The BRICS alliance has continued to embrace local currency promotion as one expert has claimed the US economy is in depression alongside its dollar struggles. Specifically, Rich Dad Poor Dad author Robert Kiyosaki stated his belief in the rather concerning state of the country’s economy.
In a post to X (formerly Twitter), Kiyosaki gave the reasoning why he classifies the currency American economy as in a state of depression. Moreover, he noted that there is “not going to be a soft landing.” All the while, the US dollar has continued to be threatened amid ongoing efforts for global de-dollarization.
Also Read: BRICS: Another Country to Ditch US Dollar & Pay Local Currency
Expert Claims US Economy in Depression as BRICS Don’t Relent on De-Dollarization
Throughout the last year, the BRICS alliance has sought to increase its relevance on a global scale. A large part of that plan has been connected to its desire to increase local currency promotion and embrace de-dollarization. Meanwhile, the United States has struggled with its own increasing debt crisis and skyrocketing inflation.
Now, with the BRICS bloc not relenting on its initiatives, one expert has said that the US economy is in depression amid ongoing dollar concerts. Specifically, Robert Kiyosaki took to X to explain his perception of the country’s financial state.
There, he described depression as “an economy in subpar growth.” By that standard, Kiyosaki stated that the United States is in the midst of that currently. His explanation noted that in the Q4 of 2023, the economy grew by 3.4%. however, in Q1 of 2024, the economy only grew by 1.6%.
Also Read: BRICS: Trump Creating Plan to Combat Alliance, Save US Dollar
Moreover, he assured that such a state would not arrive with a soft landing. That is only made even more concerning by the continued pressure being placed on the US dollar. The aforementioned debt crisis has been avoided by most government officials. However, most finance experts note that the issue will come with dire consequences.
All the while, BRICS nations like Russia and China have become almost completely dollarless. Those countries have executed 90% of bilateral trade without the greenback. The question is, will that be an exception or morph into the rule?
Diversification of global asset holdings has been an ongoing 2024 narrative. Central Banks have sought to increase gold reserves to protect against the dollar’s fragility. Yet, that could continue to evolve into a worrisome reality for the economy and the greenback.