The conclusion is that it’s a lot easier to talk about creating truly alternative institutions than actually doing so, which means that BRICS will likely just remain a talking club, or a “multitasking laboratory of global governance” as Kortunov diplomatically described it. That’s not to downplay the group’s role since it’s important for major and developing non-Western countries to discuss pressing issues of the evolving world order, especially economic-financial ones, but that’s not the same as what enthusiasts expected.A dose of reality. The Alt-Media got a quite a bit ahead of reality with respect to their expectations of the initial outcome.
The Kazan Summit therefore wasn’t a failure, and in fact, it succeeded in its only realistic goal all along of gathering its members and partners together to discuss ways to voluntarily accelerate financial multipolarity processes such as through the increased use of national currencies. The outcome was always going to be more symbolic than tangible due to the group’s purely voluntary nature, though some observers had false expectations and thus feel bitter, but now they know what BRICS is really about.
Andrew Korybko's Newsletter
Currency union without political union. Different players with different goals and no final authority to decide.
ReplyDeleteDidn't we already go through with this shit with the Euro? So now it's gonna magically work because...
Why they don't just admit what this actually is. They got kicked out of one club so they're going to make their own G7 with black jack and hookers...
No Hallmark Card endings.
ReplyDeleteComment from Andrew Korybko:
ReplyDeleteThat doesn't mean that the summit failed, as I argued, but just that it's time for everyone to correct their perceptions and call out the charlatans among us.
Years ago when Tom described Pepe Escobar as a public intellectual, I remember thinking to myself: "that is the kiss of death to his credibility".
ReplyDeleteWhat I've said all along. A bunch of low-wage exporters thinking gold will solve all their problems. Blah, blah, blah.
ReplyDelete