There is heightened speculation about the BRICS bloc creating its own currency to replace the US dollar. While US sanctions have antagonized many countries, most of them BRICS members, much work needs to be done to create a viable currency.
Emergence of an expanded BRICS has been hailed as a major challenge to the west-centric global order. Major players in BRICS, however, are not part of the Axis of Resistance and continue to seek a place in the old order.
Is BRICS really an alternative to the US-imposed global order or merely an appendix to it? The analysis presented in this article sheds light on other hitherto neglected dimensions of what BRICS really stands for.
BRICS as a bloc is not only expanding but is emerging as an alternative to the US-dominated global order. Most countries have suffered US bullying and are taking steps to break the shackles of dollar hegemony to help create a better world.
The bloc of countries that have formed BRICS pack a powerful economic punch. More countries are lining up to join the group whose collective economic and political clout is likely to soon eclipse the US dollar
The US has maintained its dominance of global affairs through militarism and the dollar. If the dollar were retired as a global currency, US militarism and aggression would be dealt a severe blow.
The unipolar world so loudly proclaimed by the US after the demise of the Soviet Union is dead. A multipolar world has emerged, as witnessed at BRICS fifth summit in Durban, South Africa.
Welcome to the new global economic order free from the chains of US imperialism.
The era of US unilateralism has ended. Apart from its European allies — and there too, only some of them — the rest of the world has dismissed Washington’s demands to impose oil and trade embargo on Iran.
