BRICS Expert Forecasts 2024 Threat to US Dollar Dominance

• The Potential Impacts of BRICS De-Dollarization Plans on US Dollar
• The Role of Expansion in the BRICS Alliance
• BRICS Expansion and its Challenges for the US Dollar
• Walser's Concerns about the BRICS Expansion
• A Shift in the Oil Sector

The Potential Impacts of BRICS De-Dollarization Plans on US Dollar

The BRICS nations' de-dollarization initiatives could pose considerable challenges for the US dollar by 2024, according to some economic analysts. The growing influence of this economic alliance has raised concerns about the future dominance of the greenback. Many predict that significant changes could begin to appear within this year itself.

The Role of Expansion in the BRICS Alliance

Rebecca Walser, the President of Walser Wealth Management, has highlighted the potential impacts of the BRICS expansion. According to her, this expansion is crucial to the global shift away from the acceptance of the dollar as a primary reserve currency.

BRICS Expansion and its Challenges for the US Dollar

The expansion of BRICS in 2023 was a significant geopolitical event. While some view their anti-western stance with skepticism, others have noted the possible repercussions of the group's initiatives. Walser is among the latter, predicting that the US dollar could begin to experience difficulties in the coming year.

Walser has expressed her anticipation of substantial challenges for the US dollar in 2024 due to the BRICS' commitment to global de-dollarization. She discussed these potential effects in the context of upcoming macroeconomic factors that could influence investors.

Walser's Concerns about the BRICS Expansion

Walser's macroeconomic concerns primarily revolve around the BRICS expansion. She mentioned that the significance of this expansion plan is not being adequately discussed on Wall Street. This includes the key role of new members like Saudi Arabia and the United Arab Emirates (UAE).

Walser views this as an important step towards the decline of the dollar's hegemonic status. She pointed out that the combined GDP of nations leaning towards the BRICS bloc surpasses that of the G7 members.

A Shift in the Oil Sector

Walser also highlighted a potential shift in the oil sector. If Saudi Arabia, UAE, and OPEC decide to begin selling crude oil outside of the US dollar, it could lead to significant problems. The main concern lies in the impact the BRICS expansion could have on global energy amid the bloc's de-dollarization plan. Ultimately, it remains to be seen if these concerns will materialize by 2024.

Edited by Jonathan Stoker