US Senator Fears BRICS Expansion Could Devalue Dollar

• The Expansion of BRICS Alliance: A Perceived Threat to the US Dollar and SWIFT Payment System
• BRICS Alliance: A Growing Geopolitical Collective
• The Ambition of the BRICS Alliance
• The Reaction to Argentina's Decision

The Expansion of BRICS Alliance: A Perceived Threat to the US Dollar and SWIFT Payment System

US Senator Marco Rubio recently expressed concerns that the BRICS alliance's expansion could potentially undermine the strength of the US Dollar. He suggested that the broadening of the bloc could potentially pose a challenge to the Western-centric SWIFT payment system. The senator's views were shared in an online publication.

Senator Rubio commended Argentina's decision to decline an invitation to join the BRICS alliance. Notably, Argentina was the sole country among the six invited that opted not to join. By contrast, Saudi Arabia, Egypt, Iran, Ethiopia, and the United Arab Emirates (UAE) are anticipated to become part of the alliance within the current year.

BRICS Alliance: A Growing Geopolitical Collective

In recent months, the BRICS bloc has emerged as a significant geopolitical collective with a global reach. The economic alliance has steadily expanded its membership to drive its various initiatives. Its de-dollarization plans serve as the core of this growth trajectory.

Amid these BRICS developments, Senator Rubio has expressed his belief that the expansion of the bloc poses a risk to the US dollar. Additionally, Rubio pointed out that the bloc's five-nation expansion plan could be seen as a direct challenge to the United States SWIFT payment system, potentially affecting trade with Western nations.

The Ambition of the BRICS Alliance

According to Rubio, the BRICS alliance was established with the explicit objective of displacing the United States from its position of global dominance. Rubio further explained that BRICS members consolidate foreign currency reserves and extend billions in easy money loans to pit developing nations against the United States and other Western currencies.

Rubio claimed that the BRICS expansion would double the size of the trade group and pose a tangible threat, particularly to the American and European-led financial system. He further suggested that continued growth of the BRICS alliance would make it increasingly difficult to use the US Dollar as a tool in global politics.

The Reaction to Argentina's Decision

Rubio voiced his support for Argentina President Javier Milei's decision to reject the BRICS invitation. He believes that this choice reflects a proper understanding of the implications of BRICS development. The alliance has been candid about its ambitions for a multipolar world and its desire to enable countries to bypass the Western control of dominant currencies. This could be achieved by increasing the power of their local currencies.

Edited by Jonathan Stoker