Bashing the United States remains a popular sport even after the departure of President George W. Bush from the White House. Criticism of Washington has intensified in the past year as the world grapples with an economic crisis that many believe was made in the U.S.
This discontent drives calls for reorganization of the international monetary system, a system that confers special advantages on the U.S. Yet, unsatisfying as the system may be for many, change will be slow. Even as the global economy reorients and diversifies, and economic power moves toward Asia, the U.S. will retain its place at the center of that system.
That dissatisfaction provided the backdrop for a meeting in the Russian city of Yekaterinburg on June 16. Leaders of Brazil, Russia, India and China held the first summit of the so-called BRIC nations. The term was coined in 2001 by a U.S. investment banker who touted the considerable potential power and influence of those four nations. They account for slightly more than 40 percent of the world's population, make up about 15 percent of the global economy, and hold 40 percent of global currency reserves. In 2001, the four were expected to overtake the combined economies of the industrialized world by 2040. Recent woes have accelerated that timetable: The new date is 2027.