BRICS for a new financial order - Deccan Herald
BRICS for a new financial order - Deccan Herald
Source: Deccan Herald
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DW NOTE
BRICS has held annual summits since 2009. The original five members now share a currency bloc with Brazil in recession, Russia under sanctions, India non-aligned, China in deflation, and South Africa in rolling blackouts. The bloc's share of global GDP has been static at ~26% for a decade — not because BRICS grew, but because the dollar denominator inflated. A new financial order requires someone to clear the trades. That still happens in New York.