Can BRICS topple US' economic power?

[Wind_FURY]

Your input would be greatly appreciated. Thanks.

Will the U.S. Dollar's dominance be "toppled" someday? Sure, like the Roman Empire itself, its decline truly started when its currency started to "debilitate". But will the BRICS be the "movement" to topple it? I don't believe it will be the one. Why? Because who would want to hold each of the currency or debt in BRICS for a very long term duration? BRICS countries are merely playing a game of Hot Potato. All of them still want to HODL U.S. Dollars because of its easy Spendability, high Liquidity, and Saveability - it's still in demand.

They should start HODLing Bitcoin.

[Richbased]

Inasmuch as life is concerned, revolution will always occur even though it can't be achieved on a neutral or smooth ground but it must surely come to pass. Just like the great Britain was the world power before America conquered and the American dollars dominated the International market instead of the British pounds so also will the dollars lose it's dominance one day but in my own opinion it may not really be the BRICS alliance that will take over from America.

 It took America a lot of things to gain world power and to control the world economy so if they would be overthrown it will result to tussle of power between the United States and countries that will conspire together to subdue the United States of America and America have become so powerful that any country that wants to compete with them must be ready to bear the brunt that would come out of such decisions. Even if half of the world conspire against America, most of the powerful countries will have to be involved and will also want the world power to come to them as well so it's not an easy decision just like I said earlier

[Akbarkoe]

I think it is possible, but surely the US will not allow this to be easily overthrown by the BRICS, however today they are certainly taking preventive measures to save the dollar and the economy, the technology center is still heading towards the western bloc and it still continues to this day.

Regarding the dollar perhaps the dedollarization movement is still continuing and some countries are trading using their local currencies before the BRICS currency is officially issued for the bloc's trade.

If you imagine the impact of the dedollarization movement is very massive, then maybe inflation in the US will be very high, because most of the dollars today are outside, which are made into foreign exchange of other countries, and when they release it will return to their country and make the dollar supply rampant, and it will have a domino effect on the US economy, but another scenario I think there might be a military conflict, at least the US will definitely threaten several parties who are ambivalent, and yes it seems like war is the peak of the destruction of hegemony, if you talk about the bad scenarios of previous world rulers.

[Wind_FURY]

Inasmuch as life is concerned, revolution will always occur even though it can't be achieved on a neutral or smooth ground but it must surely come to pass. Just like the great Britain was the world power before America conquered and the American dollars dominated the International market instead of the British pounds so also will the dollars lose it's dominance one day but in my own opinion it may not really be the BRICS alliance that will take over from America.

 It took America a lot of things to gain world power and to control the world economy so if they would be overthrown it will result to tussle of power between the United States and countries that will conspire together to subdue the United States of America and America have become so powerful that any country that wants to compete with them must be ready to bear the brunt that would come out of such decisions. Even if half of the world conspire against America, most of the powerful countries will have to be involved and will also want the world power to come to them as well so it's not an easy decision just like I said earlier

It will take the BRICS, lead by China and Russia to force the United States into an actual war to expend resources and break itself. But I believe in the Nuclear Age, if the United States will have their forces overrun, they could fire all their Intercontinental Ballistic Missiles and Submarine Launched Ballistic Missiles and take everyone down. No winners, all losers. Is that truly what everyone wants? Or is it better to stay at the current state of the world?

¯\_(ツ)_/¯

[Richbased]

Inasmuch as life is concerned, revolution will always occur even though it can't be achieved on a neutral or smooth ground but it must surely come to pass. Just like the great Britain was the world power before America conquered and the American dollars dominated the International market instead of the British pounds so also will the dollars lose it's dominance one day but in my own opinion it may not really be the BRICS alliance that will take over from America.

 It took America a lot of things to gain world power and to control the world economy so if they would be overthrown it will result to tussle of power between the United States and countries that will conspire together to subdue the United States of America and America have become so powerful that any country that wants to compete with them must be ready to bear the brunt that would come out of such decisions. Even if half of the world conspire against America, most of the powerful countries will have to be involved and will also want the world power to come to them as well so it's not an easy decision just like I said earlier

It will take the BRICS, lead by China and Russia to force the United States into an actual war to expend resources and break itself. But I believe in the Nuclear Age, if the United States will have their forces overrun, they could fire all their Intercontinental Ballistic Missiles and Submarine Launched Ballistic Missiles and take everyone down. No winners, all losers. Is that truly what everyone wants? Or is it better to stay at the current state of the world?

