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in order to lessen their Reliance on the US dollar and the Euro the brics countries have already shifted to using their own local currencies a shared payment network is one of the financial infrastructure projects being undertaken by brics in this context Egypts succession to the brics group only strengthens the dollarization drive it is well known how the U.S leverages its economic might to further its foreign policy objectives the U.S has a history of often placing sanctions on Nations that dont share its objectives the potential to have major influence over other economies is made possible by the petrodollars dominating position in the global economy the name brick stands for Brazil Russia India China and South Africa five of the worlds largest Rising economies Jim ONeill an economist at Goldman Sachs first referred to the first four as brick or the bricks in 2001. ONeill used the phrase to indicate rapidly expanding economies that will collectively control the world economy b
