You may have heard the term BRICS quite a bit lately.
Coined by a Goldman Sachs strategist back in 2001, BRICS stands for Brazil, Russia, India, China, and (most recently) South Africa. The acronym was introduced into Wall Street lingo to describe a group of large and relatively fast-growing emerging market economies that were becoming more important on the world stage.
Almost a quarter century later, BRICS is much more than that. It has become a political/economic organization with serious global ambitions.
For this we have to thank Vladimir Putin and his foreign minister for the past 20 years, Sergey Lavrov. They masterminded the formation of the BRICS as a political force starting in 2006. Since then, the organization has only gained steamed.
After Russia invaded Ukraine in 2022, we were told by Secretary of State Anthony Blinken that American foreign policy would turn Russia into a pariah state. Now, in 2024, Russia plays host to numerous high level meetings of BRICS member states. Countries around the world clamor to join the group, including U.S. allies.
The rise of the BRICS may be the most important geopolitical event of the 21st century.
In our latest 76report, we go in-depth on the BRICS as a political force as well as the international system they seek to displace.
It was exactly 80 years ago this month that world leaders gathered at Bretton Woods and created the institutions that established the U.S. dollar as the global reserve currency.
Bretton Woods catapulted the United States into the position of global financial hegemon. Putting an end to American economic supremacy is now arguably the single most important objective of the BRICS.
These global political realignments now underway have significant implications for investors.
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