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Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |

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

  • Posted Jun 20, 2023 15:55 by Anthony Ellis
  • 2461
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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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