BRICS raging against the US dollar is an exercise in futility
The BRICS countries are attempting to challenge the US dollar's dominant position as the world's reserve currency, but their efforts are likely to fail due to economic factors and too many contradictions between the group's members. The dollar is currently used in 42% of currency transactions, while the euro accounts for 32%. There are also concerns that moves towards de-dollarisation could lead to overreach by western countries, such as the freezing of foreign exchange and gold reserves, following Russia's invasion of Ukraine.
The exorbitant privilege the US enjoys from the dollar being unambiguously the world’s reserve currency is under attack again. The emerging market BRICS countries of Brazil, Russia, India, China and South Africa are trying to attract hangers-on by whipping up talk of a rival to dethrone King Dollar. It’s going to fail for all the usual reasons. As the King himself, Elvis Presley, sang: A little less conversation, a little more action, please.