{"id":1969621,"date":"2023-07-11T13:00:04","date_gmt":"2023-07-11T17:00:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/alliance-formed-against-american-dollar-may-soon-roll-out-alternative-world-currency\/"},"modified":"2023-07-11T13:02:33","modified_gmt":"2023-07-11T17:02:33","slug":"alliance-formed-against-american-dollar-may-soon-roll-out-alternative-world-currency","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/alliance-formed-against-american-dollar-may-soon-roll-out-alternative-world-currency\/","title":{"rendered":"New global currency may replace American dollar as alliance forms."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Falliance-formed-against-american-dollar-may-soon-roll-out-alternative-world-currency%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1969621&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Is the American Dollar in Danger?<\/h2>\n<p>Thanks to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-chair-jerome-powell-pivots-to-inflation-fighting\/\" title=\"Fed Chair Jerome Powell Pivots to Inflation Fighting\">persistently high inflation<\/a>, Americans may think the U.S. dollar is in the dumps. The truth is, we still have it pretty good.<\/p>\n<p>Yes, purchasing power may be down, but the fact is, the <a href=\"https:\/\/www.westernjournal.com\/second-largest-bank-failure-us-history-underway-regulators-seize-strike-multibillion-dollar-deal\/\" target=\"_blank\" rel=\"noopener\">dollar<\/a> remains strong against foreign currencies \u2014 in part because it\u2019s considered a reserve currency by foreign banks.<\/p>\n<p>As economists Gita Gopinath and Pierre-Olivier Gourinchas noted in a blog post on the <a href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2022\/10\/14\/how-countries-should-respond-to-the-strong-dollar\" target=\"_blank\" rel=\"noopener\">International Monetary Fund<\/a> website published last October: \u201cThe dollar is at its highest level since 2000, having appreciated 22 percent against the yen, 13 percent against the Euro and 6 percent against <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/central-banks-raise-rates-again-as-fed-drives-global-inflation-fight\/\" title=\"Central banks raise rates again as Fed drives global inflation fight\">emerging market currencies<\/a> since the start of this year. Such a sharp strengthening of the dollar in a matter of months has sizable macroeconomic implications for almost all countries, given the dominance of the dollar in international trade and finance.\u201d<\/p>\n<p>If an alliance led by Russia and <a href=\"https:\/\/www.westernjournal.com\/google-likely-faces-ban-hong-kong-china-cracks\/\" target=\"_blank\" rel=\"noopener\">China<\/a> has its way, however, that could change in a hurry.<\/p>\n<p>According to <a href=\"https:\/\/news.bitcoin.com\/brics-bank-official-discusses-common-currency-as-reports-of-gold-backed-brics-currency-gain-attention\/\" target=\"_blank\" rel=\"noopener\">Bitcoin.com<\/a>, countries in the BRICS alliance plan to discuss a gold-based common currency that is aimed at depreciating both the U.S. dollar and the euro at a summit next month.<\/p>\n<p>\u201cThe subject of a common BRICS <a href=\"https:\/\/www.westernjournal.com\/lone-star-state-considering-currency-not-just-texans-use\/\" target=\"_blank\" rel=\"noopener\">currency<\/a> has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/infographic-key-revelations-of-the-twitter-files\/\" title=\"INFOGRAPHIC: Key Revelations of the \"Twitter Files\"\">gained significant attention<\/a> as the BRICS leaders\u2019 summit approaches and an increasing number of countries pursue de-dollarization,\u201d Bitcoin.com\u2019s Kevin Helms noted.<\/p>\n<p>\u201cThe BRICS comprises Brazil, Russia, India, China, and South Africa. Their leaders\u2019 summit will take place in South Africa from Aug. 22 to 24.\u201d<\/p>\n<p>While the bookends and the middle of the acronymic alliance are generally allies of the United States, the R and C part of BRICS \u2014 <a href=\"https:\/\/www.westernjournal.com\/ap-biden-faces-foreign-policy-nightmare-ignoring-henry-kissingers-rule-russia-china\/\" target=\"_blank\" rel=\"noopener\">Russia and China<\/a> \u2014 are notoriously unfriendly to Washington. Bitcoin.com noted that Moscow mouthpiece RT has been touting the currency\u2019s creation, and other Kremlin-linked outlets, like the Twitter account of the Russian embassy in Kenya.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.<br \/>\nMore and more <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/alliance-formed-against-american-dollar-may-soon-roll-out-alternative-world-currency\/\" title=\"New global currency may replace American dollar as alliance forms.\">counties recently express desire<\/a> to join BRICS.<a href=\"https:\/\/t.co\/lMKTd4FlnT\">https:\/\/t.co\/lMKTd4FlnT<\/a><\/p>\n<p>\u2014 Russian Embassy in Kenya\/\u041f\u043e\u0441\u043e\u043b\u044c\u0441\u0442\u0432\u043e \u0420\u043e\u0441\u0441\u0438\u0438 \u0432 \u041a\u0435\u043d\u0438\u0438 (@russembkenya) <a href=\"https:\/\/twitter.com\/russembkenya\/status\/1675727818888716288?\">July 3, 2023<\/a><\/p>\n<\/blockquote>\n<p>\u201cThe BRICS countries are planning to introduce a new trading currency, which will be backed by gold. More and more counties recently express desire to join BRICS,\u201d the embassy said in a July 3 tweet, linking to a <a href=\"https:\/\/foreignpolicy.com\/2023\/04\/24\/brics-currency-end-dollar-dominance-united-states-russia-china\/\" target=\"_blank\" rel=\"noopener\">Foreign Policy<\/a> article on the proposed currency.