The BRICS Alliance is All About Gold
Today, in place of my usual Monday column on economics and investing, I’d like to briefly delve into some of the implications of the recently announced expansion of the BRICS trading alliance. The acronym “BRIC” was first coined in 2001 by Terence James O’Neill — then of Goldman Sachs — in describing the fast-growing economies that would dominate the global economy by 2050: Brazil, Russia, India, and China. Over time, South Africa was added to the acronym, making it BRICS. Oddly, O’Neill’s term of art eventually morphed into an actual multi-national organization. In recent years, primarily under mainland Chinese leadership, …