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.
Rory McMullan – Host
Rory is a final year student studying Accounting and Finance in London, He started his trading journey over 2 years ago but has came quite far in the process. He traded most asset classes starting with FX and Commodity trading, trading crack calendar spreads within the energy market to now running his own Long/Short equity options portfolio. The book that he trades is a systematic, top-down bottom up equity portfolio. Rory has a strong passion for the financial markets and really hopes he is able to be of assistance to anyone either starting their trading journey or looking to further their knowledge.
Mike Geatry – Co host