There Is No ‘BRICS’
This time last year, "some" analysts (where that actually means a money market specialist with delusions of geopolitical grandeur) were busy sketching the contours of a "new world monetary order."
Bretton Woods III (as Zoltan Pozsar modestly christened his brainchild) wasn't entirely coherent and thus eluded summation. But it revolved, in part anyway, around a larger role for the yuan and a more prominent place in international trade, finance and commerce for the BRICS bloc. In some (many) resp
Isn’t the world order in each and very every moment being re-negotiating?
Mr. Heisenberg, you are the best thing since the national lampoon.
Thanks Mr H for your early and vigorous (rational) defense of the Dollar. Subsequent experts have hammered that idea into me and I physically react when I now hear the media give air time to “dollar is going to be dethroned” BS.
I’ve always thought of BRICS as a marketing shtick for folks that wanted “growth investments” in “developing nations” because clearly the US and Europe are terrible places to make money.
Excellent point about no real alliance or reason for the acronym… it reminds me of FAANG where one of those companies clearly was not like the others but it was a catchy acronym.
India, despite the promise offered by shallow surface operation is a hot mess. Business startups are tiny and hamstrung by red tape. Personal income is under $3k per capita. The Rupee is falling. They are putting spacecraft on the moon (big whoop) while half of the ~800 mil living in rural India have less than 12 hours a day access to electricity. Brazil is stumbling and so is China. Right now the BRIC dog just won’t hunt.