¯\_(ツ)_/¯

What led to America becoming the world power isn't it war? Already I have stated that before the BRICS alliance or any other organization can take world power from America that it's not gonna be on a neutral ground and inasmuch as life continues to exist, humans will continue to fight for supremacy because as the days are going by that's how countries are becoming more superior to the other both in terms of economic system, technology, nuclear and biochemical weapons and in recent years we have seen that countries are advancing more on technologies. China, Russia and North Korea are countries that have been increasing in technology rapidly.

I know the United States Submarines is a no joke area but when a fight involves a conspiracy, it is always difficult to conquer but my question would be that if other countries use a concerted effort to subdue America who then will now become the world power among themselves because the three countries I mentioned earlier are almost equal in terms of production of nuclear weapons but China has the highest economy amongst them.

America didn't got world recognition on a neutral ground, they fought so hard for it and after the world war II they were recognized based on the fact that the war didn't destroy most of their resources both economical and industrial and they even offered aid to other European countries that were severely affected by the war. So what makes a country to be superior is surviving during war and sending aids to other countries that is where supremacy comes to play.

It took America so many years of consistent economic expansion before they gained world recognition and became the world power taking over from the British empire so this was a single handed effort by the Americans and not a joint alliance, that was the reason they had no competitor.

Currently, China is the only country that is increasing rapidly in their economy ahead of Japan and Germany. The United States of America remains unconquered in the global economy so when we are talking about world recognition it's not only about owning sophisticated weapons as the economy of such country is a major factor that can prepare an undisputed agreement to become world power. However, I don't believe that Americans are prepared to step down as world power because they have all it takes to fight war and conquer so we all should remove our mind from any organization toppling the United States in terms of economic power not even the BRICS alliance.

[NotATether]

There are a few things that would need to be done for that to happen:

- First, the dollar should not be the reserve currency when these things take place, but that's obvious.
- Second is if financial institutions around the world start playing to BRICS requirements more than US requirements
- Third is if OFAC is gradually usurped by the BRICS version, whatever that may be.
- Fourth would be people start caring more about BRICS tax where they live than the US tax.

This is a soft-power transition, not a hard one.

Just grab the popcorn and let's watch the next events that happen.

[Abiky]

Will the U.S. Dollar's dominance be "toppled" someday? Sure, like the Roman Empire itself, its decline truly started when its currency started to "debilitate". But will the BRICS be the "movement" to topple it? I don't believe it will be the one. Why? Because who would want to hold each of the currency or debt in BRICS for a very long term duration? BRICS countries are merely playing a game of Hot Potato. All of them still want to HODL U.S. Dollars because of its easy Spendability, high Liquidity, and Saveability - it's still in demand.

They should start HODLing Bitcoin.

It's not easy to move away from the US Dollar. Especially when it's the world's reserve currency. "De-Dollarization" is a process that will take time before it materializes. BRICS countries are quietly planning their moves that will ultimately lead them to glory. Patience is key here. America is already showing signs of weakness. Russia saw it as an opportunity to attack Ukraine. Even China is planning to invade Taiwan.

A strong US would've already put an end to global conflict through the use of military action. The current administration has ultimately failed in bringing down peace between Russia-Ukraine and Israel-Hamas. Will Trump and his Republican Party fix this? I doubt it. Especially when the damage is already done. It won't be long enough before another superpower (or bloc) takes over the world by storm. What would be of the US when that happens? I certainly don't want to know.

[Synchronice]

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.

It's very funny that they created BRICS. What's going to happen, is their life going to dramatically improve by creating a BRICS and building their own digital currency? BRICS countries aren't democratic countries and the far they'll be from west + with their own digital currency, I think their leadership will try to enslave people further. If BRICS is that good, then why are people from their countries coming in Europe and the USA? Why do they sell their houses to move here and live here? The west is bad, so why do they migrate here?

