The BRICS bloc who is ridding the petrodollar could doom the US and its geopolitical influence. Because of the currency’s importance, the country is allowed a certain amount of leverage. This is crucial as the country has to ensure the stability of the asset on a global scale.
This leverage is a key reason why the country is able to do things like weaponize the currency in sanction practices.
Oil-exporting countries have an interest in ensuring the US dollar is strong. At the end of the day, the system supports a collective effort to benefit the Western currency.
If that went away, it would be chaos for the West. If BRICS could somehow challenge the system enough to change, the US would be forced to play by international rules.
Therefore, the currency would no longer be vital to global economics. Altogether, leading a collective effort to embrace a new status quo, regardless of what it means for the Greenback or the West
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