How the BRICS Alliance Fumbled Its Attack on the Greenback
The Hollow Rhetoric of De-Dollarization
For years now, BRICS (that’s Brazil, Russia, India, China, and South Africa, for the uninitiated) has been talking a big game about ditching the US dollar. They’ve sold the dream of a multipolar world where the greenback is just another currency in the mix, not the king of the hill. Sounds revolutionary, right? Not so fast.
Despite all the chest-thumping, BRICS hasn’t moved the needle on de-dollarization. Russia’s President Vladimir Putin—once the loudest advocate for taking down the dollar—has recently backpedaled. According to reports, he’s still conducting plenty of trade in US dollars. Meanwhile, whispers of a renewed détente with the US are making the rounds. What gives?
One word: Trump. Love him or hate him, the guy knows how to throw his weight around. With his potential return to the White House looming, Putin might be hedging his bets. Trump has already promised to hammer any country that dares turn its back on the dollar with 100% tariffs. If that’s not a shot across the bow, I don’t know what is.
Economic Realities Expose BRICS’ Fragility
Let’s talk economics. The BRICS nations might have grand ambitions, but their economies tell a different story. Tom Czitron of The Globe and Mail recently laid it out: the BRICS economies are faltering. Russia’s economy is sinking under the weight of sanctions and war. China’s growth engine is sputtering, and Brazil, India, and South Africa are dealing with their own sets of economic woes.
Meanwhile, the US and Europe, for all their faults, are still growing. That economic gap isn’t just real—it’s widening. And let’s not forget: the US dollar is backed by the might of the American military-industrial complex. BRICS can talk all they want about local currency trade, but until they can match that kind of geopolitical muscle, their efforts are more symbolic than substantive.
Trump’s Role in the Dollar’s Survival
If there’s one thing Trump knows, it’s how to leverage power. At a September 2024 rally, he didn’t mince words: “You leave the dollar; you’re not doing business with the United States because we’re going to put a 100% tariff on your goods.”
This isn’t diplomacy; it’s raw economic warfare. And it’s working. Countries that might have been tempted to join the BRICS de-dollarization train are thinking twice. Nobody wants to face the wrath of the US economy with Trump at the helm.
The Takeaway: Prepare for What’s Next
So, is the US dollar bulletproof? Hardly. But the BRICS alliance isn’t the cavalry that’s going to topple it. That doesn’t mean the global financial system isn’t ripe for upheaval. The elites are playing a long game, and while BRICS’ efforts might be floundering, don’t think for a second that the dollar’s dominance is eternal.
You can’t afford to sit on the sidelines. The financial system is a house of cards, and when it falls, it’s going to bury the unprepared. Protect yourself now. Download Seven Steps to Protect Yourself from Bank Failure by Bill Brocius here. Because when the system cracks, you don’t want to be caught holding the bag.
