Read the extract below and answer the questions that follow: How BRICS Is Coming Together to...

 

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Read the extract below and answer the questions that follow: How BRICS Is Coming Together to Challenge the U.S. Dollar "Meanwhile the downfall for us dollar remains work in progress. The US dollar is continuously facing backlash. Now Russia thinks that BRICS should do more. It has floated the idea of common currency. The first indication came in January when Russian foreign minister has issued the statement in which he says "Serious, self-respecting countries are well aware of what is at stake, and want to create their own mechanisms to ensure sustainable development. It is in this direction that have been voiced recently about the need to think about creating our own currencies within the framework of BRICS." This idea is now gathering steam. Reports say that they are working on a proposal which is likely to be presented at August that's when BRICS summit will be held in South Africa... Source: https://moderndiplomacy.eu/2023/04/20/how-brics-is-coming-together-to-challenge-the-u-s- dollar/ 3.1 3.2 3.3 "BRICS is coming together to challenge the US dollar". Speculate the possible impact of this on South Africa and other countries part of BRICS. (15) Discuss the benefits to the US of being a hegemony and the consequent impact of losing its hegemonic power on its economy. (15) Highlight the importance of integrated economies such as the BRICS. (10) Read the extract below and answer the questions that follow: How BRICS Is Coming Together to Challenge the U.S. Dollar "Meanwhile the downfall for us dollar remains work in progress. The US dollar is continuously facing backlash. Now Russia thinks that BRICS should do more. It has floated the idea of common currency. The first indication came in January when Russian foreign minister has issued the statement in which he says "Serious, self-respecting countries are well aware of what is at stake, and want to create their own mechanisms to ensure sustainable development. It is in this direction that have been voiced recently about the need to think about creating our own currencies within the framework of BRICS." This idea is now gathering steam. Reports say that they are working on a proposal which is likely to be presented at August that's when BRICS summit will be held in South Africa... Source: https://moderndiplomacy.eu/2023/04/20/how-brics-is-coming-together-to-challenge-the-u-s- dollar/ 3.1 3.2 3.3 "BRICS is coming together to challenge the US dollar". Speculate the possible impact of this on South Africa and other countries part of BRICS. (15) Discuss the benefits to the US of being a hegemony and the consequent impact of losing its hegemonic power on its economy. (15) Highlight the importance of integrated economies such as the BRICS. (10)

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31 Possible Impacts of BRICS Challenging the US Dollar Positive Impacts Reduced vulnerability to US policies South Africa and other BRICS nations could be less susceptible to economic and political pr... View the full answer