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Watch Out, World Bank.
Here Comes the BRIC Bank.

Associated Press, by Staff and Reuters

Original Article

Posted By:SoCalGal, 3/27/2013 7:13:37 PM

Leaders of the five BRICS nations plan to create a development bank in a direct challenge to the World Bank that they accuse of Western bias. The bank would use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa but would undoubtedly be dominated by China. It would be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order.

Comments:
A UK paper - maybe The Guardian - said that South Africa is actually more of a briquette. Not in the same class with the other four in many ways.

      


Post Reply  

Reply 1 - Posted by: SpeedMaster, 3/27/2013 7:24:55 PM     (No. 9247206)

I know nothing about international banking, so if my take on this is wrong I hope another poster will correct me. This could be the first step to unseat the dollar as the worlds currency! If that happens any and all efforts to increase the (US) debt limit becomes mute as we are only able to do so as long as we are the world´s currency.

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Reply 2 - Posted by: KTWO, 3/27/2013 7:28:09 PM     (No. 9247214)

After watching the shameful and inept economic behavior of the grown-up nations and its various international institutions I am surprised this hasn´t happened earlier.

Not that this gang, including Russia, China, etc. will be better world citizens. But they are unlikely to be more foolish.

Why would they include South Africa? Probably political and as the best among bad choices from Africa.



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Reply 3 - Posted by: distorted, 3/27/2013 7:30:56 PM     (No. 9247220)

Great! Now we can abandon the field and leave it in the capable hands of these bozos. No harm; no foul.

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Reply 4 - Posted by: rockytop, 3/27/2013 7:58:17 PM     (No. 9247265)

Let them prop up all the garbage in the world.

Go for it.


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Reply 5 - Posted by: NYbob, 3/27/2013 7:59:25 PM     (No. 9247267)

#2, for the unique natural resources. Russia and China have been increasing their gold supplies. Would not be surprised to see a currency backed by something other than the FEDs promises.

Sorry that I posted the same article. I did do a search and did not see this one.

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Reply 6 - Posted by: Hazymac, 3/27/2013 8:10:15 PM     (No. 9247276)

Re #1´s point: You´d better believe it. After Nixon severed the last tie between the USD and gold in 1971, the eventual fate of our currency was inevitable, although that denouement hasn´t yet played out completely.

When the USD loses its status as the international reserve currency--another will take its place, perhaps the one worldwide currency of prophesy--the Fed will no longer be able to print money willy nilly, monetizing the national debt, inflating it away. Interest rates will skyrocket--no more quantitative easing--and a large chunk of the federal budget that now goes to transfer payments will have to be applied to interest on the national debt.

Or else our genius politicians will just decide to default on the debt; besides, it´s funny money, too huge for the next several generations to pay off anyway. The days of bread and circuses will be over with Old Testament finality, and the American standard of living will be cut in half virtually overnight, much to the delight of most of the rest of the world. Before that black day happens, citizens who can afford it will renounce their American citizenship and move away permanently to places where the governments aren´t all powerful and all-foolish.

Woodrow Wilson taxied this winged economic monstrosity onto the runway, Hoover and FDR got it airborne, LBJ took it higher while Republicans rode along not making a sound, and finally Obama pointed it toward the ground and yanked the throttle to full power. There is going to be quite a wreckage: the biggest economic crash in world history. It will destroy America.

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Reply 7 - Posted by: LanieLou, 3/27/2013 8:29:40 PM     (No. 9247293)

Here It Comes, Folks! This is the Alliance of Nations Against the NWO crowd! Ever since the NWO commie/marxists partnered with The Muslim Brotherhood to run Africa for them, BRIC was formed to block them. And there are many more small nations in this alliance.

The UK is smart enough to stay out of the fray... but Obama has the US deeply tied to the NWO...

In WW3.... Who will have the advantage? If Obama keeps attacking Putin pal Syria, we´ll find out sooner rather than later.

At least Putin believes in a 15% flat tax!

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Reply 8 - Posted by: Sanchin, 3/27/2013 9:06:31 PM     (No. 9247322)

Good! The IMF and World Bank have destroyed enough countries and lives. This weeks example is Cyprus. Who is next?

Yes, unfortunately the US dollar will lose the dominance it has enjoyed. This has much more to do with the demise of petro-dollars as more and more nations (BRICS included) trade oil contracts in a currency other than the $US. This is being done today.

We have too much debt, we have a FED that is entirely secret and controls too much power, and we have policies that are destroying this country. But hey, lets concentrate our attention and energies on a more important issue; the constitutionality of gay marriage.





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