This article is based on two articles--an article from Big Peace today and a Reuters story posted at Yahoo Finance yesterday.
Brazil, Russia, India, China and South Africa (BRICS) have been meeting in China for the past several days. According to the Reuters story:
"The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions."
The thing to keep in mind here is that Brazil is moving closer to China. According to an article at Investment U today:
"Economic ties between Brazil and China have grown exponentially over the last decade. And the best evidence is that bilateral trade has jumped 1,300 percent.
"Newly minted Brazilian President Dilma Rousseff's trip to China this week highlights a deepening partnership not only in business, but also in economic strategy."
The UK Telegraph reported on March 19 of this year:
"President Barack Obama has pledged that the United States will be a "major customer" for Brazilian oil in the coming years amid continuing unrest in the Middle East."
It sounds like he is banking on a country that is moving away from the United States, not toward it. Again, this shows the risk America takes by not developing its own oil resources.
According to the article at Big Peace, there were three major initiatives out of the BRICS meeting:
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Closer Russian and Chinese collaboration
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Displace the U.S. dollar with the Chinese yuan
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Overhaul the international financial system
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Closer Russian and Chinese collaboration
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Displace the U.S. dollar with the Chinese yuan
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Overhaul the international financial system
The impact of all three of these things is to diminish the power of America in the world. Unless America gets spending under control in the very near future, that will be a very easy thing to do.
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