The United States is facing what is shaping up to be a perfect storm of economic bad news, with higher than normal energy prices and inflation compounded by a spiraling debt crisis and fears of economic turmoil amid high stakes debt limit talks. Meanwhile, BRICS nations are brainstorming a way to de-dollarize the international trade order.
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With average consumer-price increases easing for two successive quarters from an 11-year high, more developing nations are seeing their inflation-adjusted rates turn positive and widen their gap over developed countries.