BRICkbats for the Russian Bear
Verfasst von hkarner am 20. Oktober 2009
Nouriel Roubini | Oct 19, 2009
From The Globe and Mail:
Anthony Jenkins/The Globe and MailOne powerhouse in the BRIC group is just hanging in there. Hint: It isn’t Brazil, India or China
Conventional wisdom rarely survives a good stress test, and few tests have been as stressful as what the global economy has endured over the past 24 months. A healthy season of reappraisal has dawned, shining a new light on boom-time notions such as the value of opaque markets, the untouchable status of the American consumer and the wisdom of deregulation.
One piece of bubble wisdom that has escaped relatively unscathed, however, is the assumption that the BRIC countries – Brazil, Russia, India and China – will increasingly call the economic tune in years to come. The BRIC notion, coined in a 2003 Goldman Sachs report, is not all bad: At 75-per-cent correct, it scores a good deal better than most economic prognostications of the day
