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“BRIC” is a new word that has appeared recently, consisting of the first letters of Brazil, Russia, India and China....
This first “BRIC summit” is held under the pretense of deep development in the international financial crisis....
There are two major things to watch for at the BRIC summit. One thing to watch is how the participating leaders will evaluate the dollar....
Officials from some countries suggest creating a super sovereign reserve currency by using IMF Special Drawing Rights as a basis. BRIC has already begun to increase IMF bonds to enhance the right of speech of emerging countries in the international financial system and to force the U.S. to be accountable for the dollar. As a matter of fact, in many countries’ bilateral and multilateral trade arrangements, the process of moving “away from dollarization” has begun....
In recent world history, any big economic crisis means the restructuring of the world’s economic model and financial order. This is unavoidable and it is independent of humans’ subjective will. People can only act along with it.
