Investment Analyst Warns Successful BRICS Currency Could Hurt US Living Standards – Bitcoin News

Investment analyst Jon Wolfenbarger has warned that a successful BRICS currency could hurt U.S. living standards and “lead to less power for the U.S. government, similar to the weakening of the UK after World War II.” He stressed: “Due to the Russia-Ukraine war and China’s continued economic growth, the BRICS are accelerating plans to take power from the U.S.

Moreover, Wolfenbarger detailed that the BRICS nations are also working on a reserve asset based on a basket of the member countries’ currencies to compete with the International Monetary Fund’s special drawing rights . The BRICS will have a much better chance if they create a hard currency backed by gold or other commodities like oil.

Regarding the economic and political impact of a BRICS currency on the U.S. and the USD, the former JPMorgan investment banker noted:

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

British investment minister visits Hong Kong, first official visit in 5 yearsBritain's Minister for Investment Dominic Johnson said he held a series of meetings with government officials and executives in Hong Kong this week, the first official visit from a senior British official to the city in five years.
Source: Reuters - 🏆 2. / 97 Read more »