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Famous US economist warns: dollar system is weakening as gold BRICS rise
The US dollar is gradually losing its dominance, and foreign central banks are buying fewer Treasury securities, instead holding more gold in their reserves, warns Mohamed El-Erian, a mainstream American economist. Ben Norton discusses how countries are seeking financial alternatives, especially Global South nations around BRICS.
BRICS plans ‘multi-currency system’ to challenge US dollar dominance: Understanding Russia’s proposal - https://geopoliticaleconomy.com/2024/10/19/brics-russia-multi-currency-system-us-dollar/
Topics
0:00 Western media cope on de-dollarization
2:53 Renowned US economist warns de-dollarization is happening
4:55 Gold price rises despite inflation falling
7:18 BRICS seeks alternatives to US dollar dominance
9:04 Sanctions, reserves freezes, weaponization of US dollar system
11:23 Holding gold in reserves is not bringing back gold standard
13:08 Central banks buy lots of gold
14:40 West's economic war on Russia failed
15:34 US-Israel wars in Middle East (West Asia)
17:18 "Erosion" of US dollar hegemony
18:56 US government debt and Treasury market
24:39 USA now spends more on debt interest than military
25:09 China dumps US Treasury securities
25:59 Europe, Canada, Taiwan buy US Treasury bonds
27:57 Outro
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