BRICS Alliance Aims to Ditch the U.S. Dollar
The brics alliance, comprised of Brazil, Russia, India, China and South Africa, is working to create its own currency, according to a March 30 report quoting Russian lawmaker Alexander Babakov. The nations are in the process of creating a new medium for payments in efforts to distance themselves from the dominance of the United States dollar and protect themselves from possible dollar-based punitive measures.
Babakov emphasized that India, Russia and China play a crucial role in developing a new common currency for the three nations.
New Delhi, Beijing and Moscow are the nations that now institute a multipolar world that is endorsed by the majority of governments. Its composition should be based on inducting new monetary ties established on a strategy that does not defend the U.S. dollar or euro, but rather forms a new currency competent of benefiting our shared objectives.
He also suggested that digital payments could be the most promising and viable medium for this new currency.
The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future.
Currency war: This move came one day after the Brazilian government announced on March 29 that China and Brazil reached a deal to start trading in their own currencies, ditching the U.S. dollar as an intermediary.
The Chinese yuan is becoming increasingly popular, while demand for the dollar is declining. Russian President Vladimir Putin recently made statements in which he supported substituting the U.S. dollar with the Chinese yuan as a settlement currency for international payments.
The group of nations trying to move away from the U.S. dollar is also increasing, with Argentina, Iran, Indonesia, Turkey, Saudi Arabia and Egypt all expressing interest in joining the brics alliance.
Economic collapse: The U.S.’s coming economic collapse is an event Herbert W. Armstrong forecast decades ago. He wrote in a March 26, 1968, co-worker letter:
[T]he U.S. dollar—long thought of as the stablest currency in the world—is in immediate jeopardy of being devalued! … If the dollar is devalued, inflation will almost surely result—and eventual economic collapse for the United States.
Ultimately, we expect the dollar to be abandoned as the world’s reserve currency. Isaiah 23 prophesies of an economic alliance that will besiege America in a global trade war. The moves away from the dollar by America’s enemies may be major steps toward the fulfillment of that prophecy.
To learn more, read “United Against the Dollar” and “Currency War: Dragging the World Toward World War III.”