Can BRICS topple US' economic power?

[avikz]

Day by day, the BRICS' alliance is strengthening itself as new countries become members of the bloc. They've announced their intentions of launching a digital currency of their own, in a bid to challenge the US' hegemony over the global economy. It's rumored that the new currency will be backed by Gold. Recently, Thailand announced its intentions to become a member of BRICS. At the time of this writing, the bloc consists of 9 member states.

What would happen if half of the world (or a sizeable amount) joins the bloc? Would this threaten US' economic power? Or will they eventually fail? With rising geopolitical conflicts, the world will become extremely polarized. This might very well mean the end of the USD's status as the world's reserve currency and the US' status as a global superpower. Am I right?

Your input would be greatly appreciated. Thanks.

Surely BRICS can overtake US economy. It's just a matter of time. Why do you think US is constantly threatening China? Because China is the closest competitor of US in terms of the economy. As per the IMF date, the nominal GDP of US is 28 trillion and for China, it is 18 trillion. No other countries have reached double digital in GDP.

Also recently the petro dollar agreement with the OPEC nations has expired. Saudi said that they are not going to renew the agreement. So a lot of changes are happening at the global front. No one knows what the future holds for the future.

[Fortify]

Day by day, the BRICS' alliance is strengthening itself as new countries become members of the bloc. They've announced their intentions of launching a digital currency of their own, in a bid to challenge the US' hegemony over the global economy. It's rumored that the new currency will be backed by Gold. Recently, Thailand announced its intentions to become a member of BRICS. At the time of this writing, the bloc consists of 9 member states.

What would happen if half of the world (or a sizeable amount) joins the bloc? Would this threaten US' economic power? Or will they eventually fail? With rising geopolitical conflicts, the world will become extremely polarized. This might very well mean the end of the USD's status as the world's reserve currency and the US' status as a global superpower. Am I right?

Your input would be greatly appreciated. Thanks.

Most of the brics countries are dropping like a.. brick. South Africa is a shell of what it used to be thanks to basically anarchy in the country. Brazil is stuttering along at a reasonable pace. Russia is in the middle of a self destructive war. India is doing ok but still a muddle with some very poor and undeveloped parts of the country. China is also huge population wise which means it should overtake the USA but frankly business relies on trust and a massive amount of foundations that the cccp will never be able to offer. Just look at how Xi Jinping has ruined Hong Kong to see how many bad decisions are done at the top of the Chinese government.

[kentrolla]

It would give tough days for USD but i dont think BRICS creating currency and competing with US will be as easy as it looks and we shouldn't forget there are nations like India and China which have already fought wars and also we have seen so many skirmishes in the past. I don't think they will ever get along and eventually BRICS will die down just like Sovie.

[davis196]

They've announced their intentions of launching a digital currency of their own, in a bid to challenge the US' hegemony over the global economy.

Why the rumors about BRICS launching a digital currency keep popping out of nowhere? This is old fake news and it isn't backed by any facts.
The BRICS members will dump the US dollar and replace it with their national currencies, when trading between each other. There's nothing about "a BRICS digital or fiat currency". I've heard rumors about the creation of a BRICS payment infrastructure, which is going to be based on the usage of national currencies.  The name of the platform is supposed to be "M-bridge" or something. I don't remember it correctly.
The members of BRCIS will keep developing their economic and financial relations. The US economic power will be "toppled" by the enormous US national debt and the lesser usage of the US dollar as a global currency.

[TheUltraElite]

Most of the brics countries are dropping like a.. brick.

Something that needs to be addressed. I tried to emphasize this in my last post. These countries like China are from the top tier while others not naming them, are underdeveloped and are going to be overshadowed by the "big name" in the group. I dont think they will be able to shine on their own but the creation of this group was to aid them develop and allow mutual trade.

By all means the dollar might see bad days but then again just another fiat currency will dominate and then it will also go down and another one will come up. Similar to political parties dont you think?

[EarnOnVictor]

I've talked about BRICS many times in the past on this forum and my stance about their dominance will never change as it is a rebellious formation that is not founded on solid ground. Whether those countries joining like it or not, a little disagreement over time will scatter them, and the reason is that the foundation is soft which was built on the vendetta and the power-shifting attempt by China and Russia with the help of India and Brazil that introduced it. However, the conversion of a new nation has been so little judging by its current status of 9 members since 2006 (almost 2 decades) that it was formed. If continued like this tempo, those who formed it would have died and the true intention of forming it might have died with them before it could achieve its aim.