<\/p>\n<p>The article, written by former Trump administration economic adviser Joseph W. Sullivan, noted that while the current \u201cnarrative [is] that the dollar\u2019s reign is stable because it is the one-eyed money in a land of blind individual competitors like the euro, yen, and yuan \u2026 a BRICS-issued currency would be <a href=\"https:\/\/www.westernjournal.com\/chris-pratts-advice-young-couples-shows-different-rest-hollywood\/\" target=\"_blank\" rel=\"noopener\">different<\/a>.<\/p>\n<p>\u201cIt\u2019d be like a new union of up-and-coming discontents who, on the scale of GDP, now collectively outweigh not only the reigning hegemon, the United States, but the entire G-7 weight class put together,\u201d Sullivan said.<\/p>\n<p>As for other countries willing to join in, at least one Iranian official says the currency will benefit Tehran \u2014 while not committing to join in.<\/p>\n<p>\u201cA tremendous change is taking place in the international economy,\u201d said Assistant Foreign Minister and Director General of the South Asia Department of the Iran\u2019s Ministry of Foreign Affairs Rasoul Mousavi in remarks to <a href=\"https:\/\/www.westernjournal.com\/ap-netanyahu-speaks-damning-way-us-iran-nuclear-agreements\/\" target=\"_blank\" rel=\"noopener\">Iranian<\/a> state outlet Press TV, according to <a href=\"https:\/\/news.bitcoin.com\/brics-gold-backed-currency-will-benefit-iran-weaken-us-dollar-iranian-official-says\/\" target=\"_blank\" rel=\"noopener\">Bitcoin.com<\/a>.<\/p>\n<p>\u201cThe BRICS\u2019 introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase.\u201d<\/p>\n<p>There is, of course, a caveat to the <a href=\"https:\/\/www.westernjournal.com\/russian-currency-surges-highest-level-years-putin-starts-getting-exactly-wants\/\" target=\"_blank\" rel=\"noopener\">currency<\/a> threat, as Bitcoin.com\u2019s Kevin Helms recognized: \u201cWhile Mousavi believes that a common BRICS currency backed by gold would benefit Iran and erode the dominance of the U.S. dollar, the economic bloc has not officially announced any plans to create such a currency.\u201d<\/p>\n<p>\u201cNonetheless, there is a prevailing belief that the establishment of a successful BRICS currency will diminish the dominance of the U.S. dollar. The BRICS economic bloc is also expanding its influence and is considering adding more members.\u201d<\/p>\n<h3>Is the U.S. Dollar in Danger?<\/h3>\n<p>Indeed, as <a href=\"https:\/\/www.reuters.com\/world\/brics-meet-with-friends-seeking-closer-ties-amid-push-expand-bloc-2023-06-02\/#:~:text=BRICS%2C%20which%20now%20consists%20of,have%20expressed%20interest%20in%20joining.\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> reported in June, \u201cSenior officials from more than a dozen countries, including Saudi Arabia and Iran, were in talks on forging closer links with the BRICS bloc of major emerging economies on Friday as it met to deepen ties and position itself as a counterweight to the West.<\/p>\n<p>\u201cBRICS, which now consists of Brazil, Russia, India, China and South Africa, is considering expanding its membership, and a growing number of countries have expressed interest in joining.\u201d<\/p>\n<p>All of this basically indicates a storm brewing for the United States and its currency.<\/p>\n<p>At present, it\u2019s safe to say that if there isn\u2019t a new cold war with Russia and <a href=\"https:\/\/www.westernjournal.com\/biden-admin-official-slammed-china-never-ever-ever\/\" target=\"_blank\" rel=\"noopener\">China<\/a>, we\u2019re certainly on antagonistic terms with both regimes. Direct war, of course, would be catastrophic. However, economic warfare is significantly less painful \u2014 and a lot easier \u2014 for Russia, China and other BRICS nations to wage.<\/p>\n<p>An attack on the U.S. dollar as a <a href=\"https:\/\/www.westernjournal.com\/red-alert-bidens-ussr-loving-pick-currency-comptroller-planning-total-destruction-economy\/\" target=\"_blank\" rel=\"noopener\">reserve currency<\/a> is one of the most effective ways to do it \u2014 provided, of course, that members of the alliance can agree upon the terms of currency.<\/p>\n<p>If they can, think about the <a href=\"https:\/\/www.westernjournal.com\/thanks-joe-biden-cost-fourth-july-cookout-reaches-record-high-thanks-inflation\/\" target=\"_blank\" rel=\"noopener\">purchasing power<\/a> you\u2019ve lost since President Joe Biden took office. Then realize that you potentially \u201cain\u2019t seen nothing yet.\u201d<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/alliance-formed-american-dollar-may-soon-roll-alternative-world-currency\/\">Alliance Formed Against American Dollar May Soon Roll Out Alternative World Currency<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to persistent inflation, Americans may perceive the U.S. dollar as weak. However, the reality is that we are still in a favorable position. Although purchasing power has decreased, the dollar remains robust compared to foreign currencies, partly due to its status as a reserve currency for foreign banks. Economists affirm this.<\/p>\n","protected":false},"author":663,"featured_media":1969622,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1969621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1969621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/663"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1969621"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1969621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1969622"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1969621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1969621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1969621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}