BRICS: Only 3% of US Dollar’s Original Purchasing Power Remains
The decline of the US dollar’s value is accelerating with depleting purchasing power in 2024. A dip in the USD’s buying power could lead to hyperinflation in the homeland affecting the broader stock and commodity markets. The US dollar’s purchasing power is dwindling at a time when the BRICS alliance is looking to topple it from the world’s reserve currency status. Also Read: 23 Countries Officially Apply To Join BRICS Alliance Lynette Zang, CEO of Zang Enterprises, emphasized that the US dollar’s purchasing power is eroding. The Federal Reserve documented that only 3% of the US dollar’s original purchasing power remains in 2024. “This is what the official government data will tell us,” said Zang. This gives BRICS more mileage to take on the US dollar as its purchasing power is dwindling. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Additionally, Zang explained that the purchasing power at 3% in...