Posted on 03/28/2016 7:04:35 AM PDT by Lorianne
Brazil, Russia, India, China and South Africa seem to be failing to justify predictions of 21st century domination ___ The political crisis in Brazil over economic mismanagement and high-level corruption, likely to come to a head next week, has reinforced the fashionable view, popular among western governments and businesses, that the Brics bubble has burst.
Members of the exclusive Brics club of leading developing countries – Brazil, Russia, India, China and South Africa – are failing to justify predictions that, separately and together, they will dominate the 21st century world, or so the argument goes.
The Brics concept, plus acronym, was dreamed up in 2001 by Jim O’Neill, chairman of Goldman Sachs Asset Management. He highlighted the combined potential of non-western powers controlling one quarter of the world’s land mass and accounting for more than 40% of its population.
But ambitious plans to create an alternative reserve currency to the US dollar and challenge American dominance in IT and global security surveillance have come to little. Meanwhile, adverse economic conditions compounded by falling global demand and lower oil and commodity prices are taking their toll.
Last November, Goldman Sachs, where the idea originated, closed its Bric investment fund after assets reportedly declined in value by 88% from a 2010 peak. The bank told the US securities and exchange commission it did not expect “significant asset growth in the foreseeable future”.
(Excerpt) Read more at theguardian.com ...
With the exception of Russia, the BRIC countries have one big disadvantage that will prevent them from dominating the world.
Do tell.
I see them all as squalid 3rd world hell holes.
Think Russia is civilized? Watch some of those Russian driving videos on YouTube. Yikes!
That being?
How about BRICS 'R U.S.
This century has a long way to go.
A huge problem for these countries is that endemic corruption and bureaucracy is even worse than the US.
None of those cooutries have invented anything. They have ripped off technology invented by western countries and produce knockoffs with cheap labor.
Who needs videos. I see it live every day.
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