The worldwide de-dollarization campaign and faint efforts to ditch the US dollar make no difference to the number one reserve currency. The greenback has set a new record in terms of its share in international transactions. The share of the US dollar expanded to 46.5% in July from 39.4% in June under the SWIFT payment system alone. Interestingly, the US currency accounted for about a third of the total volume of payments 10 years ago before the de-dollarization campaign. These are plain facts. Surprisingly, some analysts and policymakers still insist on the looming collapse of the US dollar.
Oddly, the recent BRICS summit has been defined as another diplomatic victory against Western nations. Congresswoman Marjorie Taylor Green is one of the first US policymakers to sound the alarm. While the presidential candidates are dragging the US deeper and deeper into the Ukrainian conflict, the BRICS countries are destroying the American economy, she lamented on the social network X (formerly Twitter). The policymaker also voiced concern that BRICS poses a threat to the US currency.
Interestingly, the Congresswoman also highlighted the fact that almost all candidates advocate for more financial and military aid to Ukraine. On the eve of the US Republican primaries in Iowa, only one candidate, Vivek Ramaswamy, spoke out against further support for Ukraine.
