There is progressing development in the world regarding on the fall of dollar, the collapse of America's economy and the rise of bricks.
Here it is some brief stories:
- Till now US dollar holds around 24 percent of world GDP while BRICKS nations go around 25 percent.
- America has been printing huge amount of dollar and circulating around the world so that economies of other countries going down.
- we also know that banks in America loses their values just month ago- Silicon Valley banks lost huge billion dollars within a day.
- people are now advised to withdraw their money from the banks because the banks could not handle to give the money the people demanding.
- There will be BRICKS summit in August in South Africa in this year and expected to announce the new currency,
there is huge probability yuan will be world currency backed by gold.
To my opinion:
making yuan as currency is not suitable for Africa as it is just replacing dollar with another dominating one, but making gold as currency will be a good option.
Coming to our country situation:
Dollar has been exacerbating our suffering day by day as Ethiopia imports more than exports
the disparities between poor and rich people are widening probably because of dollar, why?
Ordinary Ethiopians pushing life with meager salary of around 5000 birr per month. But diaspora Ethiopian can get this within a day. Because of huge gap between birr and dollar exchange rate, people live abroad becoming richer while ordinary citizen impoverishing. when this diaspora send the money home, it will have big impact to their families and creating poor and rich. But what will happen if one dollar exchanged with one birr?