“Brazil, Russia, India and China collectively known as BRIC countries have called for a greater voice and representation of emerging economies in international financial intuitions. The BRIC summit concluded in Russia on Tuesday with the four countries issuing a joint statement...”
That was video from
China Central Television. The BRIC Summit’s over, but conversation on the meeting’s economic consequences continues.
Foreign Policy blogger David Rothkopf agrees the group has power but the majority of that power rests with one nation:
“Without China, the BRICs are just the BRI, a bland, soft cheese that is primarily known for the whine that goes with it. China is the muscle of the group and the Chinese know it. They have effective veto power over any BRIC initiatives because without them, who cares really?”
Today’sFinancialNews.com brings us different perspective of options trader and investment director Karim Rahemtulla. He believes the BRIC countries are fast becoming the world’s best emerging markets to invest in.
“... when you’re looking at the BRIC countries that’s pretty much where the engine drivers are for the emerging markets.”
Despite reports that BRIC was considering a move away from the dollar, a Chinese economist on
CNBC says that the US economy shouldn’t worry about this yet.
“I don’t think anyone within the BRIC economies are calling for immediate replacement of the US dollar as reserve currency, that’s just not feasible. But over time there will be transition towards a gradual diversification.”
Deutsche Welle explains why BRIC doesn’t move away from the dollar.
“... fiscal experts say that BRIC will tread carefully where the dollar is concerned, as triggering a dollar crisis would be akin to shooting themselves in the foot.”
Do you think BRIC will build up the global economy, or tear it down? Is the power of the dollar at risk? Leave us your comments and be sure to check out our sources.
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