‘BRICS developing platform for transactions in national currencies’ & ‘De-dollarization: What Happens if the Dollar Loses Reserve Status?’
BREAKING: 🇷🇺 🇺🇸 Russia officially declares the United States an “enemy” for the first time ever. pic.twitter.com/fZ9xyolJw9
— BRICS News (@BRICSinfo) June 5, 2024
In less than a week after declaring the USA an official enemy, Russia has announced another step which will weaken the USA:
BRICS developing platform for transactions in national currencies – Lavrov
10 June 2024
BRICS is prioritizing the creation of a platform that will enable member states to conduct transactions in national currencies, Russian Foreign Minister Sergey Lavrov has said.
Speaking at a meeting of the economic bloc’s foreign ministers in Nizhny Novgorod, Russia, Lavrov said BRICS was “actively working to implement the decisions of the Johannesburg summit last year, particularly when it comes to improving the international monetary and financial system, developing a platform for settlements in national currencies in mutual trade.”
He added that the bloc, which recently underwent a process of unprecedented expansion, is also looking to harmonize the framework of interaction between BRICS partners.
“Our agenda is extensive. It includes issues that will directly affect the future world order based on fair grounds,” Lavrov said. …
In January, the head of the Russian central bank, Elvira Nabiullina, noted that the share of Russia’s transactions in national currencies with fellow BRICS countries had increased to 85% – up from 26% two years ago. She also revealed that more countries were having doubts about SWIFT, after many Russian banks were cut off from the Belgium-based financial messaging system following the start of the Ukraine conflict in 2022.
BRICS, which originally comprised Brazil, Russia, India, China and South Africa, was joined by Iran, Ethiopia, Egypt, and the United Arab Emirates in early 2024. While Saudi Arabia received an official invitation to join the forum in 2023 and confirmed its interest in doing so, later media reports suggested that the oil-rich state was still considering membership. …
According to Statista analytical company, BRICS overtook the G7 countries’ share of the world’s total GDP in terms of purchasing power parity in 2020. As of 2023, BRICS accounted for a total of 32% of global GDP. https://www.rt.com/russia/599079-brics-platform-transactions-national-currencies/
The BRICS alliance has clout.
And its clout has been increasing.
This will impact the USA and its dollar. Notice something from US News & World Report:
De-dollarization: What Happens if the Dollar Loses Reserve Status?
One of the more intriguing financial trends that gained steam last year was the de-dollarization movement. This is an effort by a growing number of countries to reduce the role of the U.S. dollar in international trade. Countries like India, China, Brazil, Malaysia and Bolivia, among others, are seeking to set up trade channels using currencies other than the almighty dollar. …
the Federal Reserve estimates that between 1999 and 2019, the dollar accounted for 96% of international trade transactions in the Americas, 74% in Asia and 79% around the rest of the globe. Globally, banks used dollars for approximately 60% of their nondomestic deposits and loans. And in the foreign exchange market today, the U.S. dollar is on one side of almost 90% of all transactions.
There has been much discussion about trying to create an alternative to the dollar. The euro looked like it might have a chance at the turn of the century. …
A BRICS Currency to Oppose the Dollar?
Against this backdrop, leaders of countries such as China, India and Brazil have been calling for moves to trade directly with each other in their own currencies while cutting the U.S. dollar out of the equation. This would incrementally diminish the role and importance of dollars while creating a multipolar financial world where the next tier of economies would have significantly more say in global affairs.
In August 2023, this idea was taken even further. …
What Would Happen if the Dollar Loses Reserve Status?
It’s important to realize that reserve status is something that, historically, has been gained or lost over a long time horizon. It’s unlikely that the world will wake up one day with dollars no longer holding international appeal. Rather, in examples such as the British pound, there was a multi-decade process by which it went from the center of world economics to a second-tier currency.
That said, if the dollar gradually loses its place atop the world financial pyramid, what would happen next? For the U.S., it would likely mean less access to capital, higher borrowing costs and lower stock market values, among other effects. Having the world’s reserve currency has allowed the U.S. to run large deficits in terms of both international trade and government spending. If foreigners no longer want to hold dollars for savings, it would force significant belt-tightening at home. …
In a world where the U.S. dollar lost much of its value, the easiest protection against that is simply to own assets denominated in currencies such as euros, yen, Canadian dollars or emerging market currencies that would be expected to naturally appreciate as the dollar declined.
