Expanded BRICS Set to De-Dollarize the World, Control Global Energy Supply

An economist says expansion of BRICS has made it clear that the de-dollarization of the international finance system is inevitable.

A large screen shows a news programme featuring Chinese leader Xi Jinping speaking via video at the opening of the virtual BRICS Summit being hosted by India, on a street in Beijing on Sept. 10, 2021. Greg Baker/AFP via Getty Images

JOHANNESBURG—“The expansion of BRICS has made it clear that the de-dollarization of the international finance system is inevitable.” 

This view, from economist William Gumede—who’s also executive chairperson of the Democracy Works Foundation in South Africa—has been echoed around the world since BRICS leaders announced the expansion of the bloc on Aug. 24 at a summit in Johannesburg.