From World Affairs Brief, 6/24/22

BRICS Developing Global Reserve Currency: Don’t believe the hype about this putting the dollar into jeopardy. BRICS (Brazil, Russia, India, China, and South Africa) was originally formed because these nations were all run by anti-American socialists or Communists. None of these countries have the financial power to create a world reserve currency, anymore than China has the power to complete their Belt and Road initiative. They can do so among themselves but anytime they deal with the West, they have to deal in dollars. Besides, Brazil is now outside of the communist clique, so I doubt they are going to going along with this. It’s more talk than reality. [Russia]