BRICS Dedollarizing VS South American Dollarisations
With Milei from Argentina promising to drop the peso and switch to the US dollar, that would be the third country in recent history, joining Equador and El Salvador. Interesting competition going on. The BRICS, if they all go full on to dropping any use of the dollar except where necessary, they would swamp any small offset by the handful of countries switching to using the US dollar instead of their own local currency. However, in the short run and until the BRICS actually do something more than just currency swaps and purchasing commodities with those swaps, the dollar can continue to exist in a slowly declinning state. Once the majority of the world revalues the gold price higher and conducts trade, with gold backing their currency swaps, then the dollar is basically toast as the reserve currency. When that occurs is the Trillion dollar question.