Yep! The economic juggernaut threatening the US Dollar!
JOHANNESBURG (AP) — A government data agency says South Africa narrowly avoided recession after the economy grew by less than 1 percent.
On Tuesday, Statistics South Africa released a statement saying South Africa’s economy grew by 0.7 percent, improving from a 1.3 percent contraction in the previous quarter. The government agency said South Africa would have been in recession had the economy shrunk for a second consecutive quarter.
Statistics South Africa attributed the recovery to growth in seven out of ten of South Africa’s main industries, such as manufacturing and the financial sector.
The agency, though, said some of the country’s key industries are in recession. Agriculture, affected by drought, shrank by 12.6 percent. Mining activity fell by 9.8 percent while the electricity, gas and water supply sector decreased by 8 percent.
Some may see this as a poke in the eye/victory dance over the BRICS futility and impotence. And, in a way, it is. I’ve called this from the start and continue to call it what it is, a fantasy.
Each nation, individually, have their own challenges which they will not overcome anytime in the near future. Socialism and totalitarianism (similar but not the same) will not supplant free enterprise.
Of the BRICS nations, only India is firmly moving in the right direction. But, their direction puts them in direct competition, not with the US, but, with China. China is slowly moving in the right direction, but, only in fits and starts. Unless something drastically changes, before they get to where they need to be, something very drastic will happen. The state will not willingly relinquish control in favor of free enterprise. Unless power is forcefully wrested from the state, the state will quash free enterprise ….. always. Russia suffers from the Stockholm syndrome. So long have they been held captive, they don’t know any other way. They love their tyrants and control freaks because they don’t know, and are afraid of, the exhilarating notion of freedom! Brazil? What can one say about her? Let history judge and prognosticate. She’s Latin. There’s nothing more you need to know. BTW, Portugal has moved, in a most decided manner, to the left. Expect riots for one reason or another.