BRICS Alliance and Growing Number of Countries Shift Away from U.S. Dollar
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BRICS expansion with 5 new members is accelerating the demise of the U.S. dollar and the petrodollar system. Saudi Arabia's shift is especially significant.
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UAE announcing deals with 15 countries paid in local currencies signals further erosion of petrodollar dominance.
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BRICS now represents over 3.5 billion people and 28% of global GDP, with control over 44% of world's oil production.
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Key BRICS goal is reducing reliance on USD, increasing trade in local currencies. 150 countries allegedly set to dump USD.
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Schectman predicts BRICS will issue a common settlement currency pegged to a basket of commodities, likely with gold and using blockchain technology.