The imagined scenario is based on the fact that it is impossible to replace the dollar regime, and BRICS has completely missed the boat for de-dollarization, if there ever was one in the first place (there was a moment of weakness last fall with the dollar outflow from the rest of the world - it was possible to replace the dollar with some kind of currency as the world desperately tried to prevent their capital outflow, but since all BRICS nations want to be net exporter countries, nobody had the desire to be the net importer country, the US retains the advantage of a net importer country simply because it can simply prints money to get “free lunches” from everyone else. BRICS as net exporters do not have this advantage).

Obviously, my concern/starting point is what will happen when the dollar liquidity accumulates again (increasingly fueled by rate hikes)? I think they will go to the foreign sector, which will spell doom for the BRICS exporters as I have pointed out above.