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Saturday, March 23, 2013

Crumbling BRICs

Crumbling BRICs: Why You're Better Off Elsewhere: "The investor and author Jim Rogers offers a scathing takedown of the BRIC theme in his most recent book, "Street Smarts" (Crown Business, 2013). Rogers writes that Jim O'Neill, the Goldman Sachs strategist who coined the "BRIC" term in 2001, "had no idea what he was talking about." Rogers dismisses Brazil's prosperity as part of a commodities boom that "like all bull markets will come to an end." "Basket case" Russia, he said, is "facing the worst of all worlds" with the fading of its oil trade and aging population. As for India, it "should be one of the more agriculturally productive countries in the world, but government policy prevents that from happening. … The country is hopelessly bound up in bureaucracy as stifling as any in the world, and the government is both corrupt and chronically inept." China largely escapes doubts from Rogers, who lives in Singapore and advises everyone to learn how to speak Mandarin as China's global influence grows. . . ."

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