BRICS: Expert Warns of US Economy in Depression Amid Dollar Struggles

Grandfather holds money in his hands. An elderly man counts dollars in the room by the window

The BRICS alliance remains committed to promoting local currencies, while one expert asserts that the US economy is currently in a state of depression due to ongoing dollar challenges. Robert Kiyosaki, author of “Rich Dad Poor Dad,” recently shared his concerns about the country’s financial situation.

In a post on X (formerly Twitter), Kiyosaki explained why he characterizes the American economy as depressed. He also emphasized that a “soft landing” is unlikely. Meanwhile, the US dollar continues to face threats as global efforts toward de-dollarization persist.

BRICS Stays Resolute in De-Dollarization Efforts

Over the past year, the BRICS alliance has aimed to enhance its global relevance. A significant part of this strategy involves promoting local currencies and embracing de-dollarization. Meanwhile, the United States grapples with its escalating debt crisis and surging inflation.

As the BRICS bloc remains steadfast in its initiatives, experts now assert that the US economy is experiencing depression amid ongoing dollar challenges. Specifically, Kiyosaki contends that the United States is currently in a state of “subpar growth.” He points out that while the economy grew by 3.4% in Q4 of 2023, it only expanded by 1.6% in Q1 of 2024.

Furthermore, Kiyosaki warns that this situation won’t lead to a gentle landing. The sustained pressure on the US dollar adds to the concern. Although most government officials have avoided acknowledging the debt crisis, financial experts anticipate dire consequences.

Meanwhile, BRICS nations like Russia and China have significantly reduced their reliance on the dollar. These countries now conduct 90% of their bilateral trade without using the greenback. The question remains: Will this trend become the norm or remain an exception?

As global asset diversification continues to be a prominent theme in 2024, central banks are increasing their gold reserves as a safeguard against the dollar’s fragility. However, this evolving landscape poses worrisome implications for both the economy and the greenback.

Source: Watcher.Guru