Why a BRICS Currency Could Threaten the Dollar’s Dominance, According to a Former White House Adviser

A former White House adviser has suggested that a BRICS currency could pose a serious threat to the US dollar’s dominance. Joseph Sullivan, who served as a staff economist at the White House Council of Economic Advisers during the Trump administration, wrote in Foreign Policy that a currency issued by Brazil, Russia, India, China and South Africa would be a “new union of up-and-coming discontents” that collectively outweigh not only the US, but the entire G-7 weight class. A BRICS currency would also allow for a level of self-sufficiency in international trade that has eluded other currency unions, as its members would be able to produce a wider range of goods.