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BRICS, De-Dollarization and the Future of the US Dollar
September 25, 2026—The model of a U.S.-led global economy, long established since the start of the 1944 Bretton Woods system, is coming under significant strain. It is not just wars disrupting freedom of navigation and the price of oil causing cracks in the system. Nor is it only a reflection of the mounting U.S. debt and annual deficits. It is also a growing movement towards multilateralism. What gives that momentum are shifts toward competing financial infrastructures, new geopolitical alliances, and novel methods of settling cross-border payments. These pose challenges to the existing order and the dollar-dominated trading system.
In the past month, we’ve witnessed the greatest acceleration this change. We see new strategic alliances, less trust in the U.S. defense, and a ground-up i...










