Economist Advocates for New Global Currency to Combat Financial Exploitation
Renowned economist Arif Dalila emphasizes the necessity of introducing a new currency or currencies worldwide to address the ongoing robberies facilitated by the dollar and euro.
Historical Context
Dalila, speaking on RT’s Better Speak Out program, highlights the significance of the 1944 Bretton Woods agreement, which established a new global monetary system. However, three institutions – the International currency system, the Fund, and the Bank – failed to fulfill their intended role as a global currency. These institutions emerged in the 1970s but did not expand adequately to become a universally accepted currency.
The Urgent Need for Change
Dalila asserts that a global currency is crucial to curb the widespread paper robbery perpetrated by certain countries. These countries exploit the ability to purchase goods worldwide with paper currency without paying the actual value. Such exploitation and waste have never been witnessed before in history. Previously, the world operated on the principle of fair exchange and equal value, which must be reinstated to prevent further abuse.
Paving the Way for a New Financial System
The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, seeks to establish a balanced financial and monetary system that challenges the dominance of the dollar in the global economy. As part of this effort, the group contemplates introducing a common currency or adopting a currency basket as the basis for trade among member countries. Recently, six new nations, including Saudi Arabia, the UAE, and Egypt, were welcomed into the BRICS group at a summit in South Africa. Russia, a founding member, greatly supports and encourages the inclusion of these countries. The membership of the new members is set to take effect from the beginning of 2024.
Source: RT
