BRICS Currency “Ridiculous”: India Backs Down on Dollar Rival for Fear of Being Hoodwinked by China
Global Rivals Narendra Modi (India) and Xi Jinping (China); photo: Global Times
As BRICS-aligned nations gather in Johannesburg, South Africa to form a counterweight to the US-led West, India has poured cold water on Russian-Chinese hopes for an alternate world reserve currency to replace the US dollar. The inventor of the term called the idea of a BRICS currency “ridiculous.”
As China’s real estate sector teeters on the verge of disaster and South Africa’s corrupt ANC government can barely keep the lights on, Brazil and India are slamming the brakes on a more powerful BRICs, Op India reports.
The acronym BRIC was invented by Goldman Sachs economist Lord Jim O’Neill 2001 to describe the major emerging economies of the global south,
