Brazil and its president have spoken out strongly against the US Dollar’s hegemony in international trade. Brazil, a founding member of BRICS, advocates for lowering the US Dollar and believes that a BRICS currency backed by gold will advance that cause.
In support of BRICS, Brazilian President Luiz Inacio Lula da Silva called for an end to the US dollar’s hegemony over global trade today. This is a repetition of the president’s earlier remarks. President Da Silva tells the media that new countries joining BRICS would be discussed during the upcoming BRICS Summit.
Everyone is aware of his support for the notion that we should have our own currency to conduct international trade. Why is the dollar necessary for Brazil’s trade with China or Argentina? We can transact using our own money, he continues.
Argentina and other South American nations have already started trading using the Chinese Yuan. This is done to stop trade in the country from using the US Dollar. Brazil and the other BRICS members will debate the depreciation of the US dollar as well as a new currency during the forthcoming summit. Likely, other prospective members will concur with the president of Brazil.
