In an article published by The Daily Reckoning, James Rickards, a former CIA and Department of Defense advisor, forecasts that the U.S. dollar’s status as the leading global reserve currency and medium for exchange will formally crumble on August 22. Rickards associates this significant development with the upcoming BRICS+ Leaders Summit, where plans to replace the dollar in global trade will be revealed. Notably, August 22 holds historical significance as the day the U.S. abandoned the gold standard in 1971. Rickards believes that a new prominent currency will be introduced, weakening the role of the dollar in global payments and potentially displacing it as the primary payment and reserve currency, possibly within a few years.