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BRICS Raging Against the Dollar Is an Exercise in Futility

Talk of a common currency displacing the greenback is wishful at best.

A U.S. one-hundred dollar banknote and a Chinese one-hundred yuan banknote.

Photograph: Bloomberg

exorbitant privilege the US enjoys from the dollar being unambiguously the world's reserve currency is under attack again. The emerging market BRICS countries of Brazil, Russia, India, China and South Africa are trying to attract hangers-on by whipping up talk of a rival to dethrone King Dollar. It's going to fail for all the usual reasons. As the King himself, Elvis Presley, sang: A little less conversation, a little more action, please.

Later this week BRICS foreign ministers will gather in Cape Town, South Africa along with representatives from other countries such as Saudi Arabia, the United Arab Emirates and Kazakhstan. It's the warm-up act for the main event, with heads of state scheduled to meet in late August in Johannesburg, though the location may be switched to allow Russian President Vladimir Putin to attend without risking arrest under a warrant from the International Criminal Court. There’s not much moral high ground in sight, which defines the nature of the gatherings — an ill-disguised attempt to overthrow the post-World War II rules-based world order.

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 05.06.2023

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