Comments on: Victory for emerging BRICs? http://blogs.reuters.com/macroscope/2009/03/16/victory-for-emerging-brics/ Shining a light on the dismal science Fri, 24 May 2013 00:32:04 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Mohamed MALLECK http://blogs.reuters.com/macroscope/2009/03/16/victory-for-emerging-brics/comment-page-1/#comment-299 Mohamed MALLECK Fri, 20 Mar 2009 18:20:24 +0000 http://blogs.reuters.com/macroscope/?p=643#comment-299 It would be in the best interest of the US and the EU to accept the proposals of the BRIC communique ahead of the Summit that: (1) the voting quotas at IMF and World Bank be increased and redistributed to reflect the economic and external balance muscle of the G20 membership and the non-G20 as two or three regional groups; (2) the Headship of the IFIs (not just IMF and World Bank, but also Bank for International Settlements and World Trade Organisation) rotate among at least the US, EU, East Asia (including Japan) as a group, Latin America as a group, the Greater Middle East (Arab countries plus Iran plus Pakistan); (3) the adoption of an extended-SDR type of currency that would be an actual currency instead of a unit of account, that currency becoming one of four or five reserve currencies (the extended-SDR, the Yuan, the US dollar, the Euro, and maybe anIran-augmented Gulf Coopearion Council common currency yet to be created. These will be in addition to the increase in IMF Borrowing Powers to US$ 500 billion. It would be in the best interest of the US and the EU to accept the proposals of the BRIC communique ahead of the Summit that: (1) the voting quotas at IMF and World Bank be increased and redistributed to reflect the economic and external balance muscle of the G20 membership and the non-G20 as two or three regional groups; (2) the Headship of the IFIs (not just IMF and World Bank, but also Bank for International Settlements and World Trade Organisation) rotate among at least the US, EU, East Asia (including Japan) as a group, Latin America as a group, the Greater Middle East (Arab countries plus Iran plus Pakistan); (3) the adoption of an extended-SDR type of currency that would be an actual currency instead of a unit of account, that currency becoming one of four or five reserve currencies (the extended-SDR, the Yuan, the US dollar, the Euro, and maybe anIran-augmented Gulf Coopearion Council common currency yet to be created.

These will be in addition to the increase in IMF Borrowing Powers to US$ 500 billion.

]]> By: bulletfish http://blogs.reuters.com/macroscope/2009/03/16/victory-for-emerging-brics/comment-page-1/#comment-285 bulletfish Tue, 17 Mar 2009 12:53:13 +0000 http://blogs.reuters.com/macroscope/?p=643#comment-285 The BRIC countries may emerge from this economic crisis because all other countries will look for cheaper services and goods with them. However, India is already supplying the world with outsourcing and China is still supplying the world with cheap goods and will continue to do so. Russia has oil and gas supplies for Europe and access to new deposits in Central Asian countries via its territory. Fianlly Brazil will supply biofuels to all who have become so conscience of the environment. The BRIC countries may emerge from this economic crisis because all other countries will look for cheaper services and goods with them. However, India is already supplying the world with outsourcing and China is still supplying the world with cheap goods and will continue to do so. Russia has oil and gas supplies for Europe and access to new deposits in Central Asian countries via its territory. Fianlly Brazil will supply biofuels to all who have become so conscience of the environment.

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