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The G7 no longer has the highest share of the global GDP, and its percentage is dropping fast. BRICS are now trading directly with each other through their own
by 29athrowaway 2y ago
The G7 no longer has the highest share of the global GDP, and its percentage is dropping fast.
BRICS are now trading directly with each other through their own bank, with their own version of SWIFT, etc. They can have access to the largest share of the world GDP while ignoring sanctions and not having to use US dollars or euros.
- ruthmarx 2y ago> The G7 no longer has the highest share of the global GDP, They still have more than half of the entire G20 though. > They can have access to the largest share of the world GDP while ignoring sanctions and not having to use US dollars or euros. This gives those countries more freedom and reduces the US ability to put pressure on those countries, but it's not an indication that the US is going to stop being the reserve currency anytime soon.