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That guy said a lot of things in 52 minutes and still did not manage to string together a coherent argument.
He wasn't arguing. He was explaining.That guy said a lot of things in 52 minutes and still did not manage to string together a coherent argument.
He also had some high praise for China and for BRICS.
I’ll file this away under “WTF nonsense.”
He lost me. BRICS does not have more wealth.He wasn't arguing. He was explaining.
I thought a number of things he said are worth paying attention to. That BRICS has more wealth than the G7 was not something I knew. And that pressures in Turkey might shift it into the BRICS orbit is a bit scary.
You might want to look that up.He lost me. BRICS does not have more wealth.
First things first. How do you want to define wealth?You might want to look that up.
GDP should be good enough for HROT. I don't love the measure but it's a reasonable ballparking approach.First things first. How do you want to define wealth?
Likewise with China compared to the rest of BRICS. And their growth is slowing if not regressing soon. BRICS will go however China goes and that is going to be…..declining.GDP should be good enough for HROT. I don't love the measure but it's a reasonable ballparking approach.
I shared your feeling when I heard Wolff say it but then I realized that the G7 are rich, but not large. The US is easily the single wealthiest nation, but the rest of the G7 are dwarfs by comparison.
Your chart looks about right. Not that I would know. OTOH, absent a war in the region (which may be looming), India figures to move into 3rd place internationally in a few years (it's economy is growing at 7%). Moreover, unless things change, China is growing faster than the US (5% vs 2%). Adding Turkey, which Wolff warns we should not let happen, would bump the BRICS up a smidgen more.Likewise with China compared to the rest of BRICS. And their growth is slowing if not regressing soon. BRICS will go however China goes and that is going to be…..declining.
I disagree GDP is the best measurement of wealth but I’ll oblige you.
Oct 2023 - G7 GDP 50% greater than BRICS
GDP per capita - G7 blows away BRICS
Infographic: BRICS Nations Still Trail G7 in Per-Capita GDP
This chart shows G7 and BRICS countries' GDP per capita in 2023 in international dollars at purchasing power parity.www.statista.com