All BRIC countries are concerned that the U.S. government's record budget deficit and large national debt will result in a weakening of the dollar versus the world's other, major currencies, and in the process decrease the value and purchasing power of BRIC dollar-denominated currency reserves and investments.

Further, while discussions of ways to improve current account and foreign exchange processes are always welcome, investors should keep in mind -- as the BRIC's leaders realize -- that a shift in the world's reserve currency is not a minor event, but rather, one that's akin to a change in an epoch.

Moreover, the status of a global reserve currency involves more than just macroeconomic fundamentals, GDP growth rates, and financial system features, but also the rule of law, the protection of capital, a nation's stance toward private property, and, since the emergence of the United States, a system of rights (in the U.S., the Bill of Rights), among other factors. Hence, as BRIC nations record progress in the above categories, the new global reserve currency issue will take on more substance and will gain strength, both financially and philosophically.

But investors should understand that progress in the above areas, and others, is typically gradual and not without cost or sacrifice. Until then, the dollar will remain the world's reserve currency.

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Financial Editor Joseph Lazzaro is based in New York.