The world had already been looking for alternatives to the US$ hegemony after seeing the evil designs that had arisen through the weaponization of the US$. That weaponization move, I think, kills all the appetite of continuing to worship the US$ hegemony. But for decades, the world could do nothing about it, as everything is still stuck in the deep-seated reliance on the US$ for the purchase of oil.
No one could come up with a viable alternative - not even Saddam Hussein who tried and wanted to do oil in Euros and had to be destroyed for floating a provocative idea in the minds of the USA. No country was strong enough to undertake another attempt to confront the US$ hegemony, and Saddam Hussein was to be the 'chicken killed to teach the monkeys'. Not until BRICS came quietly into the picture. Touted just an irritant and brushed aside.
BRICS was created to provide a viable alternative to the US$ hegemonic system. It was never meant to be an overnight mission to create a system that can rival the long-standing US$ hegemony, but one that does enough just by chipping away at the US$ foundation. Several global currencies were designated global reserve currencies before the US$, so do not assume that any change of status cannot come forth going forward.
The importance of oil catapulted the US$ to its prime, but that presumption could always change with renewables becoming mainstream and overtaking oil. Does that answer the question why Trump had always been against renewables undermining oil? Trump does not subscribe to climate change. His only preoccupation is 'drill baby drill'.
Trump can have all the oil for himself in time to come, just like having all the unprocessed rare earth dirt that he boasted about. Does the possession of so much rare earth dirt make any difference without to logistics to turn them into useful elements?
Anonymous
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