BRICS Currency, Chinese Yuan Threat to US Dollar? Dave Ramsey Says No!
• Dave Ramsey, an eight-time national best-selling author, has dismissed de-dollarization concerns and the possibility of a BRICS currency replacing the US dollar in international trade.
• He mentioned that China, Russia, and Brazil already don’t use the U.S. dollar as their basis of international trade and there is a conversion rate between each of those currencies and the U.S. dollar.
• The BRICS nations are attempting to create a common currency that will reduce their reliance on the USD but Ramsey believes that they do not have enough “muscle” to take down the US dollar.
Dave Ramsey is an eight-time national best-selling author who sold more than 11 million copies and is known as “America’s trusted voice on money”. Recently he answered a question about de-dollarization in an episode of “The Dave Ramsey Show” aired last week.
The question was asked by Zack from Alabama who was concerned about countries moving away from the USD for international trade and its effect on how he should save and invest his money as a result of this change. In response to this question, Dave Ramsey stated that China, Russia, and Brazil already don’t use the US dollar as their basis of international trade with each having their own currencies which have conversion rates with respect to each other as well as with respect to the US Dollar (USD).
BRICS Currency Challenges
He further noted that The BRICS nations (Brazil, Russia, India, China & South Africa) are working towards creating a new common currency that would be used for international trade instead of relying on the USD but he does not believe it will be successful due to lack of economic stability within these countries themselves or enough collective muscle power amongst them to take down the powerful U.S Dollar as an alternative global currency standard for international transactions & investments purposes..
In conclusion, while it may look like there are attempts being made by certain countries & groups like The BRICS Nations to challenge or replace the power & dominance enjoyed by the U.S Dollar over many decades now; personal finance expert & author Dave Ramsey believes they lack both financial strength/stability & collective muscle power necessary for such large scale ambitions or projects..
Dave Ramsey believes that it would be difficult for any single alternative currency like The Chinese Yuan or Russian Ruble etc., let alone several grouped together under one umbrella for international trading purposes like in case with The BRICS Nations; to successfully challenge or replace The U.S Dollar anytime soon given its strong economic foundation & position over many years now in global financial markets & investments arena..