Is the US Dollar at Risk to BRICS?

Is the US Dollar at Risk to BRICS?

In this episode, Mike and Rory talk about the BRICS nations ((Brazil, Russia, India, China, and South Africa) and they continue to grow and the speculating possibility of these emerging powers challenging the supremacy of the US Dollar. Mike and Rory talk about the factors influencing this landscape and examine whether the BRICS have the potential to replace the US Dollar.

The pair investigate the following: What is the role of the US Dollar, BRICSs and their economic growth, The creation of BRICS and the future ahead, challenges and Limitations and trust of other nations. Mike talks about how The BRICS nations have experienced remarkable economic growth over the past few decades, contributing to their rising global influence. China has emerged as the world’s second-largest economy. Brazil, Russia, India, and South Africa have also made significant strides, bolstering the collective economic strength of the BRICS.

Rory also mentions several challenges that hinder their ability to replace the US dollar. Firstly, the US dollar’s status as a reserve currency being deeply entrenched, and changing this dynamic would require significant structural shifts in the global financial system. Secondly, Rory mentions the BRICS countries face diverse economic and political circumstances, making it difficult to achieve consensus on a unified currency approach.