Russia: BRICS Sure to Expand, Any Ideas for a New Name?

Pebbles

Well-Known Member
I'm not sure if this ties into anything or not, but thought it was interesting.

http://www.bloomberg.com/news/artic...-expand-russia-says-any-ideas-for-a-new-name-

Admitting South Africa was the easy part. BRICS, the emerging markets club that owes its existence to a Goldman Sachs Group Inc. economist who coined the acronym for Brazil, Russia, India and China, is looking at more expansion. Any ideas on renaming it are welcome.

“This might take a year or two, but this is an absolutely unavoidable process,” Vadim Lukov, Russia’s deputy representative to BRICS, said in an interview Thursday at the Foreign Ministry in Moscow. “There are a whole number of countries that want to join BRICS, major developing economies.”

Russia in July hosts the sixth annual summit of the organization, whose importance has increased in Moscow as President Vladimir Putin engages in the biggest confrontation since the Cold War with the U.S. and Europe over the yearlong conflict in Ukraine.

BRICS agreed to set up a $50 billion development bank to rival the International Monetary Fund and the World Bank at last year’s summit in Brazil, as well as a $100 billion currency exchange reserve. Russia is promoting the creation of a BRICS rating network to counterbalance what Lukov calls “openly politicized” credit reports by U.S.-based Standard and Poor’s and Moody’s Investors Service, and an energy association to exert some influence on markets. Russia is the world’s biggest oil and gas exporter and China the largest energy consumer.

“We want to show leadership through new forms of cooperation which will be more fairly balanced and reflect today’s multipolar world,” Lukov said.

Global Role
Putin last year urged fellow leaders of the world’s largest emerging economies to seek a bigger global role, accusing the U.S. and its allies of abusing their dominance of international institutions.

The BRICS have evolved from the original four-member term coined in 2001 by then-Goldman Sachs economist Jim O’Neill to describe the growing weight of the largest emerging markets in the global economy. In 2011, South Africa joined to give the BRICS a broader geographic representation.

Still, the group has struggled to make its voice heard. The five countries failed to agree on a candidate to head the World Bank in 2012 and the IMF in 2011.

The BRICS nations will coordinate to ensure a mutually acceptable candidate is selected as secretary general of the United Nations to replace South Korea’s Ban Ki-moon next year, Lukov said.

Name Game
While a moratorium currently exists on admitting new members, it will be time to think about expansion once the new financial structures and economic partnership projects are up and running, the Russian diplomat said. The development bank also has a spare $50 billion capital to allocate and is willing to admit any country that shares BRICS’ values, Lukov said.

Greece could be one of them. The European Union member’s possible entry into the BRICS bank is up for discussion, though not before the July summit, RIA Novosti reported Thursday, citing Russian Deputy Finance Minister Sergey Storchak.

How would the organization’s name change with the admission of new members? “I’ll have a think. You have a think too,” Lukov replied.

As for O’Neill, who predicts BRICS will be as big as the Group of Seven major industrialized nations by 2035, he misunderstood the concept he invented, Lukov said.

“What did Goldman Sachs teach us? That these four countries are nothing more than a platform for profitable investments, nothing more than an object,” he said. “Putin looked at the situation from a different perspective, a subject rather than an object: an actor which is actively forming a new architecture for the world, primarily financial and economic.”
 

mbrown1219

Heaven's Stables
Does sound like all the precursors to the one world economy are being moved rapidly into place. That last paragraph is very "telling" of motives IMO.

You come up with some of the most thought-provoking threads here Pebbles. I just wish I was capable of deeper and more astute critical thought.

But then again, I don't think we will be here to see most of this happen. And the phrase "by 2035" just simply cracked me up laughing. I may not laugh if we are actually still here, though!!!

:rapture :rapture :rapture
 

Keith Johnson

Well-Known Member
To Little To Late, not such a good name I admit, and not just because it doesn't rhyme. That is what the BRICS effort is because it will take
several years just to put it in place. It will all be over but the shouting by then. Nice try Putin.
 

WKUHilltopper

Well-Known Member
Russia: BRICS Sure to Expand, Any Ideas for a New Name
I don't know if I can come up with a new name, but I can suggest their motto. BRICS--where we're dumb as BRICS to give up our independent national sovereignty to a new world order controlled totalitarian system.
 

Dana

Well-Known Member
Obviously Putin has no idea that he is about to lose his whole army. Also his country with millions of people are about to be
obliterated off the face of the earth, just as soon as he starts the Gog and Magog war. China should know that teaming up Russia against the West is not gonna work out well for them. Unless a financial catastrophy happens Europe and the U.S.
could shut their markets off to all Chinese goods, which will be a significant blow. Who are they going to sell their imports
too? Europe and North America is where the money is. Then they'll have to come crawling back to the west begging to be
let back in.
 

athenasius

Well-Known Member
This may help fund that Gog Magog Ezekiel 38 war. I'm kind of laughing a little at the idea of them taking on the financial black hole that is Greece even if it does give Russia her coveted warm water port in the Med. Which just sets Russia up a little further down the Ez 38 path to her destruction.

The Brics could inherit the debt of Greece plus Italy, Spain and all the other socialist failures they helped create.
 

Círeth

Purry, roary, one.
Basically be warned Europe Russia wants it's empire back, and it's trying to get it through economics and sabre-rattling.
 
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