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Global Shift in Currency Landscape: BRICS and the World Abandon USD, Embrace New Currency and Bitcoin as World Reserve

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    • A former senior vice president of the World Bank suggests that a BRICS-led global order is gaining appeal among countries dissatisfied with the US and its allies.
    • Developing nations feel marginalized and believe the Western-dominated international order restricts their economic growth and access to technology.

Dissatisfaction with the Western-Dominated International Order

Ana Palacio, a former senior vice president of the World Bank, asserts that an increasing number of countries with grievances against the United States and its allies are finding a BRICS-led global order to be an attractive alternative. These nations, often developing economies, feel excluded and are seeking a new worldview and institutional system.

The dissatisfaction stems from their perception that the Western-dominated international order imposes burdensome conditionality on developing economies. They perceive double standards on key policy issues, such as the green transition, and believe that conservation demands and limits on technology sharing are used to constrain their economic growth and hinder their access to advancements that could improve their standard of living.

Seeking New Leadership and Alternative Approaches

According to Palacio, the unwillingness of the West to change its approach to global governance is pushing disgruntled countries to seek alternative forms of leadership that prioritize their national interests. The lack of progress in reform efforts by Western-dominated institutions has further fueled this sentiment.

As a result, potential alternatives, such as development banks and alternative currencies, are becoming increasingly appealing to those who feel marginalized. The BRICS (Brazil, Russia, India, China, and South Africa) are actively working to build a new world order incrementally, and their cause is gaining appeal among other dissatisfied countries.

Growing Interest in Joining BRICS

Palacio highlights that the appeal of the BRICS-led global order is growing, with at least 19 countries expressing their interest in collaborating with the BRICS nations. Some of these countries include Argentina, Turkey, and Saudi Arabia. This signifies a shift in international dynamics, as more countries seek to align themselves with a group that promises to consider their national interests and challenges the existing Western-dominated order.

The emerging interest in BRICS reflects a broader sentiment among nations that feel excluded or disadvantaged by the current international system. These countries are eager for alternatives that offer them greater autonomy, representation, and opportunities for economic growth and technological advancement.

While the pursuit of a new world order remains complex and multifaceted, the increasing appeal of BRICS as an alternative global leadership model underscores the evolving dynamics of global governance and the shifting balance of power in international relations.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628