BRICS, which comprises of five countries, is aiming to create a new currency which could threaten the dominance of the U.S. dollar. Rebecca Walser, president of Walser Wealth Management, joined TheStreet to discuss how a BRICS bloc expansion could impact the U.S. economy.

Full Video Transcript Below:

J.D. DURKIN: What are some of the biggest macroeconomic factors that you think investors should be paying attention to in the new year? 

REBECCA WALSER: Yeah, that is such a great question and really it’s top of mind. It has been top of mind really for me since 2020, since coronavirus, because of the global economic fundamental changes that we’ve seen macro wise. And what I really am super concerned about J.D. that really Wall Street is not discussing and not talking about is the fact that we do have a BRICS bloc expansion that was announced at the South Johannesburg, South Africa meeting in August, and that is the addition of Saudi Arabia and the United Arab Emirates. 

So UAE and SA joining the BRICS bloc, Brazil, Russia, India, China, South Africa. And that is a step closer to what I would consider the end of really sort of dollar hegemonic status. Seoul dollar hegemonic status, moving more towards a global multipolar world of the West versus the east, the West being the SWIFT system still that would still be obviously the United States, Europe, the United Kingdom, Canada, Australia, New Zealand, Japan would be the West, and then the East is going to be the rest of the world. And when we look at the data and the analytics on this, you’ve got more GDP of all the nations put together moving towards the BRICS bloc than we have with the G7. And that is a very alarming concern because if we have UAE or SA or we have OPEC come out and sort of announce that they might start selling crude outside of U.S. dollar, then we have potentially quite an issue.