How BRICS Became Co-Dependent Upon Eco-Financial Imperialism » CounterPunch: Tells the Facts, Names the Names
Contrary to rumour, the Brazil-Russia-India-China-South Africa alliance confirmed it would avoid challenging the unfair, chaotic world financial system at the Fortaleza summit on July 15.
The BRICS “are actually meeting Western demands,” as China Daily bragged, “to finance development of developing nations and stabilize the global financial market.”
If BRICS subservience continues, remarked financier Ousmène Jacques Mandeng of Pramerica Investment Management in a Financial Times blog, “it
would help overcome the main constraints of the global financial
architecture. It may well be the piece missing to promote actual
financial globalisation.”
Fawning to finance reminds us of the term Brazilian political
economist Ruy Mauro Marini coined a half-century ago, ‘sub-imperialism’:
i.e., “collaborating actively with imperialist expansion, assuming in
this expansion the position of a key nation.”
