The US dollar has been the dominant currency in the world since it replaced the gold standard in 1971. Since then, the world has been at the mercy of the dollar, making it difficult for countries sanctioned by the West to trade with partner nations. However, there appears to be a growing trend to end the dollar’s hegemony among some of the largest economies. Among these nations are Brazil, Russia, China, and India, four of the five members of the BRICS economic alliance. To understand more about the growing trend of de-dollarization, Direct Impact’s Rick Sanchez speaks to renowned economist Richard Wolff, who reconstructs a world without the Western-dominated currency.
