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BRICS is working towards building a parallel financial system providing an alternative to the US and Western-led global hegemony. The alliance is using local currencies, launching new payment mechanisms, and rewriting trade deals to its benefit. All of these cause harm to the long-term prospects of the US dollar while their economy reduces dependence on the West. Also Read: China–ASEAN Pact Reshapes BRICS Trade as Yuan Hits New Milestone BRICS: Can Their Parallel Financial System Fully Work? Source: Getty Images The short answer is yes, they can build one. BRICS can build a parallel financial system that works. However, building it and replacing the US and West-dominated financial system is challenging. The challenge occurs as the alliance is a diverse bloc having no common ground. Each economy is still developing, while many others remain poor. They need to maintain a balance in developing their own economy and also that of the alliance. This would involve pouring in more time, energy...

‘Talking big’ is what makes leaders from developing countries rise to power, not work. The more they talk big, the more people put them on a pedestal. Work takes a backseat, and we cannot blame them either, because people don’t hold them accountable. Similar to how they failed their countries, they will also fail the BRICS alliance with big talk, no work. When Peter Navarro, the former trade advisor to Donald Trump, said BRICS countries “ hate each other,” he meant it. Though his words sound harsh, there’s an ounce of truth in them. Developing countries compete with each other and usually don’t like it when the other succeeds economically. BRICS will not only fail for this very reason, but they will also fail for many more, as we mention in this article. Also Read: BRICS Central Banks Finally Confirm Years of XRP Development Here’s Why the BRICS Alliance Is Poised To Fail Source: Reuters BRICS countries are in a huddle after Trump imposed...