Thursday, July 24, 2014
BRICs Bank: Envy and Inferiority Complex
Read this two days ago but no time to pen my quick thoughts.
BRIC and many developing countries continue to do well economically but their global influence do not reflect their wealth. Often they look like children before the age of maturity that cannot be allowed to put their hands into the trust fund they had earned. They are not waiting and there is some degree of truth that they will not get the keys to their own money and voting rights in the international arena unless they fight for them. So when you can't get your voting rights up in the IMF and World Bank, you make your own Bank. This is a very long road. Really, so what if you have lots of money stashed in reserves when money is cheap and getting cheaper. It is the wealth producing capabilities, influence and power of your society that matters. Who cares how much your money buys tomorrow? Can you produce and sell, especially name the price too now and tomorrow which really matter.
The West can be heavily indebted but oddly they much much are richer. This is absurd but true! Gotta learn how to count all over again eh?
Posted by PengYou at 9:59 AM