Brazil, Russia, India, China and South Africa, which make up the so-called BRICS group, will meet in Washington next week to discuss how to help the European Union avert a full-blown financial crisis as Greece veers toward default on its debt, Brazilian Finance Minister Guido Mantega said Tuesday. Read full article
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This is a copy from Reuters who spreaded this Rumor. They aren't going to bailout the old world (They aren't that stupid). What they are going to do is buy hard assets. Mr Lula da silva already gave a hint what he's planning with business in Portugal.Sep 14th, 2011 - 05:50 pm - Link - Report abuse 0
The BRICS cloak of respectability is just that - an attempt to show generic help for what is essentially a Chinese buying-up of nations' debts to stabilise the world economy.Sep 14th, 2011 - 09:08 pm - Link - Report abuse 0
China has no vested interest in seeing the economic world order collapse, and has every vested interest in making the world financially beholden and indebted to itself.
It's about time we stopped using the term BRICS.
It draws an erroneous comparison of Developed c.f. Developing in terms of money flowing through the various Dev & Devg countries.
Also the capacity to 'do things' is frequently much greater in a BRICS country than in many developed countries - especially the tiny, vulnerable ones where money is tied up to a greater extent in a long-aged history of equity, bricks & mortar, etc.
China is so massively more economically powerful than the other BRICS *and* virtually all developed nations, that I do not agree that it should win concessions because it is, ostensibly, 'developing'.
We are all developing.
We do not just stop when somebody says You are now 'developed'.
~Chinese buying-up of nations' debts to stabilise the world economy. ~Sep 14th, 2011 - 10:18 pm - Link - Report abuse 0
Not going to happen if you did your proper homework and listened to Mr Hu jin tao, who made it clear, They are going to invest in Europe (buying up assets as I typed before what Brazil also wants to do) but they won't buy up the debt, Europe should bite that bullet (let the zombie banks fail)..same for the US.
~China is so massively more economically powerful than the other BRICS~
That's just another myth you keep reading on the Economist, a british journal for junkies who wants to believe the exaggeration of China. Each nation has it's own strength, but that's to complicated to understand for many old fools.
~It's about time we stopped using the term BRICS. ~
I agree with you, but won't happen. Why? Still to many idiots who aren't capable to understand why they should stop using the term BRICS.
We should also stop using the sentence the BRICS vs the West. West stands for more advanced? Because they aren't that advanced at all (except in being in debt and acting big with borrowed money they cannot pay back) as they claim in some areas of the economy, compare to so called developing nations ( that are always changing, so I agree with you on that with, We do not just stop when somebody says, you are now developed). Maybe West for cultures? India, China aren't western cultures, but Brazil, Russia and South Africa have/are western nations, though not located in Europe where the term western nations was created because they were advanced, today? Not so much as they claim. Its time that people in Europe and the United States seriously look to their own education system and stop hyping up how great it is, because it isn't. That's another problem why many people in those areas do not understand what I just typed.
Here, 3 experts from the UK on RT, explaining this subject in this blog better.