BRICs On The Rise
Maria & I were on assignment in Moscow for her exclusive interview with President Dmitry Medvedev two weeks ago.
In that interview, Medvedev told Maria that he thinks the world is too dependent on the US dollar. The dollar discussion has come up several times since and it was supposed to dominate headlines at the first ever BRIC summit. However, it wasn't even mentioned in the communique!
On Closing Belltoday, we'll discuss the rise of BRICs and their growing economic clout. While this is a threat to America's prominence David Riedel of Riedel Research Group says too much is being made of the issue and that BRICs are trying to take over the world or do something dramatic. He thinks that as much talk as we hear from Russia on the world's dependence on the US dollar, the greenback isn't likely to lose its status as the world's reserve currency in our lifetime.
While Russia played host to the BRIC summit, it's interesting that many are raising concerns about Russia's inclusion in this group. Compared to the three other BRIC countries, Russia is the only one that has seen its GDP growth decline (a significant 9.5% drop for that matter) in the first quarter. Riedel thinks that Russia does not deserve to be in the group as its economy is very different from the other BRIC nations.
The BRIC's rise to power -- too far, too fast? How big of a threat will it be to the U.S.?
Watch Maria at 4.30PM ET for that discussion
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