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The US dollar walked through 2024 like it owned the place, and in many ways, it still does. Despite big promises and louder rhetoric, BRICS+—a bloc now made up of Brazil, Russia, India, China, South Africa, plus new members Egypt, Ethiopia, Iran, and the UAE—couldn’t land a punch on the greenback. Their de-dollarization campaign was ambitious, yes, but last year showed that ambition isn’t enough. Now with a new year ahead, the question is simple: will this year be different? In theory, BRICS+ should be a financial powerhouse. These guys represent 45% of the world’s population and control 42% of global bank foreign exchange reserves. They’ve got the numbers, the resources, and the motivation. But the dollar isn’t an easy opponent. It runs 90% of global foreign exchange trades and still dominates the oil market, with 80% of transactions tied to it. BRICS+ talked big about breaking free, but the reality didn’t match the hype. Let’s break down why. The bold ideas that went nowhere Last year, BRICS+ leaders gathered in Kazan, Russia, to unveil their master plan. The summit was packed with big ideas and even bigger promises. First up, they pitched a gold-backed currency—nicknamed the “Unit.” It was supposed to provide stability, backed by 40% gold and 60% local currencies from BRICS+ nations. The idea? Create a credible alternative to the dollar. Sounds good, right? Except it’s still just an idea. No timelines, no structure, no execution. Then there was the cross-border payment system. This plan was gonna let BRICS+ countries trade in their own currencies without touching the dollar. Again, it’s ambitious. But building that kind of financial infrastructure isn’t a weekend project. These countries have wildly different economies and priorities, making coordination a logistical nightmare. Even at their own summits, Russia—one of the loudest voices in…

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Filed under: News - @ January 8, 2025 10:24 am