Basically just those two questions
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Think of it likes the Euro, basically the idea is that these countries (Brazil, Russia, India, China, South Africa) will come together to make a new currency.
These countries aren’t all buddy buddy with each other though so the actual likelihood that this will happen is near 0.
BRICS stands for Brazil, Russia, India, China & South Africa. These are considered to be strong emerging economies that are expected to have a huge influence on global markets in the next 30 years. Since you’re five, i’ll rephrase as, these countries are big and growing and are becoming more important so when you’re a grown up, they will have a big impact on how and what the people of earth are doing.
BRICS countries are seeking an alternative market between themselves with less exploitation and interference (tariff wars) from USA and Europe.
The G7 is a group of the USA, Canada, UK, France, Germany, Italy and Japan. 10% of the world’s population but 50% of the cash. They are informally linked to discuss politics, economics and some military co-operation.
BRICS are the same idea, but different countries. Initially Brazil, Russia, India, China and South Africa, they represent far more people with an increasing share of the pot.
In 1992 the G7 had 46% of global purchasing power and BRICS had 16%. By 2020 the two were equal, and BRICS has continued to rise at the expense of the G7. And that’s before the Saudis and the UAE join.
Let’s hope they’re as generous to us as we were to them, LOL.
Funny enough, BRICS started as an financial product for a Goldman Sacs economist in the 2000s to sell bonds from emerging markets. Originally it was just Brazil, Russia, India and China.
They have been meeting on and off since 2009 and are trying to form an economic alterative to the G7 and advocate for their common interest as developing nations. This issue has become particularly acute as the sanctions on Russia has exposed just how vulnerable one can be to western sanctions.
The problem is while the G7 have common values and goals and broadly speaking like each other, BRICS does not. (beyond growing their own economies and building an alternative world order, where they have more power).
The group is even more interesting now that Saudi Arabia and Iran (among a few others) are both part of organization.
already seeing bot’s in here. at the moment BRICS is mostly just talk, most of these country’s are self interested so there is a lack of trust between them, China is non commital which is why they refused to give a speech and Russia has no credibility at the moment since they are considered bad faith actors. People basically only excepting cash from them at the moment.
If BRICS does evolve into something then more likely it will be a limited attempt to circumvent the swift banking system or sanctions.
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