The Importance of Issuing a New Global Currency to Stop Dollar and Euro Robberies
Economist Urges the Need for a New Global Currency to Curb Monetary Exploitation
Renowned economist Arif Dalila emphasizes the significance of introducing a new currency or multiple currencies worldwide in order to combat the ongoing financial exploitations associated with the dollar and euro.
The Call for a Global Currency
In a recent appearance on RT’s “Best Saying” program, Dalila expressed his belief in the necessity of a new global monetary system. He referred back to the Bretton Woods agreement of 1944, which aimed to establish a new international currency system. However, three institutions withdrew from the agreement, preventing the implementation of a global currency. Dalila argues that the existing International Monetary Fund and World Bank have failed to fulfill their intended roles and expand into a universally accepted world currency.
Dalila asserts, “The world now requires a global currency to put an end to the rampant monetary manipulation, where certain countries can purchase goods worldwide using paper money without paying the fair value. This unprecedented practice stands in contrast to the historical principle of exchange based on equal value, and it must be halted.”
Building a Balanced Financial System
The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, aims to establish a more balanced financial and monetary system that challenges the dominance of the US dollar in the global economy. As part of their efforts, the group is exploring the possibility of introducing a common currency or adopting a basket of currencies to facilitate trade among member nations.
During their recent summit in South Africa, the BRICS group welcomed six new countries, including Saudi Arabia, the UAE, and Egypt, with strong support from Russia, one of the founding members. The membership of these new countries is expected to become effective starting from the beginning of 2024.