Jim Rogers thinks Russia should spend its time courting suitors in its own neighborhood, however. “If I were Russia I would be more interested in selling to Asia than South America.”
As reported two days ago in ValueWalk, the leaders of Russia, India, Brazil, China and South Africa are in meetings ending July 17 to bring together plans to create a $100 billion bank to compete with the World Bank and International Monetary Fund. The planed bank is a piece in a larger puzzle to provide a global alternative to Western dominance of the financial system. This has been a stated goal of Russia and China, both of whom have engaged in trade deals that eschew the use of the US dollar.
- Source, Value Walk