Frankly, I have never seen anything serious about this union, and you can imagine, for it to continue to hold, members like Russia and China are still classifying themselves as developing nations. And truly, they found the right excuses to be termed developing nations despite the reality of what they are. This even got me wondering if there is a true definition that can truly distinguish between developed nations and developing ones. The best classification in my observation can only be a developed and underdeveloped nation to be fair.

They only saw an opportunity and cajoled some countries to join them especially those who also did not like the US or just wanted the US dominance to reduce. Well, there is nothing bad about that, but still, the leadership of the US is what stabilises the world to this level. Let the power shift to the likes of Russia and China and everyone will feel the heat.

[philipma1957]

I've talked about BRICS many times in the past on this forum and my stance about their dominance will never change as it is a rebellious formation that is not founded on solid ground. Whether those countries joining like it or not, a little disagreement over time will scatter them, and the reason is that the foundation is soft which was built on the vendetta and the power-shifting attempt by China and Russia with the help of India and Brazil that introduced it. However, the conversion of a new nation has been so little judging by its current status of 9 members since 2006 (almost 2 decades) that it was formed. If continued like this tempo, those who formed it would have died and the true intention of forming it might have died with them before it could achieve its aim.

Frankly, I have never seen anything serious about this union, and you can imagine, for it to continue to hold, members like Russia and China are still classifying themselves as developing nations. And truly, they found the right excuses to be termed developing nations despite the reality of what they are. This even got me wondering if there is a true definition that can truly distinguish between developed nations and developing ones. The best classification in my observation can only be a developed and underdeveloped nation to be fair.

They only saw an opportunity and cajoled some countries to join them especially those who also did not like the US or just wanted the US dominance to reduce. Well, there is nothing bad about that, but still, the leadership of the US is what stabilizes the world to this level. Let the power shift to the likes of Russia and China and everyone will feel the heat.

Not so sure how stabile the USA is at the moment. So its job of world stabilization may falter a lot in the next few years. Brics or no Brics

[Abiky]

Surely BRICS can overtake US economy. It's just a matter of time. Why do you think US is constantly threatening China? Because China is the closest competitor of US in terms of the economy. As per the IMF date, the nominal GDP of US is 28 trillion and for China, it is 18 trillion. No other countries have reached double digital in GDP.

Also recently the petro dollar agreement with the OPEC nations has expired. Saudi said that they are not going to renew the agreement. So a lot of changes are happening at the global front. No one knows what the future holds for the future.

China could overtake the US as the leading superpower if it continues to grow at an unprecedented rate. It's already the second-largest economy in the world. That's why I believe both China and Russia will be the leading forces of the "New World Order". The US will continue to weaken itself with rising national debt and constant money spending in external wars. And there's nothing the FED will be able to do about it.

American decline will happen whenever we like or not. Things don't last forever. I understand the current situation with oil-producing countries, but that doesn't mean it's the end of the world. Especially when oil is still in high demand these days. As long as gasoline-powered vehicles exist, don't except the oil industry to go anywhere soon. Even lithium-ion batteries have been unable to replace oil as the alternative fuel source. Russia has survived the sanctions because it's been selling oil to its allies (mainly China, and India). The US depends heavily on oil-producing countries to survive (mainly Saudi Arabia). If these countries stop exporting Oil to the US, America will be doomed. Who knows what will happen in the future?

[STT]

Im not yet convinced of an alliance as people state it.  BRICS was originally a label to characterize a type of country that was growing and could be a force to be reckoned with.  Most famously China finally sorted itself out after decades of near famine in some cases and was then able to trade with the world which changed things for them and altered the world forever pretty much.    

One obvious thing to say is the USA is an alliance not in doubt, where as these other countries may or may not be able to work together.  California just by itself is the worlds 4th largest economy, plus the many other states not being inconsiderable either in size nor sophistication.    I do think its the combination which counts alot and is hard to beat, USA has a standing advantage but an excessive cost from politics and the worlds largest military in its cost at least.

