She's a BRICS-house

She mighty, mighty, just lettin' it all hang out.

According to digitaljournal.com, BRICS (Brazil, Russia, India, China, and South Africa) are positioned to overthrow the dollar and end US supremacy as the leading superpower.

"Among the many subjects discussed by the leaders were the creation of an alternative global lender and dropping the U.S. Dollar as a reserve currency. The leaders believe that institutions like the IMF (International Monetary Fund) and the World Bank have now "outlived their usefulness" and the creation of a alternative global lender would be the way to go."

This news comes after a summit in New Delhi in late March. The five are hoping to extend their union beyond economic goals into the political realm. Two main statements were made at the summit, the first announced plans to create a joint development bank in the future, and the second condemned sanctions placed against Iran and Syria. The nations also agreed to begin giving out loans in their own local currency, beginning their move away from the dollar.

Does BRICS really stand a chance at enormous growth or is hubris getting the best of them?

Other matters on their minds included the Syrian crisis. The leaders believe that it is important that the Arab Republic's government and its opposition are given a chance to start a dialogue. They want peace in Syria, and they do not want Assad to step down.

In particularly bold language written by "pravda.ru", one writer claims that

The foreign factor that unites the BRICS countries is the desire to push the US dollar from the leading positions, to oust the U.S. from the Middle East, not to decolonize Africa and to deprive it of the economic and hence political influence in developing countries.

The writer has nothing positive to say about the US, and mentions no obstacles standing in the way of BRICS should it decide to take on the IMF. Readers of WSO, what do you think? Are these the five up and coming world superpowers? Each certainly has their own potential for growth, but will the dollar decline, replacing the US?

The pravda.ru article concludes with:

The political benefits of Brazil and India are also obvious. Traditionally on the sidelines of the world politics, these countries finally got the opportunity to realize their ambitions through the BRICS. For the first time they are talked about as a giant, and not only on the regional scale. With regard to South Africa, after its entry into the union for the first time sub-Saharan Africa ceased to be referred to as "miserable and poor."

This type of talk reminds me of the girls that have a few "glamour" shots taken by an amateur photographer and then go on to claim they are "models". Even the prettiest ape wearing mascara is still an ape. Does BRICS really stand a chance at enormous growth or is hubris getting the best of them?

In a Telegraph article titled "Why a BRICS-built bank to rival the IMF is doomed to fail", Jeremy Warner explains his doubts.

Outside endemic corruption, uncertain or wholly absent rule of law, and relatively low per capita income and life expectancy, there wouldn't appear to be much that unites this disparate collection of nations.

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Comments (15)

Apr 16, 2012 - 11:54am
etherlord, what's your opinion? Comment below:

That kind of baseless bragging is very typical of official Russian press. Not even worth looking at. They still think it's USSR and they are competing with the US, when in fact that battle was lost long ago (if not from the start), and now Russia is not even in the league with China or India.

Apr 16, 2012 - 5:43pm
etherlord, what's your opinion? Comment below:

If someone overthrows the US, it's going to be China, and China alone. Russia won't have a cut from that in any scenario.

  • 1
Apr 16, 2012 - 7:21pm
go.with.the.flow, what's your opinion? Comment below:

+1

Eventually this will happen, but lets be honest U.S. defense forces ensure that dollar is the world reserve currency. China can't fuck with the USA atm.

etherlord:
If someone overthrows the US, it's going to be China, and China alone. Russia won't have a cut from that in any scenario.
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Apr 16, 2012 - 7:05pm
swordfish24, what's your opinion? Comment below:

When the hell was South Africa added to the BRIC economies? Its GDP is not even in the top 20 and has little to no influence outside of some parts of Africa. This just makes the entire group seem like a bunch of emerging economies that have no real shared economic and political interests. BRIC I can kind of understand, but BRICS? Come on, give me a fuckin break.

Apr 16, 2012 - 7:20pm
MailmanBitesDog, what's your opinion? Comment below:
swordfish24:
When the hell was South Africa added to the BRIC economies? Its GDP is not even in the top 20 and has little to no influence outside of some parts of Africa. This just makes the entire group seem like a bunch of emerging economies that have no real shared economic and political interests. BRIC I can kind of understand, but BRICS? Come on, give me a fuckin break.

It seems to me as though South Africa was added to the group simply as a market for China and Brazil to develop.

Apr 17, 2012 - 4:15am
SaucyBacon85, what's your opinion? Comment below:
swagon:
can someone please define "overthrow" in this context?

Indeed. This entire thread is poorly-framed. Why should Americans feel threatened by other countries' economic growth?

__________
Apr 17, 2012 - 5:39am
MailmanBitesDog, what's your opinion? Comment below:
SaucyBacon85:
swagon:
can someone please define "overthrow" in this context?

Indeed. This entire thread is poorly-framed. Why should Americans feel threatened by other countries' economic growth?

How would you better frame a discussion of whether or not the BRICS nations can achieve the goals set forth at their New Delhi summit? I'm open to suggestions for my future posts. I wasn't trying to write as much about whether Americans should feel threatened by BRICS as opposed to whether or not BRICS had the power, potential, and influence they seem to claim.

Apr 17, 2012 - 2:49am
OldDog, what's your opinion? Comment below:

I don't think the US will lose its supremacy in the near future.While the BRICS nations do show a united face here, internally many are skeptical of each other's policies. This hampers their ability to really achieve much of what is said. Also while the can act as a pressure group, they are way off from being able to challenge US domination. What is important however is that they do have ability to be a cause of serious concern give their market size

Apr 18, 2012 - 10:58am
SaucyBacon85, what's your opinion? Comment below:

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Distinctio autem consequatur distinctio ut. Est vel dicta iste odit ipsa nam odit culpa. Voluptate voluptatum laboriosam laborum quos tenetur. Porro aut ullam recusandae rem aut rem perspiciatis. Beatae vel blanditiis consequuntur beatae similique laborum. Mollitia qui pariatur pariatur doloremque commodi.

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