The Futile Search for a Dollar Rival
The BRICS’ main purpose nowadays is to portray Russia and China as leaders of the so-called Global South, and to issue statements about its plans to challenge the US dollar’s dominance in global trade and finance. But as the bloc’s own actions show, that will not happen anytime soon.
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LONDON – As photo opportunities go, the one offered by the BRICS summit in Kazan, Russia, was not particularly inspiring: five autocrats and three democratically elected leaders lending their support to a dictator who cannot leave his country because of an International Criminal Court arrest warrant for war crimes.