The De-Dollarization Revolution

BRICS Summit 2023 A significant event took place on 8/24/23 with the addition of Saudi Arabia, Argentina, Egypt, Ethiopia, Iran and the United Arab Emirates becoming full members of BRICS on Jan. 1, 2024.

This has the potential to reshape the global geopolitical landscape and impact the status of the US dollar and gold prices. Saudi Arabia, a key player in the world economy, will join the BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, at the BRICS Summit, marking a momentous step towards a de-dollarization revolution. This decision to align with the BRICS nations – is lighting a fire under the previously simmering downfall of the petrodollar. Set up in 2009, the BRICS nations represent some 40% of the world’s population and significantly over a quarter of the world’s GDP. And now with Saudi Arabia, the UAE and Iran set to enter the fold, it will have three of the world's biggest oil producers . This critical geopolitical move has the potential to fundamentally reshape the world's financial landscape. Historically, Saudi Arabia has been a firm supporter of the petrodollar system, where global oil transactions are conducted in U.S. dollars. So, its pivot towards the BRICS nations signifies a powerful shift away from the U.S. dollar-dominated global economy. This development carries implications not only for the existing global financial order but also for the possibility of introducing a possible new gold-backed digital currency. The BRICS economic bloc invited 69 leaders to this summit, including all African heads of state and the political heads of major Global South bodies. More than 40 countries expressed interest to join the BRICS group, with 22 nations already having submitted official applications. “We’ve never had such a large outreach,” said South Africa’s diplomat in charge of BRICS relations. The BRICS nations have been actively working towards reducing their reliance on the US dollar in international transactions. This started when Fed Chairman Jerome Powell started hiking rates from near zero to over 5% causing major currency devaluations for the BRICS nations and the world. The U.S. and the G7 imposed over 10K sanctions on Russia and froze over $100 billion in assets. The world understands the U.S. did this to Russia, what is preventing the U.S. from doing the same to any country and by joining forces with these influential emerging economies, Saudi Arabia's participation adds

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