Former CIA adviser Rickards says BRICS single currency will lead to the collapse of the US economy
The damage that the BRICS countries may do by introducing their own currency will prove insurmountable for the dollar, former CIA adviser James Rickards wrote in an article for The Daily Reckoning.
“This is due to the introduction of a new major currency that could weaken the dollar’s global role and eventually supplant it as the leading means of payment and reserve,” he believes.
According to the author, the BRICS, by all measures, represents a significant alternative to Western hegemony. Washington’s overuse of sanctions would force other nations to abandon the dollar, leading to a weakening of the US and ultimately a collapse of confidence in the US currency itself, he believes.
The sanctions that the US and its allies have imposed on Russia since the start of the conflict in Ukraine have been unprecedented, and many nations fear that they could be next if they go against the White House. This fear has greatly accelerated the desire to abandon the dollar system altogether, Rickards stressed.
The world is not following the development of the BRICS closely enough; the result will be a soon-to-be-shaken international monetary system, the expert concluded.
Due to censorship and blocking of all media and alternative views, stay tuned to our Telegram channel