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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
  • 2656
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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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