BRICs Begin to Crumble

Brazil central bank cuts 2011 growth forecast to 3.5% ... Brazil's central bank has lowered its forecast for economic growth to less than half of last year's, partly blaming the slowing global economy. The central bank lowered its prediction for growth in 2011 to 3.5%, from 4% that it expected in June. Brazil has boomed as other countries have stalled, growing 7.5% last year. The bank pointed to "the deterioration in the international outlook" for the downgrade, and also to spending cuts enacted by President Dilma Rousseff. – BBC News
Dominant Social Theme: The world has troubles, but things will be fine. The BRICs are solid enough for the rest of us to build on.
Free-Market Analysis: In India, the government believes it's OK for up to 70 percent of the country to live on fifty cents (US) a day; in Brazil, growth is slowing markedly (see article excerpt above); and China continues to struggle with unrest and growing doubts about its ongoing industrial boom.
The world is focused mostly on Europe's problems and to a lesser extent America's, but it's the BRICs' struggles that may ultimately prove the most damaging to what's left of the world's economy. With half of Europe unraveling and America sliding further into recession, the BRICs have seemingly proven to be a bedrock of stability, but it may be an illusory one.
We've often pointed out that the whole narrative regarding the BRICs is somewhat phony – a dominant social theme purveyed by the Anglosphere power elite that wants the world to believe "capitalism" is effective in reducing poverty and providing people hope.