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John Daly

John Daly

Dr. John C.K. Daly is the chief analyst for Oilprice.com, Dr. Daly received his Ph.D. in 1986 from the School of Slavonic and East European…

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G20 and BRICs - Who's in Charge?

As the representatives of G20 nations gather in Cannes, thrashing out a new way forward for the ailing European Union's economies, a major yet little observed economic sea change is underway, as the torch is passed from Europe's capitalist systems, forged over the past four centuries, to countries considered until a couple of decades ago "Second" and "Third World - the BRIC nations of Brazil, the Russian Federation, India and China.

While it is as yet unclear what form this historic and dynamic shift will ultimately take, investors would be well advised to take notice of this historic economic tectonic shift.

Furthermore, there are indications from Cannes that the BRIC countries are slowly developing a joint agenda, further signaling the G20's primacy as a rich European-American dominated club. Arriving in France on 2 November Brazilian president Dilma Rousseff said that any solutions to European and global economic difficulties need to promote economic growth and employment. On the G20s sidelines, the day after her arrival President Rousseff met with her BRIC peers to discuss developing a common stance.

One area where the European Union is certain to be working the sidelines of meeting is to seek loans for the European Central Bank to head off a default by Greece and shore up the economies of the more wobbly EU nations, including Italy, Spain, Portugal and Ireland.

Can the BRICs assist?

Certainly, if they choose to. China is now the 800 lb gorilla…

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