A 2003 Goldman Sachs forecast speculated that by 2050 the four economies of Brazil, Russia, India and China would be wealthier than most of the current major economic powers, in which they referred to these nations combined by the BRICS acronym. And it stuck. As did the idea that China was set to dominate supply of manufactured goods, India would become the world’s dominant suppliers of services, while Brazil and Russia would be the dominant suppliers of raw materials. Since then a formal relationship between these countries has emerged to set up a parallel monetary system (and a BRICS New Development Bank) to the Bretton-Woods (Western) World Bank-IMF monopoly.

But, how quickly things change …



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And of them was the whole earth overspread