BRICS challenges US ‘dollar dominance’, Saudi considers selling oil in other currencies: New multipolar economic order
BRICS is “developing a fairer system of monetary exchange” to challenge the “dominance of the dollar”, South Africa revealed. Saudi Arabia is considering selling oil in other currencies. Economist Zoltan Pozsar says the US “unipolar era” is over.
by Ben Norton
Part 1
The international economic system had been dominated for decades by the United States, but this financial architecture is rapidly fracturing with the creation of new institutions in the Global South.
The BRICS bloc of Brazil, Russia, India, China, and South Africa is working “to develop a fairer system of monetary exchange”, to challenge the “dominance of the dollar”, South Africa’s foreign minister has revealed.
Saudi Arabia publicly confirmed that it is considering selling its oil in other currencies.
The BRICS bloc of Brazil, Russia, India, China, and South Africa is working “to develop a fairer system of monetary exchange”, to challenge the “dominance of the dollar”, South Africa’s foreign minister has revealed.
Saudi Arabia publicly confirmed that it is considering selling its oil in other currencies.
China’s President Xi Jinping said Beijing will buy energy from the Persian Gulf states in its own currency, the renminbi.
Prominent economist Zoltan Pozsar, of the Swiss investment bank Credit Suisse, has observed that the “unipolar era” of US hegemony is quickly being replaced with a new “multipolar” order of “one world, two systems”.
“China is proactively writing a fresh set of rules” and “creating a new type of globalisation”, Pozsar wrote, describing how this transition threatens “the ‘exorbitant privilege’ that the dollar holds as the international reserve currency”.
Prominent economist Zoltan Pozsar, of the Swiss investment bank Credit Suisse, has observed that the “unipolar era” of US hegemony is quickly being replaced with a new “multipolar” order of “one world, two systems”.
“China is proactively writing a fresh set of rules” and “creating a new type of globalisation”, Pozsar wrote, describing how this transition threatens “the ‘exorbitant privilege’ that the dollar holds as the international reserve currency”.
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