Bishop Trevor Mwamba, President of the United National Independence Party (UNIP) Zambia writes: The German word, Zeitgeist, aptly describes the emergence of BRICS grouping of nations. Zeitgeist encapsulates the spirit or mood of a particular period of history rooted in the ideas and beliefs of the time.
BRICS is an acronym for the grouping of the world's leading emerging economies, namely Brazil, Russia, India, China and South Africa.
The genesis of BRICS lies in the banking crisis of 2007-08 when the G20 asked countries such as China, India and Indonesia to provide liquidity to the Global North’s collapsing banking system. This Global North’s banking crisis created an opportunity to rethink the global financial system.
For decades, the Global South has been concerned about the unfair trade practices of the North. These practices include the imposition of credit conditions that in many cases do little to ease the financial burden of so-called developing countries. Indeed, the conditions attached to loans secured from institutions in the Global North often leave the indebted country worse off than it was prior to execution of the loan agreement.
Formalization of what the 1991 South Commission report dubbed “the locomotives of the South” created an opportunity to challenge Global North financial hegemony. After all, it was now clear that economic development in the Global South had not been helped by the Breton Woods institutions whose governance is tightly controlled by Europe and the United States. It is this reality that has made BRICS an attractive alternative in the eyes of many Southern nations. ...
Bishop Trevor Mwamba writes: In October 1962 the United States and the Soviet Union wobbled dangerously close towards a nuclear war caused by the Cuban Missile crisis. However, because of intelligent leadership the catastrophe was avoided.
The Soviet Union had placed missiles in Cuba after the United States had placed Jupiter missiles in Turkey and Italy. To resolve the crisis a secret pact was agreed in which the Soviet Union removed their missiles from Cuba and the United States quietly from Turkey and Italy months later.
Being a secret pact many in the West thought the Americans won the confrontation through an unrelenting display of power and the threat of nuclear escalation. To the contrary a nuclear war was prevented because of compromise on both sides. It was possible because both President John F. Kennedy and Chairman Khrushchev in good faith were able to negotiate with each. This good faith is reflected in a letter Mrs Jacqueline Kennedy wrote to Chairman Nikita Khrushchev on December 1st 1963. It was one of her last nights in the White House after the assassination of her husband. It’s inspiring, it’s elegant, it’s moving, especially in its idea of big men and little men and the consequences of leadership thereof. ...
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