The pressure toward the diversification of world currency reserves intensified after 2008, escalated following 2022 and is accelerating, as evidenced by the recent BRICS summit in Kazan, Russia.
IN the past 15 years or so, BRICS has rapidly grown into a geoeconomic front of the Global South. Iran, Egypt, Ethiopia and the United Arab Emirates attended their first summit as member states in Kazan. Saudi Arabia has been invited to join BRICS . Together, the BRICS members encompass nearly a third of the world's land surface and almost half of world population.In September, Turkey officially applied to join the bloc.
Gold , 2009-2024Source: TradingEconomics; authorIn geopolitics, the US leans on major Western economies and Japan, but international economy is a different story. As a net consequence, the dollar monopoly contributed to asset bubbles in the 1980s, early 1990s, early 2000s and finally in 2008. Amid the Great Recession, China's central bank governor Zhou Xiaochuan revived the idea and urged major Western economies to 'reform the international monetary system.
Dollar Monopoly To BRICS Diversification: An Update
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