With a possible new entrant into the BRICS coalition, and more set to join later into 2024, the U.S. Dollar is predicted to devalue which may increase instability in the global economy.
As Cuban President Miguel Diaz-Canel held a meeting with Russian Foreign Minister Sergey Lavrov, one thing is clear the relationship between the two nations is flourishing. Much to the dismay of Washington, as it provides more relief to Ukraine in its battle against the invading Russians.
The President of Cuba marked the special significance of the ninth visit by the Russian diplomatic to discuss business dealings and possible entrance into the BRICS coalition.
Russian Foreign Minister Sergey Lavrov told the global press that discussions with the Cuban president, went well. The talks between the two nations are to strengthen economic ties, trade balances, and FDI (Foreign Direct Investment).
BRICS CHALLENGES U.S. DOLLAR DOMINANCE
“An assessment was made of supplies to Cuba of oil and its derivatives, fertilizers and other resources needed by the country, and Russia’s opportunities to expand business on the island were studied”
– Russian Foreign Minister Sergey Lavrov
The Russian Foreign Minister also made announcements regarding joint cooperation in tourism, bank cooperation for international transactions, and the possible expansion of direct flights between Moscow to Havana.
The Russian foreign minister also confirmed Cuba was interested in expanding as a member of the BRICS coalition.
The BRICS group is attracting major interest for nations seeking membership. As more than 20 other states seek entrance. Countries want to join BRICS because it will fill a vacuum in the global order, once held by the U.S. but now slowing disappating as the U.S. loses prominence in the world stage.
Nations are also hedging to prepare for new future world order. One where U.S. Military and economic dominance has diminished significantly or disappeared altogether. In this new global economic environment, countries are seeking growth and stability, where the greenback is no longer needed to be the buffer.
It is important to note that out of the BRICS current members, possibly only India could be considered a true ally in political and economic policy. While the other countries are either threats or potential threats.
BRICS can be contrasted with another group that typically gets much more attention. A group the United States leads, namely the G7. The G7 is composed of the world’s wealthiest countries, all of which are also core U.S. allies.
Although there is no BRICS currency scheduled to make a global appearance, this doesn’t mean one is not being negotiated or discussed between member nations.
However the mechanics of such a currency would be challenging as members of BRICS have unique currency challenges as well as local economic conditions that may make taking on a new currency challenging.
However dangers of financial collapse for the US economy is not out of the questions. Irregardless of a new BRICS currency launch, there are many other concerns for Washington.
Concerns such as America’s mounting national debt, ongoing military operations in various parts of the world, and lack of U.S. Dollar usage to facilitate global trade for weapons, commodities, and natural resources, effectively means the dominance of America is shrinking.
Cuba entering BRICS is not a crushing blow to Washington, rather it is another cut, in a death by a thousand cuts.