Brazil, Russia, India, China, and South Africa, collectively known as BRICS, plan to subvert the US dollar with their own currency. The United States has a competitive edge over other countries because the US dollar is the world’s reserve currency. What this means is that countries will often conduct trade with each other in US dollars instead of their own currency. BRICS nations seek to use an existing currency, such as the Chinese Yuan, or an entirely new currency to conduct trade.
Another wrinkle in this story is the type of currency that BRICS may use instead of the US dollar. They want to use something called CBDC, or Central Bank Digital Currency. BRICS would use this digital-only currency, no paper cash, in all nations within the conglomerate. This may also cause some of their satellite countries, i.e. Southeast Asia to China, to also adopt this CBDC. This would completely remove the US dollar as the world’s reserve currency. Well-known conservative commentator Glenn Beck said that such a move could turn the United States into Venezuela overnight.
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