BRICS and the Fiction of “De-Dollarization”
NOVANEWS
By Prof Michel Chossudovsky
Global Research
Next week in early September 2017, the member states of BRICS, will be meeting in Xiamen, Fujian Province, China.
This article was first published by Global Research in April 2015.
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The financial media as well as segments of the alternative media are pointing to a possible weakening of the US dollar as a global trading currency resulting from the BRICS (Brazil, Russia, India, China, South Africa) initiative.
One of the central arguments in this debate on competing World currencies hinges on the BRICS initiative to create a development bank which, according to analysts, challenges the hegemony of Wall Street and the Washington based Bretton Woods institutions.
The BRICS New Development Bank (NDB) was set up to ...