Thursday, March 29, 2012

I have not...

...verified this, but it appears to be (if seen to fruition) a recipe for disaster given the inherent volatility all export-oriented economies experience. say nothing of the immediate foreign policy challenge to U.S. hegemony and its consequences.

New Delhi, Mar 28 (Prensa Latina) The development and export/import
banks of member countries of BRICS are about to agree on the use of
their own currencies in commercial and credit operations within the
group., said Trade Minister of India Anand Sharma. Sharma is expected
to discuss this and other related issues on Wednesday with his
counterparts of Brazil, Russia, China and South Africa as a
preliminary to their 4th summit.

He said that initiatives of this kind will contribute to broaden trade
and investments among BRICS, which have potentials still untapped, and
facilitate our economic development as world economy remains plunged
into uncertainty.

Sharma commented that the weakened global demand of goods and
services, above all from Western markets, is affecting export
prospects and growth possibilities of member countries of the group.

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