Posted on 10/24/2024 6:16:09 AM PDT by Cronos
Jim O'Neill came up with the term BRIC in 2001 in a research paper that underlined the massive growth potential of Brazil, Russia, India and China. The then-Goldman Sachs chief economist highlighted the need to reform global governance to include these up and coming countries in his paper. Today, the grouping accounts for 45% of the world's population and 35% of its economy. O'Neill, who admitted he would “have Mr. BRICS stamped on his forehead forever”, has however said the group group had achieved very little over the past 15 years. In an interview, he added that it was not possible to solve truly global issues without the United States and Europe - just as it was not possible for the West to solve truly global issues without China, India and, to a lesser extent, Russia and Brazil. The BRICS group grew out of meetings between Russia, India and China which then began to meet more formally, eventually adding Brazil, then South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Saudi Arabia has yet to formally join.
These countries don’t have a strong history of stability. Only China has the economic significance to achor any global currency, and China is about to wreap a generation buzz saw. They have to get more into automated systems.
As Modi is attending the Russia-China "fest" in Kazan, it is probably very likely that 1) there will be NO currency as opined by Business Today India, but 2) will be some sort of messaging, transfer system which is not SWIFT, bypasses the Bank for International Settlements, and gives nations a "competitive" choice between non-EU nations. Time will tell.
It’s a Chinese Communist Party scam and they’ll eat the members lunch
India “noped out” the other day.
Sometime down the road after these countries have gotten their economic act together? Maybe.
But Russia and China are currency manipulators. Brazil is just growing into themselves. India is too dependent on Western currency. Iran…well Iran is just a mess.
The BRICs group has promise long term. Just not today.
Yuan’s and Rouble’s do not add up to dollars.
US aid should be denied to each of them.
They may turn into something in time, but for now brics is the mean girls in the high school hall.
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