Posted 6/16/2009 07:13:00 PM by Douglas

Hey, remember when we used to make shit instead of being focused on a "service" or "consumer" economy? These guys do, because not only are they going to be making our Happy Meals happy for the unforeseen future, they're going to have all the money in about 15 years.

Leaders of the four largest emerging market economies discussed ways to reduce their reliance on the United States at their first formal summit meeting on Tuesday. But they concluded with only a cautious statement suggesting a move away from the dollar’s role in global commerce and a call for greater representation of developing countries in global financial institutions.

If there's an economist this doesn't scare the shit out of, he's not paying attention. Then there's this:

Mr. Medvedev encouraged China, the world’s largest holder of dollar reserves, and other nations to put their money in some other currency or financial mechanism. He also urged members of the Shanghai Cooperation Organization to use their national currencies in conducting bilateral trade.

“There can be no successful currency system, and particularly a global system, if the financial instruments that are used are denominated in only one currency,” Mr. Medvedev said. “Today, this is the case and the currency is the dollar.”

If this part, "China, the world’s largest holder of dollar reserves" isn't enough to make you cringe, consider that the emerging economies are trying to get away from it like virgin from Prince's couch. But enjoy your flat screen TVs and your ipods, morons, while the rest of the world, not just the BRIC, actually produces something of value.

Check out the BRIC's stats. Don't expect those numbers to decrease anytime soon.