GOLDBRICS
Dr. Jack Wheeler
July 24, 2014
Yesterday (7/23), an article in the prestigious foreign policy journal The Diplomat began:
"Although the tragic incident of MH17 now attracts global attention, the real big news last week was the establishment of the BRICS development bank at the BRICS summit in Brazil."
Although the article displays the blatant bias of its author as a professional Chicom apologist (Dingding Chen is a professor of government at China's University of Macau), there are many in the West and the US who agree - particularly among those who root for the collapse of the dollar.
Despite Mr. Chen's hyperbole, the BRICS' New Development Bank is worth paying attention to as a possible competitor to 1) the IMF & World Bank, 2) the SWIFT international banking transaction network, and 3) the US dollar as the world's reserve currency.
The key word in the sentence above is "possible" - for when you examine each of the BRICS individually (Brazil, Russia, India, China, and South Africa) you begin to see what's possible here is not very probable. Competition for the SWIFT/IMF/US$ hegemonies is to be welcomed - but it is very unlikely it will be provided by this crowd.
Far more possible is the group will become known as the GOLDBRICS, given Webster's definition of "goldbrick" as: a worthless brick that appears to be of gold; something that appears to be valuable but is actually worthless.
Let's begin with their "R" - Russia.
"Although the tragic incident of MH17 now attracts global attention, the real big news last week was the establishment of the BRICS development bank at the BRICS summit in Brazil."
Although the article displays the blatant bias of its author as a professional Chicom apologist (Dingding Chen is a professor of government at China's University of Macau), there are many in the West and the US who agree - particularly among those who root for the collapse of the dollar.
Despite Mr. Chen's hyperbole, the BRICS' New Development Bank is worth paying attention to as a possible competitor to 1) the IMF & World Bank, 2) the SWIFT international banking transaction network, and 3) the US dollar as the world's reserve currency.
The key word in the sentence above is "possible" - for when you examine each of the BRICS individually (Brazil, Russia, India, China, and South Africa) you begin to see what's possible here is not very probable. Competition for the SWIFT/IMF/US$ hegemonies is to be welcomed - but it is very unlikely it will be provided by this crowd.
Far more possible is the group will become known as the GOLDBRICS, given Webster's definition of "goldbrick" as: a worthless brick that appears to be of gold; something that appears to be valuable but is actually worthless.
Let's begin with their "R" - Russia.
