Commentary
The summit of the so-called BRICS—Brazil, Russia, India, China, and South Africa—has closed with an invitation to join the group extended to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
(L-R) Brazilian President Luiz Inácio Lula da Silva, Chinese leader Xi Jinping, South African President Cyril Ramaphosa, Indian Prime Minister Narendra Modi, and Russian Foreign Minister Sergei Lavrov raise their arms as they pose for a group photograph at the BRICS Summit in Johannesburg, South Africa, on Aug. 23, 2023. Alet Pretorious/AFP via Getty Images
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat” (2015), and “Life in the Financial Markets.”
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