House of BRICS

By Jordan Fraade
July 15, 2014

The BRICS nations are holding their annual summit this week in Fortaleza, Brazil, and the biggest item on the agenda is the creation of a joint development bank. While all five BRICS countries have pledged to contribute to the $100 billion development bank as well as a reserves fund, China and India are both gunning to be the nation that hosts the institution. Indian trade minister Nirmala Sitharaman made a strong push for his country, saying, “Any city in India has its natural advantages, English-speaking, very skilled manpower, and…India is very centrally located.” Still, there’s no doubt that one country is the real economic powerhouse in BRICS: China.

Argentina leads the emerging markets ‘bloodbath’

January 24, 2014

The Argentine peso had a terrible day on Thursday, falling 11% against the dollar. It was the worst day since the country’s 2002 financial crisis. In fact, there’s a broader rout in emerging markets going on.