Former White House Economist Warns BRICS Currency Threatens US Dollar Dominance, While South Africa Considers Exiting BRICS.

Former White House economist Joseph Sullivan has warned that a BRICS currency would erode the U.S. dollar’s dominance. If member nations use only a common BRICS currency for international trade, “they would remove an impediment that now thwarts their efforts to escape dollar hegemony,” he described. Sullivan believes that it is “realistic to imagine the BRICS using only the bric for trade.” However, he expects the BRICS currency to “raise a litany of thorny practical concerns.”