To be honest, I think that the USA won't simply give up on its economic power. There aren't trillions of dollars spent by NATO for nothing.

[legendbtc]

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.

It's very funny that they created BRICS. What's going to happen, is their life going to dramatically improve by creating a BRICS and building their own digital currency? BRICS countries aren't democratic countries and the far they'll be from west + with their own digital currency, I think their leadership will try to enslave people further. If BRICS is that good, then why are people from their countries coming in Europe and the USA? Why do they sell their houses to move here and live here? The west is bad, so why do they migrate here?

To be honest, I think that the USA won't simply give up on its economic power. There aren't trillions of dollars spent by NATO for nothing.

I don't find it funny that BRICS was established and it's even a great idea because we will have a multipolar world and everyone admits that a multipolar world will be better than a unipolar world.
I do not deny that many citizens of third world countries are dreaming and looking to move to Europe or America because they think it will bring them a better life. But have you ever wondered why there are still more than 40 countries applying to join the BRICS bloc?

America does not give up its power, even doing everything to maintain power, but they will soon be weakened or replaced by another power and that could be BRICS. It's true that it's still very early to confirm anything, so let's leave time to answer everything.

[Marvell1]

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.

Those who stubbornly believe that the US dominance will last forever only prove that they have never read the world's monetary history. Because before the United States, we had five other countries that dominated the world and over time they were replaced by other countries, and I believe that history will always repeat itself when the time comes.
The United States once usurped Britain's position as a world power, so they need not be surprised if others do the same thing to them because that is the rule and the way the world works.
That's right, so far no country can compete with the US except China. Although I also don't completely like the Chinese communist party, I support a more multipolar world.

https://talkmarkets.com/content/bitcoin-world-reserve-currency?post=322700

[pooya87]

All of them still want to HODL U.S. Dollars because of its easy Spendability, high Liquidity, and Saveability - it's still in demand.

Surprisingly enough USD is similar to USDT! If you are a trader, you most probably have used Tether. It has high liquidity, demand, etc. But what if iFinex decided to start stealing money? If they started freezing accounts and then spend users' balance; but selectively.
Would you still use it even though Tether would still have high liquidity, etc.? Or would you look for an alternative?

That's what dedollarisation is. The US regime decided to weaponize the dollar. They have already done this to dozens of countries, they steal their money so an increasing number of countries start looking for an alternative.

[bitgolden]

I feel like there are two things that we need to talk about with this question. First question is, will BRICS nations get better thanks to them getting together, and the second question is will they be stronger than USA? I think the first questions answer is yes, they will get better when they are together and they will do better business and if they build a currency for them all, that currency will make them all richer, so it will be a great idea for them without a doubt.

Secondly, will they get better than USA? I think not, not individually at least, combined forces economically could be bigger than USA of course, China alone is a close one, add all others they would, but individually? There is absolutely no way USA would leave the top spot.

[Abiky]

I don't find it funny that BRICS was established and it's even a great idea because we will have a multipolar world and everyone admits that a multipolar world will be better than a unipolar world.
I do not deny that many citizens of third world countries are dreaming and looking to move to Europe or America because they think it will bring them a better life. But have you ever wondered why there are still more than 40 countries applying to join the BRICS bloc?

America does not give up its power, even doing everything to maintain power, but they will soon be weakened or replaced by another power and that could be BRICS. It's true that it's still very early to confirm anything, so let's leave time to answer everything.

History repeats itself. Sooner or later, the US will fall. This is inevitable. We'll be heading back to a multipolar world like before. In the process, another superpower will take the US' place as the leading force of the world. No one knows if it will be BRICS countries altogether, the European Union, or China alone.

What we do know is that democracy is in danger. Especially when the West is showing signs of weakness. It's likely authoritarianism will rule the world in the future. How long will it take for the US (and democracy as a whole) to collapse is a mystery. The clock is ticking, so expect the unexpected. 

[pooya87]

What we do know is that democracy is in danger. Especially when the West is showing signs of weakness. It's likely authoritarianism will rule the world in the future. How long will it take for the US (and democracy as a whole) to collapse is a mystery. The clock is ticking, so expect the unexpected. 

