Hello everybody, and thank you for tuning into the weekly report.

Will Brick smash the dollar?

Donald Trump's legal troubles, the possibility that Joe Biden will face an impeachment inquiry,

and other stories related to the upcoming presidential election,

caused the American media to miss a story of potentially greater significance.

This was the decision of the Bricks.

Brazil, Russia, India, China, and South Africa,

who formed their allowance to challenge US political and economic dominance,

to induct six new countries into their group,

Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

One way that Bricks hoped to achieve its goal is to undermine the foundation of US power,

the dollar's global reserve currency status.

Brazilian President Luis Lula de Silva called the Bricks nations to create their own currency,

while India is pushing to have its trading partners, including Russia,

and trade in Indian rupees rather than US dollars.

China and other Bricks countries have also reportedly taken steps to explore using gold,

instead of dollars for international trade.

After then President Richard Nixon severed the link between the dollar and gold in 1971,

Henry Kissinger negotiated a deal with Saudi Arabia where,

in exchange for US diplomatic and military support,

Saudi Arabia would use dollars for its dealings in the international oil market.

The Petra dollar is the backbone of the dollar reserve currency status.

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