According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly pondering: “Why do all countries have to base their trade on the dollar?”

“Who decided that our currencies were weak or valueless in other countries?” Lula questioned during his speech. “Why can’t a bank like that of the BRICS have a currency to finance trade relations between Brazil and China or Brazil and other countries? It’s difficult because we are unaccustomed [to the thought]. Everyone depends on just one currency,” he added.

“I ask myself every night why all countries have to base their trade on the dollar,” Lula emphasized. “Why can’t we trade using our own currencies? Who decided that the dollar would be the dominant currency after the gold standard disappeared?” he inquired.