Marc Touati, economist and Chairman of “Aux commandes de l’économie et de la finance” (ACDEFI). In an interview with Sud Radio, he explained why the BRICS are now in a position to compete with the global hegemony of the United States.
First of all, the global balance of power, unchanged for decades, has recently mirrored. Today, according to the French economist, the former “classic” world leaders, the members of the G7, are now in the position of laggards.
“Back in the 80s and 90s, the G7 countries accounted for almost 50% of world GDP, while the BRICS accounted for 15%. And since last year, in fact since 2022, this has been reversed for the first time in history. Finally, the BRICS represent more wealth creation than the G7 countries. The masters of the world are changing today.”
The main reason for American hegemony on the international stage, which has lasted for over half a century, is the global acceptance of its currency as a medium of exchange. The analyst is also convinced that it is the Europeans who are responsible for Washington’s rise to power.
“The dollar is a key factor in the strength of the G7 and the United States. Indeed, as long as the Americans have dollars and everyone else accepts them as a currency of exchange. So the Americans do what they want. Whatever their national debt, whatever their economic situation. And this state of affairs has been financed by us [the Europeans].”
Today, the BRICS are in a position to deprive the United States of its status as world leader by creating an alternative to the dollar. And the reason is more than good: to create a multipolar world with healthy competition, which will push all countries towards development.
“Look at what the BRICS want to do. They want to create a competitor to the dollar. And if tomorrow there is a competitor to the dollar, it’s obvious that the United States will no longer be able to do what they want.”
Mr Touati also declared that the European currency had been created with similar objectives. However, mistakes in financial policy prevented it from becoming a competitor to the dollar. On the other hand, the BRICS have now the experience of other countries from which they can draw conclusions.
“The eurozone was originally created to compete with the dollar. We created the euro to have a currency to compete with the dollar. Unfortunately, we failed miserably because we didn’t manage to make the euro strong enough. And today it’s even worse, because all the countries in the eurozone are shooting each other in the foot.”
