We'll talk about it at #goofy12 with high-level speakers (not the usual garbage given to you by the media).
To get you prepared, I provide you with a couple of drawings:
From the second, in particular, the crisis in China that the media are reporting is evident. In other words, it appears evident that this crisis is only in the media report…
On the first there would be, of course, many considerations to make, but for reasons of timetable I limit myself to one, of a descriptive nature. In the thirty years from 1992 to 2022, the US substantially held its ground in terms of share of world GDP (with an imperceptible decline of -0.3%). The big losers were Japan (-11.5%) and the Eurozone (-12.5%). Against this -24.4% (rounded) decline, the BRICS advanced by 20.5% and the other countries as a whole (very heterogeneous: from the United Kingdom to Somalia to Turkmenistan to Switzerland…) by 3.9%.
It would be useful to extend the series to see how the currently declining poles of the world economy fared throughout the post-war period (Japan and the Eurozone), to understand whether this decline has always characterized them, or whether it was preceded by a phase of expansion. As far as we are concerned, in particular, the negative trend is quite evident from Maastricht onwards, but this does not allow us to draw any conclusions because we lack the previous piece of history, the one from 1946 to 1991. Tomorrow I will calmly try to reconstruct it for you. , and meanwhile good night!
This is a machine translation of a post (in Italian) written by Alberto Bagnai and published on Goofynomics at the URL https://goofynomics.blogspot.com/2023/08/la-moneta-unica-dei-brics.html on Tue, 22 Aug 2023 22:40:00 +0000. Some rights reserved under CC BY-NC-ND 3.0 license.