The US national debt has been accelerating, growing by $1 trillion every 100 days since 2023. This uncontrolled debt poses a significant risk, potentially leading to a financial disaster not only within the US but also worldwide. Concerns are mounting among BRICS and other developing countries, fearing that their economies could crash due to their reliance on the US dollar. This reliance, once considered a pillar of financial stability, is now viewed as a threat.
The US dollar’s national debt has now reached a staggering $34.4 trillion and is teetering on the edge of control. Despite efforts from elected officials at Capitol Hill and the Federal Reserve, the debt continues to spiral.
In the midst of this economic turmoil, Bank of America has issued a stark warning of a potential US dollar collapse. This development has spurred BRICS to accelerate their efforts to promote de-dollarization worldwide.
The depreciation of the US dollar provides BRICS nations with an opportunity to lead other developing countries in reducing their reliance on the US currency.
In its latest report, Bank of America cautioned that the US dollar and its economy could face a challenging year in 2024. The escalating national debt is a primary concern, indicating that the US economy may be heading towards a downturn. “The US national debt is increasing by $1 trillion every 100 days,” noted Michael Hartnett, Chief Strategist at Bank of America.
Hartnett warned that if the debt continues to grow unchecked, the collapse of the US dollar could be imminent. “This does not bode well,” remarked Genevieve Roch-Decter, a former Asset Manager at Grit Capital. Additionally, BRICS is preparing for a potential decline in the US dollar and is considering introducing a new currency to the global market.