~Basil

https://www.lewrockwell.com/2023/06/no_author/de-dollarization-could-happen-much-quicker-than-most-think/

De-Dollarization 'Could Happen Much Quicker Than Most Think'

By Svetlana Ekimenko
Sputnik News

Sanctions and trade embargoes have accelerated the movement of many nations, including Russia, to boost efforts to shed reliance on the US dollar, which has been increasingly “weaponized” by the West. Recent moves by BRICS countries offer hope that the dominance of the greenback in the world economy will eventually be uprooted.

De-dollarization could happen much quicker than most people think, Michael Goddard, president of the Netley Group, said at the St. Petersburg International Economic Forum (SPEIF).

SPIEF 2023 entered day two on Thursday, and the unique global economic and business event focused on de-dollarization – a buzzword of late among countries seeking to ditch the hegemony of the American greenback. The BRICS group of countries has been spearheading the movement. A common currency is one of the bold steps being mulled over among other tools that the bloc, which unites the world’s largest developing economies — Brazil, Russia, India, China, and South Africa, has at its disposal to escape the hegemony of the US-dominated economic order.

As a number of other countries have expressed desire to join the bloc, including Argentina, Iran, Indonesia, Turkiye, Saudi Arabia, and Egypt, the trend towards dumping the dollar is likely to grow even stronger.

“A new BRICS currency that’s backed by some kind of asset, gold or a basket of assets, as they’re discussing, from a trade basis, if all the BRICS countries and BRICS+ and others trade that way [it] will almost immediately depress the amount of dollars that are used in trade. And over a period of a few years, that will accelerate greatly,” Michael Goddard told Sputnik.

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