New BRICS Currency Could Hurt U.S. Living Standards
The U.S. economy is on a slippery slope with tech giants laying off employees since January 2023. The cost of living, especially in the real-estate sector, both owning and renting a property remains unaffordable to the average American. While the U.S. dollar reigns supreme on the international stage as the global reserve currency, its status is challenged by the BRICS nations who plan to launch a new tender. Moreover, if BRICS currency becomes the only tender for cross-border transactions, it could deeply hurt the U.S. living standards. Also Read: Middle East Countries Look To Join BRICS Alliance BRICS Currency Threatens U.S. Living Standards Source: Unsplash The de-dollarization effect is seen as a phenomenon that’s spreading to new countries that are not part of BRICS. Arab nations, African countries, and other developing nations are eager to join BRICS and accept the new currency. Nonetheless, the U.S. dollar could take the back seat giving the BRICS currency more...