Author and investor Robert Kiyosaki has once again reaffirmed his longstanding position regarding the uncertain future of the US dollar, contending that the increasing movement by BRICS nations towards non-dollar trade may compel the greenback to lose its status as a reliable reserve currency.
During the initial week of December, the author of Rich Dad Poor Dad articulated a comparable perspective. Farewell, United States currency! Please remain attentive, alert, and engaged. Avoid being unsuccessful. My prediction is that holders of the US dollar will incur the greatest losses, as Kiyosaki stated on X.
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This time, Kiyosaki examined historical geopolitical events to demonstrate how the dominance of the US dollar has been maintained within the global energy market. He referenced Iraq’s 2000 decision to denominate oil in euros and Libya’s 2009 proposition for a gold-backed African currency, both of which were subsequently accompanied by military interventions.
In 2000, Saddam Hussein declared that Iraq would conduct its hydrocarbon sales in euros rather than U.S. dollars. Three years later, the United States launched an invasion of Iraq. No weapons of mass destruction were ever discovered.
However, Iraqi crude discreetly reverted to being valued in U.S. dollars. Subsequently, it occurred once more.
In 2009, Muammar Gaddafi proposed the establishment of an African currency supported by gold. The gold dinar would have enabled African nations to purchase crude without reliance on the dollar. In 2011, NATO undertook an intervention in Libya. Gaddafi was deceased.
The gold dinar has vanished. Libyan oil reverted to being valued in dollars, Kiyoaki stated in a Facebook post on December 30.
According to Kiyosaki, these events underscore the pivotal function of the “petrodollar” in sustaining the demand for the US dollar.
He stated, according to the mint, that when a nation challenges the dollar system, it encounters economic sanctions, regime change, or military intervention. However, this pattern is presumably approaching a point of transition.
Kiyosaki contends that China has established infrastructure that does not rely on the dollar, with BRICS nations undertaking fifty percent of their internal trade in local currencies. For instance, he stated that Russia reports that 90% of China trade transactions are conducted using rubles and yuan.
In such circumstances, he stated that the military is unable to uphold a system that numerous countries are concurrently discarding.
Brazil, Russia, India, China, and South Africa, together with Egypt, Ethiopia, Iran, Indonesia, the United Arab Emirates, and Saudi Arabia, constitute the 11-member alliance known as the BRICS nations.
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