BRICS Nations Jolt Global Economy, Start Trading Oil in Rupees Rather Than Dollars
The United States is preoccupied with issues like genital mutilation of children as the economy experiences a severe collapse. Meanwhile, the BRICS alliance (Brazil, Russia, India, China, and South Africa) is beginning to trade oil using currencies other than the petrodollar.
Very recently, India made an oil purchase using rupees instead of Federal Reserve Notes, which have traditionally been the primary global trade foundation, especially for commodities like oil.
Reports indicate that the United Arab Emirates (UAE) agreed to allow not only India but all other BRICS members to conduct oil transactions in rupees, which has negative implications for the U.S. economy.
Currently, the U.S. dollar serves as the global reserve currency, employed for trading crucial commodities. However, this is undergoing gradual change, and American politicians appear to be neglecting the protection of national interests in this context.
China has entered into currency settlement agreements worth $582.3 billion that will solely utilize the Yuan, rather than the U.S. dollar, for trading purposes. Indian Oil, a prominent Indian energy company, acquired one million barrels of oil from the state-owned Abu Dhabi National Oil Company using the Indian rupee. The UAE had previously bought liquefied natural gas from China National Offshore Oil Corporation using the Chinese yuan.
It appears that the global community is becoming dissatisfied with the dominance of the U.S. dollar. Due to excessive dollar printing by the Federal Reserve, which devalues the currency and diminishes its worth, other currencies are being adopted worldwide.
The media and politicians are unlikely to reveal the actual causes of the rampant inflation we are witnessing. This inflation is a consequence of decades of corporate socialism, bailouts, and Wall Street corruption.
As the U.S. dollar's influence wanes internationally, there will likely be a blame game. Republicans will accuse Democrats of causing inflation and a perpetually growing deficit, while Democrats will blame Republicans. However, neither side will address the real issue: the private central banking scam orchestrated by financial elites.
Regardless, the U.S. dollar's decline is underway, and many Americans seem oblivious as they immerse themselves in entertainment, social trends, and distractions created by those in control to divert attention from the impending collapse.
In May, China, a communist nation, entered a $582.3 billion agreement encompassing various currency settlement deals. These agreements will solely employ the yuan, not the U.S. dollar, for trading. Countries such as UAE, Russia, Venezuela, Oman, Bahrain, Qatar, Kuwait, and Saudi Arabia are part of this deal with China.
Additionally, it's worth noting that the recent BRICS summit in Johannesburg expanded the alliance's membership from five nations to 11, including six new countries.
How much longer will the U.S. dollar, which lacks any tangible backing, retain its status as the official global reserve currency?
