Data map: On September 4, 2017, Chinese Communist Party leader Xi Jinping (right) and Russian President Putin (left) were at the BRICS economic summit. (Fred Dufour/AFP/Getty Images)
[The Epoch Times, August 20, 2023](Comprehensive report by Epoch Times reporter Li Yan) On the occasion of the 15th summit of the BRICS (BRICS) in Brazil, Russia, India, China and South Africa next week, Bloomberg reported that , this pretentious transcontinental alliance is outdated and should be scrapped. It may be the right time to create a new six-nation alliance (abbreviated as MITKIT) to unite against the Communist Party.
Former Goldman Sachs economist Lord Jim O’Neill, who coined the acronym “BRICS,” said the group hadn’t come to fruition since it started in 2009, and the idea of a common currency was “very bad.” absurd”.
Bloomberg commented that the purpose of the summit was nothing more than to attract attention, but almost all member states were staggering towards the August 22 meeting in Johannesburg. This is not a good sign.
Embarrassing situation for the BRIC powers
The article analyzed that, in fact, Russian President Vladimir Putin could only attend via video conference. He is evading an international warrant for his arrest.
Bloomberg and Reuters previously quoted people familiar with the matter as saying that South Africa once considered moving the venue of the BRICS summit to another country to avoid the plight of an international arrest warrant for Russian President Vladimir Putin. The South African government is considering asking China or neighboring Mozambique to host the meeting of heads of state, people familiar with the matter said.
South Africa’s Vice President Machatila said on July 14 that his country asked Russia not to send President Vladimir Putin to attend the BRICS summit next month, but the request was rejected.
To make matters worse, the ruble has lost half its value in a year since Putin launched the war with Russia. As guest columnist Alexandra Prokopenko writes, the only reason Russia’s economy is growing is because of Putin’s invasion of Ukraine—what she calls “Military Keynesianism.” The Kremlin is devoting more and more of its budget to weapons production and related industries.
“After the war, the sudden shift in demand from the bloated defense sector to the civilian sector will be a powerful shock that will not be digested lightly,” she said. “We know from history that Russia’s predecessor, the Soviet Union, It’s impossible to do that either.”
Chinese leader Xi Jinping will visit South Africa in person next week, unlike his Russian ally who will be attending online. But his appearance cannot cover up China’s economic and financial problems that have caused headaches for the CCP.
Concerns are growing that China’s deepening real estate crisis is killing what little economic momentum is left, amid late payments on investment products from China’s integrated financial service providers and falling house prices.
And host South Africa has lost its status as the continent’s economic and political “magic” country.
The new six-nation alliance – MITKIT
The biggest problem with the BRICS, however, is that China is dominating the bloc. Bloomberg analyzed that the CCP hopes to turn it into another global forum in response to its condemnation of the United States and the European Union. Therefore, the Chinese government has tried to expand the membership of the BRICS to include countries sympathetic to it, such as Saudi Arabia. But Brazil and India have resisted to assert their influence in the alliance.
“China and India have never agreed on anything,” O’Neill said.
“But why maintain influence on this leaky ship dominated by the Chinese Communist Party?” Bloomberg throws a brick in his opinion piece.
The group’s 15th leaders’ summit will be held in South Africa from August 22-24. The meeting will discuss potential expansion of the group.
South African Foreign Minister Anil Sooklal said earlier this month that Morocco was among the countries seeking to join BRICS.
Morocco’s official media MAP on Saturday (August 19) refuted Sukral’s statement. Morocco condemned South Africa’s approach, the media reported, citing a Moroccan diplomatic source.
“South Africa speaks on its own about Morocco’s relationship with the BRICS without prior consultation,” MAP said, adding that Morocco will not attend the BRICS meeting in South Africa.
Bloomberg also said in the article that if investors need the stimulation of emerging markets, there may be another marketable acronym, MITKIT, to replace the current BRICS now that the “BRICS” has expired. MITKIT is an Asian regional entity, including: Malaysia, India, Thailand, Korea, Indonesia and Taiwan. The total weight in the MSCI Emerging Markets Index is 46%, higher than China’s 31.4%.
The article further explained that, in fact, at a time when the CCP is expanding and provoking with increasing brazenness, it will become a geopolitical reason for MITKIT to join forces.
Responsible editor: Li Yuan#
#Analysis #BRICS #collapsed #disbanded #Epoch #Times
2023-08-19 22:50:24