Democracy is not in danger, it existed way before West claimed to have it and it will continue to exist long after US had the same fate as USSR.
What is falling apart is the liberalism and better said laissez-faire-ism (everything is for individual interest even human rights). That is weakening and hopefully falling apart for good reasons.

I wouldn't say it is being replaced by authoritarianism either, that's just temporary specially in Europe that is moving toward it. During the time when tensions are increased and they have put themselves in a bad position where they've brought war close, democracy loses its "bling"...

[LogitechMouse]

It will, but there's a catch. It will happen at slow pace that I believe it might not happen even in my whole lifetime.
Well, at least there's a bit of progress that' happening already. The agreement between the Saudi and US hasn't been renewed, the Chinese ditched billions of US treasury bonds, more countries are joining BRICS already, Russia and North Korea's leaders met, and this will surely lead to NoKor joining the BRICS at some point.

There's a progress, but the pace is slow. We know that it will happen in the future, and I guess that would be a good thing. The thing though is that most countries are still accepting USD, and this makes the US more powerful. I'm no economist, but I believe this will happen - or not because the US will just not let it happen. TBH, I'm trying to have a grasp of what's happening around the world by watching videos on Youtube that's related to this, and I find it very exciting.

[Marvell1]

I feel like there are two things that we need to talk about with this question. First question is, will BRICS nations get better thanks to them getting together, and the second question is will they be stronger than USA? I think the first questions answer is yes, they will get better when they are together and they will do better business and if they build a currency for them all, that currency will make them all richer, so it will be a great idea for them without a doubt.

Secondly, will they get better than USA? I think not, not individually at least, combined forces economically could be bigger than USA of course, China alone is a close one, add all others they would, but individually? There is absolutely no way USA would leave the top spot.

The US will not leave its leading position if we talk about a unipolar world, but if BRICS succeeds in turning the world into multipolarity, the US will no longer be the leader when the rest of the world does not need them. They may still be the leading power in NATO, still the big brother of the EU, but for BRICS, which does not use the USD, they are nothing anymore.
What BRICS aims for above all is to create a multipolar world, reducing dependence on the USD, they have no intention of defeating or removing the USD from the world economic map.

I also don't like the Chinese communist party very much, but if the US doesn't find a way to restrain them, I truly believe that they can still surpass the US to become the number 1 power in the future. China's development is truly admirable.

[kryptqnick]

They can talk loud but talking and acting are two different things. I agree that BRICS should not be underestimated. If we consider the countries that joined it, we're talking about a very significant part of Earth's population as well as economic output. But those countries are more divided than those in Western coalitions, as they have very different priorities, regimes, currencies, and ambitions.
Also, when it comes to challenging the USD, there's certain data I like to bring up: currency composition of foreign exchange reserves. The USD dominance is at over 58%, with the next currency being EUR (20%), followed by Japanese yen (over 5%). The closest BRICS currency is the Chinese renminbi, with only a 2.3% global share. The situation reminds me of the crypto market, where Bitcoin and Ethereum have a similar dominance (51% and 17% respectfully) to that of the USD and EUR in foreign reserves. And someone says they'll unite, combine efforts and issue altcoin that will beat them all and dominate. That's how talks of overcoming dollar dominance sound to me.

[@alymwehrli]

I'm Brazilian, the Brics are only for ideological political use, look who is in charge of the Brics bank, Dilma is the president who was deposed from office by the population for theft, embezzlement and many crimes against the economy. Those involved are people with low cognitive capacity, low ethical and moral values, who are involved in corruption crimes. This brics is just a political campaign because in practice it is a disaster. Do some research and you will see what a dump it is.

[pooya87]

What's interesting is that as the West gets weaker (eg. UK PM and French Presidents are losing votes) and their countries fall into the hands of the "extremes" (Trump is coming as well) while their coalitions like EU gets weaker; the BRICS members are getting stronger and more united through multilateral cooperations. The recent SCO meeting was very productive and they even took new members as the necessity for dedollarisation was also highlighted by all members.

[WillyAp]

Those who stubbornly believe that the US dominance will last forever only prove that they have never read the world's monetary history.

Its stubbornly believe s vs outliving even you, or me for that matter.
For a change you need an alternative, none has appeared so far, the Euro I don't count in, although it comes closest to be an alternative.