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The ascension of Iran and Saudi Arabia to the BRICS coalition of anti-dollar rebels marks another milestone in their effort to handcuff the United States.
If the BRICS conspirators have their way, the US will no longer be able to fund its deficit by turning on its printing press. That printing press would only churn out dollars which the BRICS countries are determined not to recognize as the global currency.
They want to force the United States to convert the dollar into a new BRICS currency based on gold to borrow funds to meet their deficit.
The BRICS countries are a grouping of the world economies of Brazil, Russia, India, China, and South Africa, plus, Iran and Saudi Arabia. The BRICS countries together have 41% of the world population, 24% of the world GDP and over 20% share in the world trade.
To dethrone the dollar is a backdoor way of defunding our defense budget orchestrated by China. If we cannot simply print our way out of our $1.5 trillion annual deficit, we will have to borrow the money in a BRICS currency, an increasingly difficult task.
China would be able to obstruct our efforts to convert dollars into BRICS, making it very hard to fund a large and growing defense budget.
Biden could stop this trend were he to summon the courage and independence from his Chinese benefactors. The dollar accounts for 88% of global financial trade. Biden should punish the BRICS countries for their refusal to trade in dollars using our massive leverage over them.
But that would take a modicum of independence and courage, both lacking in this administration.
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Dick Morris, who served as adviser to former Sen. Trent Lott (R-Miss.) and former President Clinton, is the author of 16 books, including his latest, Screwed and Here Come the Black Helicopters.