> I ask about the BRIC development state, you give me:
>
> Japan, Korea, Taiwan, Singapore, Venezuela, Central Europe (which is,
> of course, clamoring to join the EU and EMU), and FRANCE????
The BRIC thesis is problematic -- Brazil has the beginnings of a developmental state, while India is still very much a periphery.
France was a Second World economy in 1945, and got rich through dirigisme.
> The Chinese state-industrial complex is absolutely dependent on
> exports
Exports to Asia. Exports to the US - less so these days.
> First, these structures have failed, as yet, to internationalize.
Huawei, Lukoil, Gazprom, and all those sovereign wealth funds are international through and through.
>> They're not. 40% of world reserves are in non-dollars.
>
> That's 35%, actually, DOWN from about 43% in 1997.
There's a measurement problem, because actual reserves are a state secret. Most estimates I've seen (Brad Setser, e.g.) say 40% or thereabouts, and show a slow decline of dollar holdings.
-- DRR