US President-elect Donald Trump has sent a strong warning to the BRICS nations – a group of countries trying to challenge the dominance of the US dollar in global trade. Trump has made it clear: if BRICS nations move forward with plans to create their own currency or replace the
This year marks the first time that BRICS—a group of five major emerging economies, now expanded to include ten members—will hold a summit since its expansion. The big event will take place from October 22 to 24 in Kazan, Russia. One of the key topics everyone is buzzing about is
Mao Zedong, the leader of communist China, wasn’t an economist, but his famous quote, “Power grows out of the barrel of a gun,” can help us understand why the US dollar is so powerful—and why it will likely stay that way. Just like military power, currency power is connected to
Russia and its trade partners are developing new financial systems and currencies to get around economic pressure from the West, particularly the United States and Europe. These efforts aim to reduce the world’s dependence on the US dollar and Western-controlled financial networks, allowing Russia to keep its economy running despite
At a recent conference in New Delhi, Noel Tata from TATA International Ltd. proposed using the Indian rupee for trade between India and Africa, aiming to break free from the dollar’s dominance in global trade. This move is part of a broader “rupee revolution,” reflecting similar efforts by Malaysian Prime
Malaysian Prime Minister Anwar Ibrahim recently made his first official visit to India, from August 19 to 21. During his time in New Delhi, he spoke about a big idea—changing how countries handle money when trading with each other. He suggested that the world, especially countries in the Global South
In early April, Zimbabwe launched a new currency called Zimbabwe Gold (ZiG), fully backed by gold and foreign reserves, aiming to replace the US dollar within two years. President Emmerson Mnangagwa announced this at an event, predicting ZiG’s nationwide acceptance soon. Backed by 100 tonnes of gold and $100 million
Saudi Arabia’s termination of its 80-year petrodollar deal on June 9, 2024, may reshape global oil markets, as it considers selling oil in currencies like the Chinese yuan, impacting US economic dominance. According to media sources, Saudi Arabia has chosen not to extend its 80-year petrodollar agreement with the United
Recent findings from the Hinrich Foundation indicate that China’s shift away from the USD signifies the commencement of de-dollarization. Furthermore, data reveals that the percentage of settlements conducted in RMB has now exceeded those in USD. Like many other nations, China has settled the majority of its cross-border payments in
