Former congressman and long-time advocate of sound money, Ron Paul, stated on June 3 via social media platform X that the BRICS nations are preparing to introduce what he termed the “Rio Reset” this July in Rio de Janeiro. The plan, according to Paul, seeks to challenge the global financial dominance of the U.S. dollar, a position it has held for nearly eight decades. Paul said:

The BRICS alliance is preparing their ‘Rio Reset’ this July – exactly the challenge to dollar hegemony I’ve been predicting.

The initiative, led by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates (UAE), is expected to introduce a major strategy to reshape international trade settlement and enhance financial sovereignty. The 17th BRICS Summit is scheduled to take place in Rio de Janeiro, Brazil, on July 6-7, 2025.

Paul emphasized that this development could have significant implications for the U.S. economy, particularly if the dollar’s reserve currency status weakens. He warned that such a shift would impact average Americans by undermining the purchasing power of the dollar and potentially destabilizing retirement accounts, pensions, and government benefits. He stated: “When fiat money faces competition, Americans discover the true cost of endless money printing.” The former congressman further remarked that central banks worldwide appear to be responding to this emerging threat by increasing their gold reserves, signaling a broader move away from dollar dependency.

In a message posted on Birch Gold Group, his sponsors, Paul expanded on his outlook for the upcoming summit:

In July, the BRICS nations will meet in Rio de Janeiro to unveil their most ambitious plan yet: To create an alternative to the dollar-based financial system that has dominated global trade for 80 years.

He explained that the last major transformation of the global financial system occurred when the U.S. dollar replaced the British pound as the dominant reserve currency. Referring to this shift, he wrote: “Today, it’s the dollar that’s on the way out.” In response to what he describes as an unfolding monetary crisis, Paul reiterated his longstanding position on the importance of gold as a hedge against currency devaluation. “Gold represents real, honest money that can’t be manipulated or devalued,” he wrote, urging individuals to consider transitioning their retirement accounts into gold-backed options.

The BRICS bloc has long worked to reduce reliance on the U.S. dollar. Member nations have clarified that establishing a single BRICS currency is not their primary focus. Instead, the group aims to expand trade settlements in local currencies. In April, Russia reported that national currencies account for more than 65% of trade among BRICS countries, while the dollar’s share has fallen to one-third.

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