When BRICS was formed in June 2009, former US President Barack Obama had predicted the future of the US dollar. Three months after BRICS was formed in 2009, Obama spoke in length about the USD highlighting its importance across the world. The former President revealed that investor’s confidence in the USD is high and will remain the same for many more years.
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However, fast-forward 16 years to 2025, the geopolitical landscape has experienced a paradigm shift. Developing countries are advancing financially and competing with the US in tech, trade, and science. BRICS is also looking to topple the US dollar giving Barack Obama’s 2009 prediction a reality check. The global financial markets are rapidly evolving with emerging economies looking to dominate the geopolitical spectrum.
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BRICS: Barack Obama Had Predicted the US Dollar’s Future in 2009, Here’s What He Said
Former US President Barack Obama spoke about the US dollar’s future prospects when the BRICS alliance was launched in 2009. He explained that the USD is an extraordinary currency with immense faith and trust from the global investor community. “The dollar is extraordinarily strong right now,” President Obama said in November 2009.
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“And the reason the US dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world,” said Barack Obama. However, in 2025, the political landscape is different and BRICS and other developing countries want to topple the US dollar.
Barack Obama’s prediction of the US dollar is now on shaky grounds as BRICS countries find the currency intimidating. The White House pressing sanctions on developing countries is what led the alliance to distrust the USD. Even former US Treasury Secretary Janet Yellen confirmed that sanctions gave way for de-dollarization. Read here to know what Janet Yellen said about developing countries ending reliance on the USD.