No, having Canadian dollars would not be a real protection as the Canadian dollar will likely collapse about the same time the USA dollar will. And contrary to what US News & World Report stated, the USA dollar will one day collapse suddenly (cf. Habakkuk 2:6-8).
Prior to its absolute collapse, the loss of the US dollar being the primary trade and reserve currency will mean massive inflation. The prices of nearly everything will rise. Many things will become unaffordable. There would be protests and riots in the streets. The true decline of the US dollar will be more devastating than most think. The government of the US is addicted to debt and the collapse of the dollar will massively affect the government and people in the US.
Notice also:
April 2, 2023
WHAT HAPPENS WHEN THE U.S. DOLLAR COLLAPSES?
Forbes describes a currency collapse as “when a country’s currency loses all its value and becomes practically worthless in day to day use.”
“This is generally as a result of political or economic upheaval, hyperinflation or war.”
America checks all four of the boxes, since we are using Ukraine as a proxy in our war against Russia.
In an older article about the consequences of a dollar collapse, we see likely scenarios for Americans, and we should be prepared for one or all of the following to happen.
Bank runs: Americans will want to get their money out of the bank as the value rapidly drops, to either invest in other currencies or to get precious metals while they can still use the Dollar to do, or even to buy food and necessities to last long enough for the initial shockwaves to pass.
Capital controls: The government passing laws to prevent private citizens from converting their dollars into foreign currency to “protect” the dollar from falling further.
Rising unemployment: “Unemployment could rise dramatically as manufacturers find it impossible to purchase needed parts from other parts of the world, which would be prohibitively expensive.”
More inflation: Imported goods will cost more, so Americans would be paying more.
Food scarcity: “Scarce food supplies could set in as well because the cost of purchasing food is tied in large part to the price of oil, which would now have to be purchased with expensive foreign currency.”
Public riots: “In extreme cases, rioting could ensue and martial law could be imposed in order to restore order.”
I would add that food scarcity itself would lead to food riots. Also the inability to buy what a family needs could also lead to civil unrest.
BOTTOM LIN
The collapse and death of the dollar is coming sooner than anyone predicted. With multiple, huge global economies now working together to bypass the U.S. dollar in trade, and the BRICS expanding while working toward the creation of an alternate currency, the greenback’s days of being the world’s reserve currency are coming to an end. https://allnewspipeline.com/Death_Of_The_Dollar_Is_Coming_Sooner_Than_Predicted.php
With its sanctions, bullying, and other aggressive uses of its so called “soft power,” USA is taking risks and one day its dollar will not be the world’s reserve currency.
The BRICS alliance, as well as the European Union, want to make that happen.
Related to that and BRICS, the Continuing Church of God (CCOG) put together the following video on our Bible News Prophecy YouTube channel:
BRICS Push Aside USA Dollar
The BRICS nations (Brazil, Russia, India, China, and South Africa) have as one of their founding goals, to eliminate the need to use USA dollars in cross-border trade. Six additional nations have been invited to join BRICS in 2024, and India reports that six more are also being looked at. The BRICS nations have already begun to drop the USA dollar for some cross-border trading with Russia and China indicating that they had almost done so completely in late 2023. What will happen to the economy and value of the USA dollar if more and more nations stop using it as a primary reserve and trading currency? What about hyperinflation? Does the Bible prophesy destruction for a highly indented nation in the end time? Is the USA the most indebted nation of all time? What about the intent and use of the Euro? Will Europe and Asia cooperate to eliminate the USA and its British-descended allies?
Here is a link to our video: BRICS Push Aside USA Dollar.
As Jesus said: “And what I say to you, I say to all: Watch!” (Mark 13:37).
Some items of possibly related interest may include:
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? What about other peoples? Do you really know what will happen to Europe and the English-speaking peoples? What about Africa, Asia, South America, and the Islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold and silver? Two videos of related interest may be: Germany, Gold, and the US Dollar and Silver, Science, and Scripture.
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is are links to related videos: European history and the Bible, Europe In Prophecy, The End of European Babylon, and Can You Prove that the Beast to Come is European?
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