The other perspective would be to state the gigantic growth possible outside of the USA.   India has the majority of its 1.4 billion people below age 30 which makes them poised to become able to outproduce most countries.   China is already a large country but with a falling working population, their growth would be via altering their economy towards more profitable business and greater efficiency.   The other BRIC essentially must be able to support those other countries in their 'alliance' but they all have varying currency strength which makes this entire endeavor much harder.

[Minor Miner]

Surely BRICS can overtake US economy. It's just a matter of time. Why do you think US is constantly threatening China? Because China is the closest competitor of US in terms of the economy. As per the IMF date, the nominal GDP of US is 28 trillion and for China, it is 18 trillion. No other countries have reached double digital in GDP.

Also recently the petro dollar agreement with the OPEC nations has expired. Saudi said that they are not going to renew the agreement. So a lot of changes are happening at the global front. No one knows what the future holds for the future.

China could overtake the US as the leading superpower if it continues to grow at an unprecedented rate. It's already the second-largest economy in the world. That's why I believe both China and Russia will be the leading forces of the "New World Order". The US will continue to weaken itself with rising national debt and constant money spending in external wars. And there's nothing the FED will be able to do about it.

American decline will happen whenever we like or not. Things don't last forever. I understand the current situation with oil-producing countries, but that doesn't mean it's the end of the world. Especially when oil is still in high demand these days. As long as gasoline-powered vehicles exist, don't except the oil industry to go anywhere soon. Even lithium-ion batteries have been unable to replace oil as the alternative fuel source. Russia has survived the sanctions because it's been selling oil to its allies (mainly China, and India). The US depends heavily on oil-producing countries to survive (mainly Saudi Arabia). If these countries stop exporting Oil to the US, America will be doomed. Who knows what will happen in the future?

I agree with you that nothing lasts forever and American dominance is no exception. They have ruled the world for over 100 years and based on the same world history as the empires before them, it is time for them to cede the world to a new power. But I think this could be delayed longer than we think because so far they've tried to slow down the growth of their competitors quite successfully. Russia is still immersed in war and has not been able to escape to recover, while China's economy has also been facing many difficulties recently.

The BRICS bloc is still increasingly asserting its strength, but it is clear that they need to make more efforts in de-dollarization. I think it will take some time before we see more pronounced de-dollarization.

[onecall123]

Surely BRICS can overtake US economy. It's just a matter of time. Why do you think US is constantly threatening China? Because China is the closest competitor of US in terms of the economy. As per the IMF date, the nominal GDP of US is 28 trillion and for China, it is 18 trillion. No other countries have reached double digital in GDP.

Also recently the petro dollar agreement with the OPEC nations has expired. Saudi said that they are not going to renew the agreement. So a lot of changes are happening at the global front. No one knows what the future holds for the future.

China could overtake the US as the leading superpower if it continues to grow at an unprecedented rate. It's already the second-largest economy in the world. That's why I believe both China and Russia will be the leading forces of the "New World Order". The US will continue to weaken itself with rising national debt and constant money spending in external wars. And there's nothing the FED will be able to do about it.

American decline will happen whenever we like or not. Things don't last forever. I understand the current situation with oil-producing countries, but that doesn't mean it's the end of the world. Especially when oil is still in high demand these days. As long as gasoline-powered vehicles exist, don't except the oil industry to go anywhere soon. Even lithium-ion batteries have been unable to replace oil as the alternative fuel source. Russia has survived the sanctions because it's been selling oil to its allies (mainly China, and India). The US depends heavily on oil-producing countries to survive (mainly Saudi Arabia). If these countries stop exporting Oil to the US, America will be doomed. Who knows what will happen in the future?

I agree with you that nothing lasts forever and American dominance is no exception. They have ruled the world for over 100 years and based on the same world history as the empires before them, it is time for them to cede the world to a new power. But I think this could be delayed longer than we think because so far they've tried to slow down the growth of their competitors quite successfully. Russia is still immersed in war and has not been able to escape to recover, while China's economy has also been facing many difficulties recently.

The BRICS bloc is still increasingly asserting its strength, but it is clear that they need to make more efforts in de-dollarization. I think it will take some time before we see more pronounced de-dollarization.

