Thursday, July 14, 2022

PetroDollar Death? Soon.

The US has done very well, indeed, with the USD serving as the principal world currency due to the fact that petroleum purchase and sale must be made in USD--thus, "petrodollar."

Not for long.

Saudi Arabia, Turkey, and Egypt plan to join BRICS, and their potential membership bids could be discussed and answered at next year’s summit in South Africa, Purnima Anand, the president of the BRICS International Forum, told Russian media on Thursday.

“All these countries have shown their interest in joining and are preparing to apply for membership. I believe this is a good step, because expansion is always looked upon favorably; it will definitely bolster BRICS’ global influence,” she told Russian newspaper Izvestia.

The BRICS nations (Brazil, Russia, India, China, and South Africa) account for over 40% of the global population and nearly a quarter of the world’s GDP.
  --Vox quoting RT*

Aside from the economics, there's the strategic thing about Turkey being both in NATO and in BRICS, which cannot last too long; Turkey will have to choose one or the other.

*RT is a Russian news outlet.  Use caution.

No comments: