How the BRICS nations failed to rebuild the global financial order

https://www.france24.com/en/economy/20230824-how-the-brics-nations-failed-to-rebuild-the-global-financial-order

by rntn • 3 years ago

16 28 3 years ago

Thanks be to Russia’s self-own with Ukraine and China’s self-own with imprisoning their own citizens at scale and scaring the hell out of the world’s business investors.

BIS is the new collaboration space of some sanity.

scantron4• 3 years ago

South African energy crisis means no one will invest there either. Down to BI.

Yizahi• 3 years ago

BRICS nations have simply nothing in common and are united only in opposition to the "west". That is the reason this union had failed before and will fail in future. The issue compounds by the fact that all of them are in the various financial crises.

LatteLazy• 3 years ago

Exactly. Brics is more a term used in the west to describe not-us large countries than anything that actually exists for those countries. India and China have an open conflict over their border for fucks sake. They're not uniting any time soon.

https://www.theguardian.com/world/2023/apr/28/india-accuses-...

fellowniusmonk• 3 years ago

First time I saw BRIC was over a decade ago plastered all over Brasil.

dragonwriter3• 3 years ago

Brics is more a term used in the west to describe not-us large countries than anything that actually exists for those countries.

That’s where (as BRIC – without South Africa, though the countries together were sometimes called “the BRICs”) it originated 20+ years ago, but then the countries got together, for their own reasons, and made it an real (or, at least, formally official) bloc. Each of them uses it for their own image puffing, and its been particularly important in that role for Russia lately (especially with CSTO being shown to be worthless.) Still not clear that the bloc (despite having an official organization, membership, summits, etc.) is all that meaningful substantively.

dragonwriter3• 3 years ago

BRICS nations have simply nothing in common and are united only in opposition to the “west”.

I’m not even sure they are aligned in that, either for the countries referenced in the name, or for the countries being added in the 2024 expansion class.

namaria• 3 years ago

There's no meaningful alignment. They were just bonds that were moving together for a while, and some investment banker published a bombastic white paper about it and it stuck.

nirav72• 3 years ago

This was expected. Two of the largest economies in the BRICS are not on friendly terms, have very little in common (historically and culturally) and have ongoing contentious issues over territory.

miguelazo8• 3 years ago

What an absurd premise-- they're just getting started. And the US' abuse of financial sanctions is only accelerating the process.

NicoJuicy2• 3 years ago

Sanctions seem perfectly fine when a country invades another.

Trade is a privilege, not a right.

That privilege can be improved ( trade agreement) or taken away ( sanctions).

Additionally, the biggest "financial sanction" was from Belgium ( thrown out of SEPA), not the US.

miguelazo8• 3 years ago

Sanctions seem perfectly fine when a country invades another.

Except that they're proven to not work, especially in the recent case you're alluding to. They generally backfire, and punish only the general population. And there's zero legitimate excuse for the sanctions against many countries, like Venezuela and Cuba-- naked power politics.

Ekaros• 3 years ago

Yes. And exactly what should have happened with invasion of Iraq and Afganistan.

boeingUH60• 3 years ago

Brics countries are corrupt hellholes run by non-intelligent despots…that’s exactly why they won’t succeed.

Imagine South Africa that can’t even supply stable electricity to their citizens trying to rebuild the global financial order, lol. They should try rebuilding Eskom first..

tibbydudeza2• 3 years ago

Not that France has a vested interest in Africa but an alliance built on "we just don't like US/EU" is doomed to fail - there is no way in the foreseeable to outcompete that power block for now.

Also three alliance members China/KSA/UAE will be expected to carry the rest and I don't think they have the tolerance or the stomach for it.

How the BRICS nations failed to rebuild the global financial order

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