Professor and economist Richard Wolff said that BRICS expansion goes hand in hand with de-dollarization and the decline of the 'US empire'.
The expansion of the BRICS group of emerging economies has coincided with the US dollar's loss of dominance as the world's reserve and trade currency. Professor and economist Richard Wolff said that the two trends were linked.
The rise of the BRICS group is directly linked to the decline of the US dollar says a top economist.
Economist Richard Wolff told Sputnik that the US displaced its mother country Britain as the world's dominant imperial power around 1920 — and that history was now repeating itself.
"The American empire didn't work the same way. It didn't set up colonies the way the British had in India or South Africa or any of the other places," Wolff said. "It had a more informal empire. [From] The way it had managed to control Latin America throughout the early years of this country to how they expanded and controlled the...
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