"It's a gigantic snowball all over the world. We cannot even keep up with it,” Escobar said in an interview with the New Rules podcast.
“It's very important what is going to be discussed at the BRICS (including Brazil, Russia, India, China and South Africa) Summit in South Africa. This will probably be the crossroads moment where things are going to then go."
Escobar explained that a growing number of countries in the Global South were doing the math and concluding that the US dollar was not a safe bet.
The combination of aggressive US sanctions policy and reckless government spending has dramatically reduced the greenback’s international appeal, he said, Sputnik news agency reported.