• Elon Musk, the world’s richest person, has issued a major warning about the US dollar amid the BRICS alliance’s efforts to reduce global reliance on the currency. • Musk expressed concern about the increasing US national debt, stating that action needs to be taken or the dollar will be “worth nothing.” • The ballooning federal debt and the BRICS de-dollarization efforts are raising worries about the future value of the US dollar.
The BRICS alliance has been working to reduce reliance on the US dollar. Now, Elon Musk has expressed concern about the future value of the currency.
BRICS Countries Are Pushing to De-Dollarize
The BRICS countries – Brazil, Russia, India, China, and South Africa – have taken steps to conduct more trade in their own currencies rather than dollars. This reduces demand for the dollar globally.
Recently, the alliance created a joint fund to promote use of their national currencies. The countries have also increased purchases of commodities like oil in non-dollar currencies.
Musk Warns About the Growing US National Debt
On his social media platform, Elon Musk said action is needed on America’s national debt, or else the dollar “will be worth nothing.”
The debt has ballooned past $34 trillion. Experts warn that unchecked growth could lead to an economic crisis.
Musk is not alone in his concern. JPMorgan‘s Jamie Dimon has also sounded the alarm about the consequences of inaction.
Conclusion
With the BRICS seeking to undermine dollar dominance and debt spiraling upwards, warnings about the currency’s future cannot be ignored. Musk’s statement highlights the precarious position of the world’s reserve currency.
