Is BRICS Losing Its Nerve in the War on the Dollar?

The Summit That Never Was Have you ever watched a gathering of world leaders who looked as though they’d rather be anywhere else? That was the scene in Rio de Janeiro this week as BRICS—an alliance once touted as the vanguard of de-dollarization—tiptoed around the very agenda that once defined its mission. For months, the headlines promised a grand unveiling of a new BRICS common currency. Pundits swore this was the final nail in the dollar’s coffin. Instead, what emerged was a carefully choreographed retreat, punctuated by conspicuous absences. Neither Xi Jinping nor Vladimir Putin bothered to show up in person—telling omissions if you’re paying attention. Analysis: Why the Silence? Consider this: If BRICS truly believed in a multipolar monetary…