It's clear that countries are stepping up their efforts to move away from the dominance of the dollar. Despite facing many challenges, we have seen increased efforts in de-dollarization. The positive sign is that this trend continues, and we might see more countries adopting other alternatives. As you mentioned, the BRICS bloc is becoming more influential, and analysts believe it might grow even stronger in the coming days. This shift could be profitable for these countries but bad news for the US. But will the US just let this happen so easily?

[Abiky]

I agree with you that nothing lasts forever and American dominance is no exception. They have ruled the world for over 100 years and based on the same world history as the empires before them, it is time for them to cede the world to a new power. But I think this could be delayed longer than we think because so far they've tried to slow down the growth of their competitors quite successfully. Russia is still immersed in war and has not been able to escape to recover, while China's economy has also been facing many difficulties recently.

The BRICS bloc is still increasingly asserting its strength, but it is clear that they need to make more efforts in de-dollarization. I think it will take some time before we see more pronounced de-dollarization.

Yes. It's going to take a long time before "de-dollarization" efforts have a negative impact over the American economy. As long as the USD is still "King", don't expect the US to go anywhere soon. Both China and Russia are struggling right now because of the sanctions. Especially Russia with its on-going escalation with Ukraine. This should slow down both countries' ambitions to rule the world for a while.

The US has a "ticking time bomb" that simply can't be defused. National debt will keep rising until it spirals out of control. Once the US defaults, the true era of "de-dollarization" will begin. Just you wait and see. Who knows what surprises we'll find in the future?

[pooya87]

What will ultimately lead America to its demise is the rising national debt. Constant money spending in external conflicts (like the Russo-Ukraine war) will further exaberbate the problem.

Exactly. There are two problems with this debt.
First it is not just the national debt that is usually quoted (almost $35 trillion), there is also debt held by people and intergovernmental debt that if I'm not mistaken puts the total to around $80 trillion!

This is why many have been using the term Ponzi Scheme to describe US economy...

On top of that due to high interest rates and the massive amount of bonds the government has issued, they have to pay trillions in interest every month as well.
The scariest thing about this is the day all these countries that have purchased US debt, stop buying more or worse if they decide to liquidate what they have...

I wonder where the US will be after it loses its superpower status? Will the American Federation dissolve? Hopefully, this doesn't happen during our lifetime.

It is hard to predict specially since the decision makers in Washington seem to have chosen the route of armed conflict as the response to losing power.

Even lithium-ion batteries have been unable to replace oil

Fun fact: Lithium rich countries are either members of BRICS or fall in the blocs that are member or have submitted a request to join.
For example China dominates that market and is a member of BRICS
Chile has a their request in to join.
Iran is another member that has been suddenly finding new reserves (I believe currently sitting on 20% of the world supply) over the past 2 years

[Abiky]

Exactly. There are two problems with this debt.
First it is not just the national debt that is usually quoted (almost $35 trillion), there is also debt held by people and intergovernmental debt that if I'm not mistaken puts the total to around $80 trillion!

This is why many have been using the term Ponzi Scheme to describe US economy...

On top of that due to high interest rates and the massive amount of bonds the government has issued, they have to pay trillions in interest every month as well.
The scariest thing about this is the day all these countries that have purchased US debt, stop buying more or worse if they decide to liquidate what they have...

Exactly. It's a ticking time bomb that's about to detonate anytime soon. And once it does, the whole world will suffer dearly. Unless most of the world's countries switch to another currency. There have been repeated attempts to do this, but without any success so far. I think BRICS will be good enough to take down US' hegemony in the long run. Especially with two of the world's superpowers (China and Russia) behind it. Oil is what is going to strengthen the bloc until it becomes a "force to reckon with". Just you wait and see. And even if the oil industry shows signs of decline, China can gain the upper hand with its abundant supply of Lithium. It will be able to produce Li-Ion batteries for EVs in-house. BYD is already a major EV car manufacturer in China, challenging US EV car maker Tesla with its low prices. Slowly but surely, America will decline until it becomes history. It should only be a matter of time before this happens. As long as we're safe from a full-blown nuclear war (WW3), nothing else matters.

