By Patrick Bond
Nigeria’s ‘rebased’ GDP now beats SA’s, but ‘MINT’ mishaps follow BRICS bamboozling, Next-11 nonsense, CIVETS scamming and the pathetic PIGS.
Jim O’Neill – the Goldman Sachs banker who in 2001 coined the idea of a Brazil-Russia-India-China ‘BRIC’ serving as “building bricks of the 21st century world economy” – has another bright idea. He recently announced a new fascination with the Mexico-Indonesia-Nigeria-Turkey countries, which “all have very favourable demographics for at least the next 20 years, and their economic prospects are interesting.” O’Neill is now completing a BBC series on the MINTs, and no doubt will profit handsomely from investments made in these countries’ financial assets, the way any scurrilous marketer does when, brandishing an insider-trading portfolio, he draws naïve consumers to a product with limited shelf life.
MINT economic prospects are ‘interesting’ insofar as Goldman Sachs makes enormous profits from churning investors’ funds through new markets, using whimsical rationales based upon silly acronyms. As Matt Taibbi described the firm’s philosophy in Rolling Stone five years ago, “The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”
Goldman Sachs is a useful barometer of stupidity, since it brought the world economy to its knees in 2008 by creating infinitely-toxic financial products. For example, what was just a decade ago a supposedly glorious group of high-growth European countries led by ‘Celtic Tiger’ Ireland, became financially-cancerous ‘PIGS’ once Portugal, Ireland, Greece and Spain melted down seven years ago, in the process wiping out hundreds of billions of dollars in paper assets. O’Neill has also tried out the ‘Next 11’ and ‘CIVETS’: Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa.
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