The BRICS—a group of countries that originally included the rising economics Brazil, Russia, India, and China—began in a Goldman Sachs investment analysis and eventually was eventually formalized into a political alliance with the addition of a capital S for South Africa, despite never having made a whole lot of sense as a political or economic group in the first place.
It’s hard to imagine the “fragile five”—the latest trendy designation in emerging markets, according to Landon Thomas of the New York Times—will be so eagerly embraced by its members. As identified by Morgan Stanley’s James K. Lord last summer, Turkey, Brazil, India, South Africa, and Indonesia are five countries whose currencies “will likely be held back by high inflation, large current account deficits, challenging capital flow prospects and potentially weak … growth.
Most of the attention in the past week has been on Turkey, which just doubled its interest rates to attempt to protect its slumping currency amid domestic political turmoil and fears over falling demand from China and the U.S. reducing its monetary stimulus.
In case you were wondering, the economist who originally coined BRICs, Jim O’Neill, has lately been touting the MINTs, which optimistically includes Turkey for the T.
TODAY IN SLATE
Justice Ginsburg’s Crucial Dissent in the Texas Voter ID Case
The Jarring Experience of Watching White Americans Speak Frankly About Race
How Facebook’s New Feature Could Come in Handy During a Disaster
The Most Ingenious Teaching Device Ever Invented
Sprawl, Decadence, and Environmental Ruin in Nevada
You Should Be Able to Sell Your Kidney
Or at least trade it for something.
- Texas Lab Worker on Cruise Tests Negative for Ebola as Dallas Hospital Apologizes
- Police Use Tear Gas to Break Up College Pumpkin Festival Turned Violent
- Racist Rancher Cliven Bundy Challenges Eric Holder in Bizarre Campaign Ad
- Supreme Court Allows Texas Law That Accepts Handgun Permits but not College IDs to Vote
An All-Female Mission to Mars
As a NASA guinea pig, I verified that women would be cheaper to launch than men.