As a two-day BRICS summit gets underway in South Africa, we speak with author and analyst Vijay Prashad about whether the bloc — which comprises Brazil, Russia, India, China and South Africa — can meaningfully challenge U.S. and Western domination in world affairs by building an alternative forum for countries of the Global South. BRICS countries represent 40% of the world's population and a quarter of the world's economy, and the group is now considering a possible expansion to more than 20 other countries. "BRICS is an instrument to push forward their political views, which they feel are not taken seriously," says Prashad, director of the Tricontinental: Institute for Social Research. Prashad explains the history of BRICS and its New Development Bank and responds to criticism that BRICS falsely portrays itself as an anti-imperialist project. The BRICS countries "are not a socialist bloc," says Prashad, but they "don't want to do what the West tells them — they're driving their own agenda."
globinfo freexchange Wolfgang Schäuble and the German leadership of the eurozone have good reasons to worry, maintaining an uncompromising attitude in the negotiations with Greece. But the repayment of Greek debt, which amounts to EUR 317 billion, is not one of the most important ones. The Greek debt is insignificant in comparison with the financial dynamite of the German (and other) banks, which in recent months gives more daily ignition signs. Only Deutsche Bank, the largest bank in Germany, is significantly exposed, holding dubious financial products known as "derivatives", worth 67 trillion euros. This amount is similar to the GDP of the entire world and 20 times greater than the GDP of Germany. Any comparison with the situation of the bank Lehman Brothers in 2008 would not be irrelevant. Just when Lehman Brothers went bankrupt, had available derivatives of only 31.5 trillion. The crisis of 2008 confirmed the concise definition of derivatives as proposed b...
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