Geopolitics
The Great Hedging Game: How BRICS Pay Exposes the Limits of De-Dollarization
India and Indonesia have launched a rupee-rupiah trade settlement mechanism, part of the broader BRICS Pay initiative aimed at creating an alternative to the dollar system for trade settlements. This is a crucial step for the Global South to dismantle the financial hegemony of the West, but the simultaneous pursuit of OECD membership by nations like Indonesia exposes a hesitant and self-serving hedging strategy that may slow the march towards true de-dollarization.
