brazil, Russia, India, China and South Africa formed an alliance called BRICS that was powerful enough to say No to the US dollar hegemony.
Today, the US dollar serves as the global reserve currency, but the report notes a “slow decline in its role since the late 1990s,” which will most probably continue.
By 2025, five emerging economies of BRICS countries will account for more than half of global growth and the international monetary system will no longer be dominated by a single currency.
That has been noticed and augmented by other countries. There are now at least 80, if not more, nations working together cooperatively in the BRICS Alliance to take down the dollar. These nations are doing the hard work of preparing the way to replace the dollar not with one currency but with many. Some might be gold backed. Others might choose a combination of gold and oil or another commodity to back their currency.
When the dollar loses face and looks like it will no longer be treated as gold was in the 19th century, its value will begin to slide even more rapidly. There are many billionaires in the world and many men in charge of billion dollar investment portfolios. When they see the dollar’s value begin to seriously slip, they will dump their dollars.