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Juli 22, 2014

The BRICS Don’t Like the Dollar-Dominated World Economy, but They’re Stuck With It

Filed under: Blogroll — estananto @ 6:45 am

Dulu Bung Karno bercita-cita bikin Nefos. Baru sekarang kesampean oleh BRICS…


When the BRICS get together for their annual summit — as they did last week in Brazil — they always make a lot of noise about changing the way the global economy works. They have good reason to be frustrated. The BRICS (Brazil, Russia, India, China and South Africa) are gaining in economic power and crave the political clout to match, but standing in the way is a global financial system organized by the West and dominated by the U.S. They’re forced to conduct their international business in the unstable U.S. dollar, making their economies swing back and forth with the winds of policy crafted in Washington, D.C., and New York City. The West has ceded influence in institutions like the World Bank and the International Monetary Fund (IMF) only grudgingly. To them, today’s financial system is out of touch with the changing times, and ill-suited to support the world’s…

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