As 2023 speeds on, we need to take a look and possibly understand the latest major international macroeconomic move: the BRICS consolidation of nations and their alternative reserve currency aimed at competing with or even dethroning the U.S. dollar as the dominant currency used in international trade and investment security.
Now, BRICS countries (Brazil, Russia, India, China, South Africa) are putting their economic futures in the yuan renminbi, which is the official currency of China, the new economic powerhouse, attracting many smaller nations whose economies are based on trading root vegetables and challenging the U.S. dollar’s geopolitical dominance.
The Chinese Communist Party has proven that it doesn’t need to cow tow to Western capitalist systems to rival the dollar. To demonstrate this, they still control a vast number of state-run companies, still carefully manage the value of their yuan and continue funding their “research and development” programs, which means cyberhacking U.S. companies. This doesn’t seem fair. But remember, even Christ slapped around the “money changers.”
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