Jim O'Neill: Another False Messiah?

Jim O'Neill, an Englishman( or should I say "Mancunian internationalist"?), invented the term Bric, according to Financial Times weekend magazine(16/17 Jan 2010).

This acronym stands for Brazil Russia India China.

He is an economist. His view was that these 4 countries would represent the pillars of the 21st century economy.

Mr O'Neill, in the name of Goldman Sachs, predicted that by 2041, these 4 economies would overtake the 6 largest western economies. This was revised to 2039 then 2032.

It seems incredible, in the light of the current world economy, and the shredded reputations of all economists, that they can talk of issues, so far ahead, when they cannot even correctly predict something 1 year, 6 months ahead!


However, this is not the only inference to be gained from this article: the hidden agenda.

Quote: " What 9/11 told me was that there was no way globalisation was going to be Americanisation in the future - nor should it be. In order for globalisation to advance, it had to be accepted by more people... but not by imposing the dominant American social and philosophical beliefs and structures."(I had to stop, I thought he would give me a dichotomy!)

The basic premise seems to me, to cease to invest in Western Economies. This may seem extreme.
However, in the UK it has happened on a large scale.
A member of parliament was alleged to have mentioned in an aside to a journalist," The only part of the British economy worth saving is the City. the rest of the country can be turned over to tourism."

Charles Dumas, a London-based economist, says this is just a marketing tool, the better to profit from these 4 countries.

Then O'Neill produced a list called the N-11, or Next Eleven: Bangladesh, Egypt,Indonesia, Nigeria, Pakistan, Phillipines, Turkey, Iran, Vietnam, Korea(which one? Both?)Mexico.

According to Gillian Tett, the writer of the article, politicians in Nigeria immediately adopted the slogans: "...it was uncannily reminiscent of how 19th century Nigerians once transposed the language of the Anglican Church to their own cultural traditions."

Neither the Bric nations nor the Next 11 are stable states. They are mainly repressive, fascist regimes and they are mainly islamic.

There is no mention that these states are going to have to dramatically change before the wealth of the West(in other words, taxpayer's money)is poured into their coffers.

On an Iran election blog, there is a list of the bank accounts and their contents belonging to the leaders of the Islamic Republic of Iran. They are all millionaires and one, Khamenei, the head mullah, is a billionaire. All money stolen from the people of Iran.

Is this hellish future one which Mullah Jim O'Neill, envisions for the West?