Marjorie Taylor Greene Says BRICS Nations Are Moving To 'Destroy America's Economy' By Moving Away From The Greenback, But Is The Petro-Dollar Really Dead?

U.S. Representative Marjorie Taylor Greene has raised alarms about the potential economic consequences for America as she claimed BRICS nations plan to move away from the U.S. dollar. On Wednesday, Greene tweeted that this shift could “destroy America's economy.”

What Happened: The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, is reportedly considering alternatives to the U.S. dollar in their transactions. Greene’s tweet reflects concerns over the impact such a move could have on the U.S. economy.

Rep. Greene’s comments were made on Sunday on Trump-ally Steve Bannon’s podcast “War Room.” She said, “They are going to start using their own currencies or they may come up with an agreed upon currency — not the dollar that they will trade with.”

Bannon then mentioned reports that the Saudis were getting out of a deal that bound them to the petro dollar.

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Why It Matters: The assertion by Rep. Greene comes amidst speculations that have been circulating on social media. These rumors suggest that a longstanding agreement, which required Saudi Arabia to price its crude oil exports in U.S. dollars, might be on the verge of collapse, potentially undermining the dollar’s global reserve currency status. However, experts have discredited these claims, clarifying that no such formal “petrodollar” agreement exists.

However, it is noteworthy that previous reports have touched on the BRICS nations’ ongoing efforts to enhance their financial integration.

This includes exploring the use of stablecoins and a platform for Central Bank Digital Currency (CBDC) payments as alternatives to the U.S. dollar in global commerce.

Photo courtesy: Shutterstock

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal