BRICS

At the end of WW 2 the United States became the worlds super power and all money transactions were in dollars. This concept was solidified in 1973 with the formation of petrodollars. The US agreed to protect Saudi Arabia from any and all enemies and in return they agreed to only sell oil in dollars thus the name petrodollars. Now there are five big countries who are teaming up to have their own currency to replace the dollar. They are Brazil, Russia, India, China and South Africa and are known by the acronym BRICS. If they are successful it will be a major blow to the US who can now print all the money needed without concern about the rest of the world. BRICS has gained in popularity because the USA has increased the printing of money and the money supply has increased from $10 trillion to $20 trillion in the past ten years. This is particularly hurtful to poor nations who must pay higher interest on their debt.