And the Kremlin’s habitual use of lies as an instrument of statecraft offers grounds for skepticism about anything Russia says. By one measure, the dollar is now used in 84.3 percent of cross-border trade-compared to just 4.5 percent for the Chinese yuan. But the talk has yet to turn into results. Murmurs in foreign capitals about a desire to dethrone the dollar have been making headlines since the 1960s. It’d be like a new union of up-and-coming discontents who, on the scale of GDP, now collectively outweigh not only the reigning hegemon, the United States, but the entire G-7 weight class put together.įoreign governments wanting to liberate themselves from reliance on the U.S. But a BRICS-issued currency would be different. As one economist put it, “Europe is a museum, Japan is a nursing home, and China is a jail.” He’s not wrong. These developments complicate the narrative that the dollar’s reign is stable because it is the one-eyed money in a land of blind individual competitors like the euro, yen, and yuan. “Every night,” he said, he asks himself “why all countries have to base their trade on the dollar.” Weeks later, in Beijing, Brazil’s president, Luiz Inàcio Lula da Silva, chimed in. It is to be used for cross-border trade by the BRICS nations: Brazil, Russia, India, China, and South Africa.
Last month, in New Delhi, Alexander Babakov, deputy chairman of Russia’s State Duma, said that Russia is now spearheading the development of a new currency.
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