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BRICS stands for Brazil, Russia, India, China, and South Africa. It was a term first coined by a Goldman Sachs economist who predicted that in less than 30 years, these five countries would form a majority of the global economy. The thought was that these countries would help themselves politically and economically, and they have been working together since 2001. However, in 2015, Goldman Sachs, who coined the term and saw them as a strong investment opportunity, bailed.
Investopedia says the term is no longer used today. However, in recent events, I think there has been a strong turnaround, not in the way Goldman Sachs sees them but how they operate.
The Chinese leader, Xi Jinping, in recent times, was found visiting Saudi Arabia, which is a key indicator that the oil diplomacy the United States put together was not as real as they thought.
In addition to this, Egypt has also decided to join the BRICS bank, showing that Investopedia may have had it wrong in its analysis, and the BRIC did not die, instead they are multiplying.
The BRICS nations have decided that they will be making a strong currency that will have the backing of gold and other commodities. As we know, the US has just been printing money that is no longer backed by anything other than its debt.
Other countries that have decided to join BRICS (banking or full membership) are Saudi Arabia and Turkey, choosing to have the BRIC currency as their store of wealth.
BRICS accounts for 40% of the world's population and 25% of the world's Gross Domestic Product already, without the other countries that have plans of joining.
At the wake of the Ukraine/Russia war, the Organisation of Petroleum Exporting Countries (OPEC) told the US that it would not be in their best interest to put sanctions on Russia, but they went ahead and did it anyway.
The consequences are what is being played out right now. The US thought they would continue to provide arms to Saudi Arabia and they would continue to receive oil. I really hope for the sake of Western Civilization that this is the case, but the reception I saw towards the Chinese leader in those videos does not speak well of the relationship with the US.
What are your thoughts on all this? What are your thoughts on BRICS? What are your thoughts on the new member nations? What will be the US's next move? I want to know your thoughts in the comment section below.
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