There are plenty of signs that the United States economy is absolutely in shambles right now, but in case you wanted another one, BRICS is now convincing other developing countries around the world to ditch the dollar and use their local currencies instead when it comes to global trade. To put it mildly, this really sucks. The alliance is currently leading a new movement calling on nations to drop the dollar, an initiative that includes countries like China, Russia, and India, all of whom are hoping to push their own local currencies above the dollar.
Why am I not surprised that China and Russia are trying to aid in the downfall of the American economy? It’s almost like the biggest threat to our national security are other countries and not climate change like goofy-brained liberals keep telling us?
via Watcher:
On the heels of the de-dollarization agenda, BRICS member India and the African nation Nigeria have agreed to use local currencies for bilateral trade and not the U.S. dollar. The two countries officially signed a trade agreement where the majority of payments will be settled in local currencies ditching the U.S. dollar.
Nigeria has also applied to join BRICS and expressed its interest in being a part of the grouping. India and Nigeria will use local currencies in the bilateral trade agreement for energy, pharmaceuticals, and transport sectors. The bilateral trade between India and Nigeria stood at $11.8 billion in FY 2022-23.
In FY 23-24, trade between the two countries reached $7.89 billion. BRICS members have been finding new countries since 2022 to push the de-dollarization agenda ahead and are succeeding in their motives. The main goal of the bloc is to uproot the US dollar as the world’s reserve currency and replace it with local currencies.
“Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic ties,” the ministry explained.
The economy is guaranteed to sink even lower than the bottom of the swamp if BRICS finds a way to sign more new deals with countries without the use of the dollar. If you think the purchasing power of the Benjamins floating around in your bank account sucks now, just wait a few years. At that point you might as well deposit Monopoly money.
We need to have someone else at the helm right now if we want to salvage the economy. President Joe Biden is a menace to society when it comes to this particular issue, which is evidenced by the inflation rate. Go to the grocery store and purchase the same items you do almost every week. You’ll notice real quick you’re spending at least twice as much as you used to. It’s insane.
And Biden wonders why his polling numbers are swimming around at the bottom of the toilet bowl? Really? You don’t have to have a super high IQ to recognize that folks are ticked off because they have to spend even more money to try and have a basic living.
All I can say is bring on the mean tweets!
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