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The BRICS nations have been discussing the idea of creating a new currency to facilitate overseas trade. The idea was put forth by Russia as it faces economic sanctions from the West over its invasion of Ukraine.

Meanwhile, some of the BRICS countries have already ditched dollar and are now trading in their local currencies.

Brazil and China signed an agreement last month to abandon the dollar as an intermediary and settle bi-lateral trade in their own currencies and as many as 18 countries have agreed to trade with India in Indian rupees.

So, does a Brics currency for international trade makes sense, how likely it is that the world would move away from using the US dollar, and would the dollar losing its global dominance actually be bad for America and Americans?

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