Brazil - a power of the present and of the future?

There is a new text on vox.eu arguing that Brazil has become the the power of the present (and an interesting book by the same author is available here)

I agree with it, with some qualifications.

But am not sure about the future. Ten years of fast development does not yet mean that fundamental changes in the long-term growth outlook have occurred. For now, the markets' superoptimism about BRICs may soon lead to an ever growing financial bubble, which will burst sooner or later, miring these countries in yet another crisis...

Goldman Sachs, however, continues to foment the optimism in his 2009 update on the growth prospects of the BRICs and N-11.. After all, optimism, even if unwarranted, is good for business.

More on GS's research on BRICs is here