BRICS 101

 

Daisy Luther at Discern Report provides a good overview of the BRICS alliance.  Here’s her opener:

BRICS Is Expanding:
Here’s Why That’s Very Concerning for the US

You may have heard the term “BRICS” when reading about world affairs and wondered what it was all about. As we watch the American dollar and economy lose power on the world stage, this alliance could quickly move to take its place, especially as other countries that used to be allied with us move over this bloc.

As a matter of opinion, I think that on the global stage, BRICS is a union we should watch, as there are several large economic powers involved that aren’t exactly friends of the United States of America. Should this group continue to grow, it’s possible that it could dramatically affect us with regard to world trade. And that’s at the very least.

What is BRICS?

BRICS is an economic alliance that has been around since about 2001. Jim O’Neill from Goldman Sachs coined the acronym BRIC to represent the original countries: Brazil, Russia, India, and China. By 2010, South Africa had been added, bringing us to the current acronym.

. . .

For many years, the United States has been a primary global economic power, but as our star shines a little less brightly due to our economic difficulties, poor governmental management, and less than stellar relationships with several other countries, BRICS seems poised to step into the position our nation once held.

. . .

But…the union seems intent on expanding, and other nations are in the midst of an application process. Multiple countries have asked to become a part of the bloc.

The nations that have formally applied for acceptance into the cooperative are:

• Algeria
• Argentina
• Bahrain
• Egypt
• Indonesia
• Iran
• Saudi Arabia
• United Arab Emirates

. . .

Read the rest here.

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