• ☆ Yσɠƚԋσʂ ☆@lemmygrad.mlOP
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    3 months ago

    The trend towards decoupling from Western financial systems will continue and cannot be reversed at this point. By freezing Russian assets, the West revealed its financial system’s inherent lawlessness, prompting BRICS nations that want to maintain their sovereignty to start working on an alternate currency swap system. The groundwork for such a system was laid when countries had to find ways to trade with Russia without using SWIFT. Now, as more nations join the BRICS alliance, this alternative financial network becomes increasingly appealing and self-reinforcing. Consequently, the dollar-based economy is shrinking, reducing the leverage of the US over other countries in global economic affairs.