banks lend millions of dollars globally and the amount disbursed could be reduced considerably. Therefore, the U.S. dollar will experience a dent in the supply and demand mechanism and banks will take the first hit due to the BRICS de-dollarization initiatives. U.S. banks are already in crisis with several banks facing closures and bankruptcies since 2020.
If the banking sector takes the first hit, the next dent will inadvertently be the financial sector in the U.S. The financial sector is broad and involves consumer goods and retail, technology, and fintech, among various others. Even inflation could hit the U.S. homeland making the prices of everyday essentials peak. BRICS ditching the dollar for global trade and transactions will begin to have adverse effects on the U.S. economy and day-to-day life in America will be impacted.
banks lend millions of dollars globally and the amount disbursed could be reduced considerably. Therefore, the U.S. dollar will experience a dent in the supply and demand mechanism and banks will take the first hit due to the BRICS de-dollarization initiatives. U.S. banks are already in crisis with several banks facing closures and bankruptcies since 2020.
If the banking sector takes the first hit, the next dent will inadvertently be the financial sector in the U.S. The financial sector is broad and involves consumer goods and retail, technology, and fintech, among various others. Even inflation could hit the U.S. homeland making the prices of everyday essentials peak. BRICS ditching the dollar for global trade and transactions will begin to have adverse effects on the U.S. economy and day-to-day life in America will be impacted.
