Not BRICS: Uncontrolled Debt Could Bring the US Dollar Down
BRICS and ASEAN blocs are ditching the US dollar for global trade by using local currencies to settle cross-border transactions. A total of 21 countries have officially agreed to end their reliance on the US dollar to promote and strengthen their native currencies. Both BRICS and ASEAN are challenging the U.S. dollar’s global reserve status by aiming to put local currencies at the forefront. Going by global development, BRICS and ASEAN pose a lesser threat compared to the growing debt crisis in the US. Also Read: BRICS: India Aggressively Dumping the U.S. Dollar, Insiders Say US Dollar Debt a Major Problem, Not BRICS and ASEAN Source: Freepik.com The U.S. dollar’s dominance is facing a challenge not from the outside but from the inside. According to a recent CBO update, the US dollar deficit could snatch 181% of the American GDP over the next 30 years. A high debt was the cause of the downfall of the Pound sterling as a global currency in the 1900s. Also Read:...