If the BRICS countries manage to launch the BRICS Pay settlement system in October, then October 2024 will undoubtedly go down in human history.
The emergence of the BRICS Pay settlement system is of epoch-making significance for the world, as its introduction signifies the end of U.S. hegemony.
The reason the United States is able to dominate the world is not because of its strong economic power, military capability, or technological prowess, but because it controls the global trade settlement system.
As humanity has entered an era of great specialization, any country that wants its people to quickly enjoy a better life must engage in trade with other countries around the world.
The greatest benefit of trading with other nations is that it allows resources to be optimally allocated, maximizing economic efficiency in resource utilization for all countries involved.
As a result, no country in the world dares to cut off trade with the rest of the world, as doing so would lead to backwardness and poverty.
Thus, as long as the U.S. controls the global trade settlement system, no one dares to turn against it. The U.S. can prohibit the other party from using the dollar settlement system, preventing them from participating in international trade, which will eventually lead to their decline into backwardness and poverty over time.
Of course, the BRICS countries are not ones that the U.S. can easily manipulate. Although South Africa and Brazil don't possess nuclear weapons, their strength should not be underestimated, and with China and Russia not standing idly by and watching them fight alone, there’s no need to worry too much.
There’s another important point to note.
The BRICS Pay settlement system will not immediately replace the U.S. dollar settlement system upon its introduction. After all, BRICS Pay is a new system that will need time to develop and mature.
Therefore, even if the BRICS countries launch the BRICS Pay system in October, it won’t cause a significant short-term impact on the dollar settlement system.
After all, countries around the world currently hold large amounts of U.S. dollar cash and assets, and such vast sums of money cannot be spent all at once.
If these dollars are not spent, it would be equivalent to giving away all the goods exported in the past to the U.S. for free. On the other hand, spending all those dollars at once would mean purchasing large quantities of U.S. goods, which would, in turn, help revive the U.S. economy.
Thus, it will take a long time for countries to spend their dollar holdings, and this time is also what BRICS Pay will need to grow and develop.
Note: All the above pictures are from the Internet