Thailand announces intention to join BRICS, accelerating dollar's demise.
Thailand has announced its intention to become a member of the BRICS economic bloc in a move that could accelerate the demise of the U.S. dollar.
If it is approved, Thailand would be the first Southeast Asian member of BRICS. Thailand is just one of several non-member countries that has been invited to participate in a BRICS summit in October with a view to eventually joining the coalition.
The addition of Thailand would bolster the growing financial power of BRICS and its desire to move away from the dollar.
With their own common currency, BRICS countries would be able to carry out trade without using American dollars, reducing the supply and demand of the dollar and possibly weakening its value.
Many countries keep dollar reserves to provide economic stability; they could seek to diversify their reserves in the presence of an alternative BRICS currency, which would further weaken the dollar's dominance and influence on the global stage.
At the same time, a common currency could enable BRICS nations to bolster their own local currencies, challenging the dollar in foreign exchange markets.
https://www.naturalnews.com/2024-05-31-thailand-announces-join-brics-expediting-dollar-demise.html
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