USA Dollar

US Senator Says Expansion Will Weaken the US Dollar

In a recent article discussing the BRICS alliance, US Senator Marco Rubio has said that the alliance expansion will weaken the US Dollar. Moreover, Rubio noted that the expansion of the bloc also threatens the Western-based SWIFT payment system in a story posted to an online publication.

Within the article, Rubio also championed Argentina’s decision to reject inclusion into the alliance. Indeed, Argentina was the only country of the six invited to turn down the BRISC invitation. Alternatively, Saudi Arabia, Egypt, Iran, Ethiopia, and the United Arab Emirates (UAE) are expected to join the alliance this year.

Source: CNN

Also Read: BRICS: HSBC Predicts the Future of the U.S. Dollar

US Senator Warns of BRICS Expansion Implications on US Dollar and SWIFT

Over the last several months, the BRICS bloc has become the most important geopolitical collective on a global basis. The economic alliance has expanded its ranks to further its various initiatives. Among those is its vital de-dollarization plans that have become the focal point of its growth trajectory.

Subsequently, amid the BRICS developments, US Senator Marco Rubio has recently said that the bloc’s expansion is a danger to the US dollar. Moreover, Rubio noted that the five-nation expansion plan for the bloc is also a clear warning to the United States SWIFT payment system. Specifically, in that, it threatens trade with Western Nations.

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Also Read: BRICS: Expert Predicts Big Challenges for the US Dollar in 2024

Rubio states that BRICS was founded “with the clear goal of ousting the United States from our position as a global leader.” Moreover, he added, “BRICS members pool foreign currency reserves and lend billions in easy money to pit developing nations against the United States and other Western Currencies.”

Thereafter, Rubio proclaimed that BRICS expansion “doubles the trade group’s size,” and provides a clear threat. Specifically, the expansion targets the “American and European-led financial system.” Then, Rubio stated a continued ascension would make it “harder and harder,” to weaponize the US Dollar.

Ultimately, Rubio called for the Americas to “applaud” Argentina President Javier Milei’s rejection of the BRICS invitation. Subsequently, he appears to be correct in his assumption of BRICS Implications. The alliance has not been shy about its hopes for a multipolar world. Moreover, it hopes to provide countries the ability to circumvent the Western weaponization of prominent currencies. Specifically, through increasing the power of their local currencies.

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