The China, Russia-led BRICS bloc aims to challenge the U.S. by creating an alternative currency to the dollar. The group, including Brazil, India, South Africa, to meet this week.
Sen. Joni Ernst, R-Iowa, weighs in on China and Russia's growing alliance under the Biden administration on "Your World."The BRICS bloc of countries led by China and Russia want to upend the U.S. dollar. Indeed, South Africa's ambassador to the group could not have been clearer last month when she said,"The days of a dollar-centric world is over. That's a reality. We have a multipolar global trading system today.
The leaders of the five nations seeking to upend the West’s dominance in global affairs will gather on Aug. 22-24 for their 15th summit, minus Russian President Vladimir Putin, who will be represented by Foreign Minister Sergei Lavrov due to Putin facing an arrest warrant from the International Criminal Court for war crimes in Ukraine.
More than 40 countries have recently expressed interest in joining the block in an effort to reduce the currency risk and bypass U.S. sanctions, if necessary. These aspirants include both foes as well as Iran, Saudi Arabia, Egypt, Indonesia and Argentina. The message is clear: The non-Western world wants to keep business and economics separate from politics and ideology.
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