Роль золота в трансформации глобального финансового и политического порядка

Jimmy Thierry Levers
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Jimmy Thierry Levers: Patrice Lumumba Peoples' Friendship University of Russia RUDN

No grqza_v1, SocArXiv from Center for Open Science

Abstract: This article investigates the role of gold in the transformation of the global financial and political order, focusing on its relationship with the U.S. dollar during periods of systemic crisis. It assesses whether gold or the dollar provides a more stable reserve asset by analyzing U.S. debt dynamics, BRICS gold accumulation, and recent digital monetary innovations. The study shows that the persistent rise of U.S. public debt, now exceeding $37 trillion, undermines confidence in the dollar’s sustainability despite its continuing dominance as the global reserve currency. In response, BRICS countries increasingly diversify reserves through gold holdings, a practice that functions not only as financial hedging but also as a political act of sovereignty against U.S. monetary coercion and sanctions. However, the absence of a coherent BRICS monetary strategy limits the bloc’s ability to offer a structured alternative to dollar hegemony. At the same time, the United States seeks to reinforce its monetary dominance through regulatory innovation, notably the GENIUS Act, which anchors stablecoins to the dollar. China, by contrast, promotes its digital renminbi (e-CNY) to gradually reduce reliance on dollar-based infrastructures. Together, these dynamics suggest a contested multipolar order where gold regains importance as a political and monetary anchor.

Date: 2025-12-16
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:grqza_v1

DOI: 10.31219/osf.io/grqza_v1

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