Fun fact: Lithium rich countries are either members of BRICS or fall in the blocs that are member or have submitted a request to join.
For example China dominates that market and is a member of BRICS
Chile has a their request in to join.
Iran is another member that has been suddenly finding new reserves (I believe currently sitting on 20% of the world supply) over the past 2 years

Exactly. China has an abundant supply of Lithium. It can become the biggest supplier of Li-Ion batteries for EVs worldwide. This will strengthen China (and BRICS) in every way. Chile and Iran will also have a huge impact on the bloc. It seems that half of the world will join BRICS, leaving the US behind in the dust. There's no reason to be worried about this, right?

[Smack That Ace]

Day by day, the BRICS' alliance is strengthening itself as new countries become members of the bloc. They've announced their intentions of launching a digital currency of their own, in a bid to challenge the US' hegemony over the global economy. It's rumored that the new currency will be backed by Gold. Recently, Thailand announced its intentions to become a member of BRICS. At the time of this writing, the bloc consists of 9 member states.

What would happen if half of the world (or a sizeable amount) joins the bloc? Would this threaten US' economic power? Or will they eventually fail? With rising geopolitical conflicts, the world will become extremely polarized. This might very well mean the end of the USD's status as the world's reserve currency and the US' status as a global superpower. Am I right?

Your input would be greatly appreciated. Thanks.

Most of the brics countries are dropping like a.. brick. South Africa is a shell of what it used to be thanks to basically anarchy in the country. Brazil is stuttering along at a reasonable pace. Russia is in the middle of a self destructive war. India is doing ok but still a muddle with some very poor and undeveloped parts of the country. China is also huge population wise which means it should overtake the USA but frankly business relies on trust and a massive amount of foundations that the cccp will never be able to offer. Just look at how Xi Jinping has ruined Hong Kong to see how many bad decisions are done at the top of the Chinese government.

There is no denying the difficulties that BRICS countries are facing, but their failure to join forces and continue to suffer unreasonable repression from the US and its allies will make things even worse. They will never even escape their own difficulties but forming alliances and helping each other will certainly open up opportunities for them to improve and develop their nations. Each country has its own culture, language, different problems...but if there is a common enemy and a common goal, they will unite to fight the enemy and that will make them strong. 
The BRICS bloc is growing stronger and more and more countries want to become members, you should not deny that. The USD empire will soon have to collapse because nothing lasts forever and we need to accept that.

[Argoo]

Half the world's population is migrating from USD to the currency that BRICS created, so it will certainly be a big power and could put pressure on the US. Even before that happened, with more and more countries joining, we saw that the US was starting to worry, not only that, many US policies always applied double standards as examples of war violations committed by countries or friends of the US which clearly violated the rules of war but were actually fully supported. Now factors like this make other countries pay attention to every US decision and no longer stand firm on the justice they have always upheld. Automatically, trust in Dollar products also has a negative impact.

First you need to look at the BRICS currency, which does not exist yet, and see how it will function. In addition, the question of great importance is: will it be a completely new currency or one of the existing currencies of current states? After all, this has enormous practical significance, which can lead to internal contradictions in this bloc, even to the point of its collapse.

The BRICS countries are an economic bloc, and therefore a possible confrontation with countries that support the dollar will be trade and economic. In any case, multipolarity is always better than unipolarity. But it is too early to predict what will happen to the dollar in this case. First, the new currency of the BRICS countries needs to prove itself well.

[mindrust]

Haven’t they already?

The “C” itself in BRICS (which is China) is already as big or bigger than the US. When you add another energy giant like Russia, it automatically becomes bigger than the US as economically.

India has a giant economy too.

South Africa has lots of natural metals.

Iran is another petroleum giant.

United Arab Emirates are also a member so, its one more oil giant.

Egypt and Ethiopia… um I don’t know why they are there tbh. Maybe they are providing super cheap manpower. I can’t call them giants in any way though that’s for sure.

[pooya87]

Egypt and Ethiopia… um I don’t know why they are there tbh. Maybe they are providing super cheap manpower. I can’t call them giants in any way though that’s for sure.

One of the characteristics of a lot of newest BRICS members that may be overlooked is "potential".

For example Ethiopia as a massive country (2x France size) with a massive population (130 mil work force) and good amount of resources (minerals, metals, decent amount of natural gas) and a good agricultural potential has a lot of room to grow.

