I have misgivings about this. I'm not so sure the U.S. is the global heavy-hitter any more, and Saudi Arabia already de-linked the dollar from the trade in petroleum. There is a great interest in the rest of the world to become unencumbered by the dollar and its escapades. There are too many goods and services we import to try and polarize the world this way. The Rest of the World could just sit back and say, "Oh, really? Then we will just embargo EVERYTHING from you and see how you like it." We thought we were clever to cut Russia off from the Western oil market---but they found other buyers and are doing well. Oops. A lot of Western market investment is in other countries. Zambia, for instance, provides copper from Western companies located there. And gems. Do we imagine that other developing countries don't need copper?
The only successful way to compete with BRICS is to rehabilitate the dollar into gold-backed currency, more stable than anything else out there.
I have misgivings about this. I'm not so sure the U.S. is the global heavy-hitter any more, and Saudi Arabia already de-linked the dollar from the trade in petroleum. There is a great interest in the rest of the world to become unencumbered by the dollar and its escapades. There are too many goods and services we import to try and polarize the world this way. The Rest of the World could just sit back and say, "Oh, really? Then we will just embargo EVERYTHING from you and see how you like it." We thought we were clever to cut Russia off from the Western oil market---but they found other buyers and are doing well. Oops. A lot of Western market investment is in other countries. Zambia, for instance, provides copper from Western companies located there. And gems. Do we imagine that other developing countries don't need copper?
The only successful way to compete with BRICS is to rehabilitate the dollar into gold-backed currency, more stable than anything else out there.