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Trump's BRICS salvo an exercise in dollar destruction
• https://asiatimes.com, by Richard Javad HeydarianA week after US President-elect Donald Trump threatened 100% tariffs against any backers of a "BRICS currency", key emerging powers such as India have quickly distanced themselves from any BRICS-led de-dollarization initiative.
"Right now, there is no proposal to have a BRICS currency. So I'm not quite sure what is the basis for [Trump's remark]," India's External Affairs Minister S Jaishankar said during the Doha Forum held in New Delhi this week.
India's top diplomat acknowledged there are ongoing discussions on streamlining and deepening "financial transactions" among BRICS nations, but he made it clear that "each country doesn't have an identical position on this."
"[W]here India's concerned, the United States is our largest trade partner and we have no interest in weakening the dollar at all," he added, emphasizing India's prioritization of ties with the West.
Days earlier, Reserve Bank of India Governor Shaktikanta Das also clarified that "[t]here is no step which we have taken that specifically wants to de-dollarize [which] certainly [is] not our objective" despite ongoing attempts to diversify the country's pool of foreign currency reserves.
India's central banker also questioned the viability of a BRICS currency given the "geographical spread of the countries…unlike [common currency systems like] the eurozone which has geographical contiguity."
Nevertheless, the next Trump administration might end up boosting prospects of a BRICS currency in his roughshod attempt to reassert American primacy.
A ham-fisted approach to bilateral relations with major rising powers, meanwhile, will likely only strengthen their resolve to band together and collectively undermine any US-led global order.
Not only India but other non-Western powers such Indonesia, Turkey, Malaysia and Saudi Arabia will also likely not only join the BRICS but also more actively contribute to new "de-dollarization" initiatives.
1 Comments in Response to Trump's BRICS salvo an exercise in dollar destruction
President JFK was taken out partially because he was already to shut down the Fed. He even had US notes printed to replace the Fed note. Trump has listened to Ron Paul, and would like to shut down the Fed. But he also wants to stay alive. So, in an effort to look like he is pushing the idea of a strong international USD, he is making the USD to be a real stench and thorn-in-the-side of the BRICS nations. This will go one of two ways: 1) Everything will smooth out with the USD in power until the Fed collapses itself under the weight of its lies; 2) the BRICS nations will realize what is happening, and will double down on making BRICS powerful. Either way, the Fed will be destroyed, and BRICS will take over their share of the world.