Russian Finance Minister Alexei Kudrin said the dollar is in “good shape,” further affirming that there’s no substitute for the world’s reserve currency.
Kudrin’s comments underscore the dependence of Brazil, China, Russia, and India on the currency of the U.S., the world’s largest economy and a $2.5 trillion export market.
Leaders of the so-called BRICs nations -- Brazil, Russia, India and China (ETFs: EEB, EEM)-- may use their first summit this week to press the case that their 15 percent share of the world economy and 42 percent of global currency reserves should give them more influence over global financial policies.
Bottom line. These countries will increase pressure to make sure the world recognizes their increasing role in the global economy. It may be an important investment theme in the coming years.
To find out more about my in depth view of the markets and my strategy just visit our website https://www.peterdag.com/ where you can review The Peter Dag Portfolio. You can also call me at 1-800-833-2782 to discuss your specific money management needs. I will be happy to speak to your investment group on how the business cycle impacts investment strategies and the choice of asset classes. George Dagnino, PhD
Editor, since 1977
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