Investment analyst Jon Wolfenbarger has warned that a successful BRICS currency could hurt U.S. living standards. dedollarization
Investment analyst Jon Wolfenbarger has warned that a successful BRICS currency could hurt U.S. living standards and “lead to less power for the U.S. government, similar to the weakening of the UK after World War II.” He stressed: “Due to the Russia-Ukraine war and China’s continued economic growth, the BRICS are accelerating plans to take power from the U.S.
Moreover, Wolfenbarger detailed that the BRICS nations are also working on a reserve asset based on a basket of the member countries’ currencies to compete with the International Monetary Fund’s special drawing rights . The BRICS will have a much better chance if they create a hard currency backed by gold or other commodities like oil.
Regarding the economic and political impact of a BRICS currency on the U.S. and the USD, the former JPMorgan investment banker noted:
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