BRICS Desire Stronger Voice
The calls to replace the dollar as the world currency continue. What seems to be a newly formed bloc of nations, the BRICS, met this week in China to discuss the continuing world monetary disorder. These nations, Brazil, Russia, India, China and South Africa, desire s greater voice and an end to the economic dominance of the dollar.
In a statement the group said what was needed was, “a broad-based international reserve currency system providing stability and certainty”. “The world economy is undergoing profound and complex changes,” Chinese President Hu Jintao said. “The era demands that the BRICS countries strengthen dialogue and cooperation.”
This group of emerging nations are an interesting mixture of emerging nations. There common theme to date appears to be a strong desire to have a voice in world affairs, countering the more dominant position of western powers. While strident, it does not now appear they have the clout to do assert the type of power that can by itself bring fundamental change. They do, however, add to the growing voice of concern and doubt in America’s economic leadership.
In a week where the Obama administration demonstrated little visionary leadership to curb America’s growing debt bomb this little development on the far side of the world should not be misunderstood. The United States’ role in world leadership is changing on many fronts. Other nations want a voice at the table and are not content to stand by in a secondary role.
America is facing a defining moment for its role as a global power. The sun has not set. At the very least it has reached its zenith. Unless fundamental changes are made the only question remaining is the rate in which it declines.
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