BRICS: Why US Dollar Can't Afford To Lose Reserve Currency Status
The US cannot afford to lose the dollar’s reserve currency status as the reaction would be devastating for the economy. The White House, the Federal Reserve, the US Treasury, and all other institutions will face scrutiny. The major impact will be felt by American businesses and the general public, as inflation is expected to soar across the homeland. The development would lead to job cuts and a stock market crash that would make 1928 feel like a child. BRICS is trying hard to topple the US dollar and replace it with local currencies. Also Read: BRICS vs G7: Who Is Richer in 2025? BRICS: Here’s What Will Happen If the US Dollar Loses Its Reserve Currency Status Source: News18.com Demand For the US Dollar Will Drop Not just BRICS, but all developing countries will stop buying the US dollar and avoid keeping it in their reserves. Emerging economies will use their national currencies for trade settlements and strengthen their GDP. Local currencies will start surging in the forex...