A BRIC through your window?

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TCR — Something quite amazing happened yesterday. Did you see it? No, it wasn’t the Blur concert. Or the Beckham’s nanny, or Tiger talking about Lefty’s wife.

Yesterday the leaders of Brazil, Russia, India and China met. They were in Yekaterinburg, of course. And their statement (in English!) is here.

Depending on who you ask they represent 15 to 22% of the global economy. That’s a lot. Especially for places you have never done business with.

They have more than 1/3 of the world’s population between them. Four countries!

They are estimated to also have as much as 40% of the world’s currency reserves. Which begs the question: do we know who owns our debt? Do we know who our real bankers and backers are?

And the answer is definitely No.

‘We are committed to advance the reform of international financial institutions, so as to reflect changes in the world economy.’

Yesterday’s news barely made the papers. It’s not on Internet search terms. And yet their statement at the end of the day caused the dollar to fall.

There’s a lot going on the world that we’re not paying enough attention to. the last few days in Iran have been monumental. Communication through mobiles and the Internet has undermined state controls, in a country where half the population is under 25.

Emerging markets — the BRIC’s and those like them — are coming to a neighbourhood near you. Look out your window, you can see them. It’s worth getting to know them before they have to come to you.

/df



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One Response

  1. TAC4
    |

    BRIC are all in the top 12 for GDP and all are in the top 7 for foreign exchange reserves. People should take notice. Asia Chronicle is a great place to get information on all of Asia.

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