Another characteristic is "location".

For example Egypt is like the gateway to Africa through land (Belt and Road Initiative) and as an old civilization it has always been part of the ancient Silk Road. They are also like the "gate keepers" of a vey important water based route called Suez Canal. Both of these give them a very strategic importance in the New World Order.

[CryptoBuds]

Half the world's population is migrating from USD to the currency that BRICS created, so it will certainly be a big power and could put pressure on the US. Even before that happened, with more and more countries joining, we saw that the US was starting to worry, not only that, many US policies always applied double standards as examples of war violations committed by countries or friends of the US which clearly violated the rules of war but were actually fully supported. Now factors like this make other countries pay attention to every US decision and no longer stand firm on the justice they have always upheld. Automatically, trust in Dollar products also has a negative impact.

First you need to look at the BRICS currency, which does not exist yet, and see how it will function. In addition, the question of great importance is: will it be a completely new currency or one of the existing currencies of current states? After all, this has enormous practical significance, which can lead to internal contradictions in this bloc, even to the point of its collapse.

The BRICS countries are an economic bloc, and therefore a possible confrontation with countries that support the dollar will be trade and economic. In any case, multipolarity is always better than unipolarity. But it is too early to predict what will happen to the dollar in this case. First, the new currency of the BRICS countries needs to prove itself well.

According to the news I read, BRICS will soon launch the bloc's common currency and later this year they will have an official announcement despite many rumors that they will eliminate it. In addition, they are also thinking about the scenario of using cryptocurrency to process cross-border transactions to reduce dependence on USD and completely eliminate it in the future.

Besides, in March, Russia also launched an initiative for BRICS members to soon eliminate the USD and replace it with the countries' local currencies in trade transactions. They don't even need to create a new currency. If they reach an agreement to use the local currency of one of the countries in the bloc, they can shake the position of the USD. De-dollarization and a multipolar world are approaching, despite the skepticism of USD advocates.

https://watcher.guru/news/russia-makes-major-announcement-about-brics-currency

Egypt and Ethiopia… um I don’t know why they are there tbh. Maybe they are providing super cheap manpower. I can’t call them giants in any way though that’s for sure.

One of the characteristics of a lot of newest BRICS members that may be overlooked is "potential".

For example Ethiopia as a massive country (2x France size) with a massive population (130 mil work force) and good amount of resources (minerals, metals, decent amount of natural gas) and a good agricultural potential has a lot of room to grow.

Another characteristic is "location".

For example Egypt is like the gateway to Africa through land (Belt and Road Initiative) and as an old civilization it has always been part of the ancient Silk Road. They are also like the "gate keepers" of a vey important water based route called Suez Canal. Both of these give them a very strategic importance in the New World Order.

What I look forward to next is Saudi Arabia joining the bloc. They have received an invitation from BRICS but have not yet made a final decision. Saudi Arabia recently discovered a large oil and gas field, interestingly this discovery was announced right at the time the 50-year petrodollar agreement ended. If Saudi Arabia joins BRICS, this bloc will control 42% of global oil supply.

BRICS has full potential to overthrow the dominance of the US and NATO, everything is ready and it is only a matter of time.
https://watcher.guru/news/brics-saudi-arabia-makes-massive-oil-and-gas-discovery

[ndutndut]

I'm not sure if the BRICS alliance can overthrow the dominance of the US and the USD. But with what is happening, it can be seen that they are creating significant impacts and challenges to US hegemony. But to be fair, it is still very early to say anything because BRICS is still very young, while the US is still actively blocking the BRICS bloc and the USD is still dominating the global market.
In my opinion, it will take a long time for BRICS to weaken US hegemony, and we will not see another currency replace the USD's dominance anytime soon.

I also agree with your thoughts, BRICS will take a long time to kill or end the dominance of the American USD. For now I think the goal is not to replace the dollar, but to have an alternative that is not controlled by the US and its allies.

But what is certain is that the world has changed over time. The US will not dominate the world forever, if we learn from history that no country is in power forever, then its dominance will definitely change. So sooner or later the US will disappear, if the BRICS members increase and they give up the dollar. Now China has become even bigger. Many figures say that China will become a world superpower in the future.