The attempt to market BRICs as a global investment play has been an abject failure, Ron Insana says.
But they are wildly divergent when it comes to impact, import, military capabilities, to say nothing of wildly incompatible economic and military philosophies.
I can't imagine the developed world rushing to do any more business with this group than is already done. Everyone is enamored of the acronym;In currency terms alone, studies by the U.S. Federal Reserve, the International Monetary Fund and the Bank for International Settlements show the following as of 2022, as reported by Reuters:
The group itself is composed of more than one country that has managed to become an international pariah. Count Russia and Iran among them, while Argentina is an economic basket case whose currency, like Russia's, makes the cash basket suspect from the very start.
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