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Geopolitical Economy Report
Elite US economist warns: dollar system is weakening as gold BRICS rise
Oct 22, 2024
A prominent economist highlights the declining dominance of the US dollar as central banks prioritize gold in their reserves. Countries, particularly in the Global South, are actively seeking alternatives through BRICS initiatives for a multi-currency system. The shift is driven by the US's controversial financial policies and asset seizures, prompting nations to reconsider their dependencies. Meanwhile, gold prices rise, even with falling inflation, illustrating a potential new order in global finance as the balance of power evolves.
28:20
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Quick takeaways
- The growing trend of central banks, particularly in BRICS nations, purchasing gold is reshaping global financial strategies away from the US dollar.
- Concerns over US fiscal policies and over-dependence on treasury securities are prompting countries to seek alternatives to the dollar system.
Deep dives
Contradictory Narratives on U.S. Dollar Dominance
The debate surrounding the U.S. dollar's status as the world's reserve currency reveals deep contradictions in Western media narratives. While some pundits, like Paul Krugman, downplay concerns about de-dollarization, citing a Federal Reserve report that claims the dollar's position is safe, they simultaneously acknowledge significant declines in the dollar's share of global foreign exchange reserves over the past two decades. This decline is further exacerbated by the rise of alliances like BRICS, which Western media doubted would have any impact. Despite their claims, these conflicting stances highlight a deeper unease about the changing dynamics of global finance and the gradual erosion of dollar dominance, suggesting that the narrative of the dollar's permanence is more about denial than reality.
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