Brazil, Russia, India, and China. Meet the BRIC consortium as described in Salon today:
Just a concept a year ago, when the very idea of BRIC was concocted by the chief economist at Goldman Sachs, the BRIC consortium became a flesh-and-blood reality this June when the leaders of the four countries held an inaugural meeting in Yekaterinburg, Russia. The very fact that Brazil, Russia, India and China chose to meet as a group was considered significant, as they jointly possess about 43 percent of the world’s population and are expected to account for 33 percent of the world’s gross domestic product by 2030 — about as much as the United States and Western Europe will claim at that time. Although the BRIC leaders decided not to form a permanent body like the G-7 at this stage, they did agree to coordinate efforts to develop alternatives to the dollar and to reform the International Monetary Fund in such a way as to give non-Western countries a greater voice.
Alternative ideas to the dollar? Ah, that means we’re f—ed, right? Maybe conservatives are right that gold is a good investment. Hmm.
