Monday, July 28, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Jim O’Neill Predicts the Key to Dethroning the US Dollar

Simon Osuji by Simon Osuji
October 23, 2023
in Business
0
India & UAE Looking For More Ways to Ditch USD
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Following the BRICS expansion efforts, Jim O’Neill, the economist who coined the acronym, has predicted just what may be the key to dethroning the US dollar. Specifically, O’Neill recently discussed the aforementioned expansion in an opinion piece. There, he affirmed the detriment of international reliance on the greenback while assuring that there is one vital thing that could be done to combat it once and for all.

Throughout much of the year, the BRICS bloc has fully committed to its de-dollarization efforts. Indeed, it has used its newfound expansion to continue its trend of international settlements in local currencies. Yet, those efforts may be misguided, as O’Neill has discussed how those changes could occur abundantly.

brics bloc flags countries
Source: brics.tv

Also Read: Russian Economist Says BRICS Trade Currency is ‘Inevitable’

Jim O’Neill Calls for Most Vital Aspect of BRICS De-Dollarization

Two decades ago, economist Jim O’Neill first coined the BRICS phrase. Specifically, he did it to place a spotlight on emerging economies. Moreover, he did it to highlight its purpose and how it could evolve beyond the symbolic. Now, he is continuing to question that purpose and discuss its overwhelming potential.

When commenting on the BRICS expansion this year, Jim O’Neill laid out the key to dethroning the US dollar. Specifically, he broke down the economic reality of the bloc and its parallel nature said the G7 through their top-heavy construction.

Also Read: Chinese Investors Dump a Record $5.1 Billion in US Stocks

Within that piece, O’Neil noted a “big issue” for the bloc in the dominance of the dollar. “It is not especially healthy for the world to be so dependent on the dollar,” O’Neill stated. Thereafter, he discussed how the BRICS bloc could learn from the missed opportunity of the Euro.

O’Neill writes that the Euro could have played a de-dollarization role if member states allowed it to have a global appeal. Therefore, he notes that BRICS must create “significant financial reforms “to achieve de-dollarization. Specifically, O’Neil discussed this as beyond exploration into a BRICS currency. Subsequently, noting that such reform would lead to local currency promotion globally.

Source link

Related posts

China, Nigeria in diplomatic talks over abandoned miners in Chinese-owned mines

China, Nigeria in diplomatic talks over abandoned miners in Chinese-owned mines

July 27, 2025
Ghana secures first Paris Club debt deal from France

Ghana secures first Paris Club debt deal from France

July 27, 2025
Previous Post

The GitHub Black Market That Helps Coders Cheat the Popularity Contest

Next Post

So how about another 20 IPOs?

Next Post
So how about another 20 IPOs?

So how about another 20 IPOs?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Orca Bio to seek approval of T cell transplant after positive trial data

Orca Bio to seek approval of T cell transplant after positive trial data

4 months ago
Forward movement reported on Mzansi Home Guard

Forward movement reported on Mzansi Home Guard

2 years ago
Shock therapy alone will not cure Nigeria’s economic ills

Shock therapy alone will not cure Nigeria’s economic ills

1 year ago
The Jomo Kenyatta International Terminal Design By Adani

The Jomo Kenyatta International Terminal Design By Adani

10 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.