From the rising economies known as the BRICS, S.S. Tarapore, former deputy governor of the Reserve Bank of India, has publicly articulated the virtues of the gold standard.
FORBES: The Emerging New Monetarism: Gold Convertibility To Save The Euro
By contrast trade with Mr O'Neill's BRICs (Brazil, Russia, India and China) was 3.9% of German trade in 2000, is just under 12% this year and is forecast to be more than 24% in 2020.
This week's fifth BRICS summit is concentrating on Africa with the theme "BRICS and Africa: A partnership for development, integration and industrialization" and South Africa has invited more than 20 African leaders to join the discussion.
Because of this, some members of America's Congress look on the BRICs with trepidation.
Kagan says that part of the problem is that people lump together America's challengers abroad as the Brics.
One reason the BRICs matter is that the world's most important country thinks they do, and is willing to rope them into decision-making.
It pushed for the group's expansion to include the BRICs and declared the club the chief forum for dealing with international economic issues.
The Brics bloc represent 40% of the world's population, with some estimating that it contributes about a fifth to the world economy.
Even when the U.S. market was rising, the BRICs were declining because of investor caution over creeping inflation and necessary monetary tightening to keep inflation down.
There's no getting around it, the BRICs have come out of the global financial crisis remarkably well, especially China, whose diplomatic skills at the recent G20 Summit in Cannes impressed all who were there and left the American delegation rather nervous.
The BRICs' influence on food markets will rise as Europe's declines.
The BRICs help him fulfil these geopolitical ambitions. (Whether Lula's successors will share his taste for the world stage is an open question: at the moment, both likely successors seem more concerned about domestic matters.) As for Russia, association with some of the most dynamic economies in the world may perhaps divert some attention away from its own decline.
China already has become Africa's biggest trading partner, overtaking traditional colonial partners from Europe, and BRICS countries aim to continue increasing trade among themselves.
Media hail the Brics as a "global force" for a new world order after the group's summit in Durban.
Besides inflation problems, the positive fundamentals in the BRICs, especially, have not been able to withstand the systematic risk of U.S. and European debt problems.
The Brics nations plan to announce the road map for setting up the bank at the group's annual summit in Durban between March 25 and March 27, the officials said.
The humidity and sub-tropical rain in South Africa's port city of Durban is doing little to dampen the enthusiasm for the fifth Brics summit, the first time the leaders of Brazil, Russia, India, China and South Africa have met in Africa.
However, with other emerging economies such as Indonesia's and Mexico's also waiting in the wings, some question whether there could soon be so many Brics that the forum loses influence.
And a meeting of the BRICs looks slightly more like a collection of equals than do most gatherings involving China (though China's economy is still larger than those of the other three combined).
Goldman's view of the world seems dominated by its faith in the emerging economies, notably the BRICs (Brazil, Russia, India and China), an acronym coined by Jim O'Neill, a strategist who has been promoted to head its asset-management division.
As the euro crisis continues and the West shows little signs of growth, the World Bank says that global economic growth is increasingly dependent on the BRICS countries, which account for 27 percent of global purchasing power and 45 percent of the world's workforce.
应用推荐