The new issue of The Economist magazine provides an update on the 20th anniversary of the acronym Bric. Highlights in an op-ed that “China defied the pessimists”. But now, “it turns in on itself” and may not be, after all, the “vast source of demand in the poor world”.
He recalls that Beijing “has eradicated extreme poverty”, which he calls “a historic achievement”. But Brazil and others “disappointed” and, more importantly, “hopes of a robust recovery in 2021 have failed with the spread of the delta variant.”
OLD EMPIRE STAMPS
Touring Asia to rally allies against Beijing’s rise to power, US Secretary of Defense Lloyd Austin said Britain’s new aircraft carrier would “help more” if it stayed closer to home rather than travel to the coast from China, the Financial Times noted (image reproduced below).
“After years of budget cuts,” the UK has had to resort to US jets and US and Dutch escort ships, among other travel constraints.
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