This will be the world’s new reserve currency, and probably end the U.S. dollar forever. Have you heard about BRICS? Well if not, you’ll likely be hearing a lot more about them in the near future.
BRICS stands for Brazil, Russia, India, China, and South Africa, and is an economic alliance of nations designed to be a direct competitor to the G7.
Comprising the world’s most powerful developing economies, BRICS is currently making some big moves to create a new form of money, which is likely designed to topple the US dollar from its spot. Economics and finance are complicated subjects.
However, it’s clear to see from these early pros and cons just how powerful a BRICS currency would be. And how likely, it could easily remove the economic superiority of the United States, and the West as a whole.