Economist Richard Wolff suggests that the rise of the BRICS group is linked to the decline of the US dollar’s global dominance

Economist Richard Wolff suggests that the rise of the BRICS group is linked to the decline of the US dollar’s global dominance

The US empire, which relied on economic arrangements and political alliances rather than colonies, is experiencing a decline due to setbacks in wars and conflicts, as well as tensions with Russia.

As the BRICS bloc surpasses the G7 in total output, the shift towards de-dollarization and the emergence of an alternative currency, potentially the Chinese yuan or a composite currency, becomes increasingly apparent.

Wolff emphasizes that the decline of the dollar as a global currency is already underway, as evidenced by Saudi Arabia accepting non-dollar currencies for oil payments, including the Chinese yuan. This aligns with the growing economic influence of the BRICS bloc. Europe now faces a choice between aligning with the declining G7 and the US or embracing the rising power of the BRICS bloc.

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