wazua Wed, Jul 23, 2025
Welcome Guest Search | Active Topics | Log In

BRICs Bank To Rival World Bank & IMF and challenge dollar hegemony
hisah
#1 Posted : Monday, April 02, 2012 6:02:15 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
I have been waiting for this moment. And it is finally here - the BRICs Bank. Let the games begin. He who holds the gold runs the market. Time to stop taking orders from broke masters smile

Quote:
Outgoing President of the World Bank, Robert Zoellick, after just three days ago dismissing the idea of a BRICs created, new global multi lateral bank, has come around and endorsed a BRICs bank in an interview with the FT.

Zoellick had initially said that a BRICs bank and potential rival to the western and U.S. dominated IMF and World Bank, would be difficult to implement given competing BRIC interests.

He acknowledged that a BRICs bank was being created and said that the World Bank supported such a bank. He said that not having Russia and China as part of "the World Bank system" would be a “mistake of historic proportions”.

Leaders of the BRICS nations meeting in India appear to have made much progress in creating a new global bank as the emerging economies seek to convert their growing economic might into collective diplomatic influence.

The five countries now account for nearly 28% of the global economy, a figure that is expected to continue to grow.

On Thursday morning, President Hu Jintao of China, President Dmitry Medvedev of Russia , President Dilma Rousseff of Brazil, President Jacob Zuma of South Africa and Prime Minister Manmohan Singh of India shook hands at the start of the one day meeting in New Delhi.

Top of the agenda was the creation of the grouping's first institution, a so-called "BRICS Bank" that would fund development projects and infrastructure in developing nations.

The initiative would allow the countries to pool resources for infrastructure improvements, and could also be used in the longer term as a vehicle for lending during global financial crises such as the one in Europe, officials said.

Less noticed and commented upon is the aspirations of the BRIC nations to become less dependent on the global reserve currency, the dollar and to position their own currencies as internationally traded currencies.

The leaders of BRIC nations and other emerging market nations have adopted the idea of conducting trade between the five nations in their own currencies. Two agreements, signed among the development banks of Brazil, Russia, India, China and South Africa, say that local currency loans will be made available for trade between these countries.

The five fast growing nations participating in local currency trade will allow participants to diversify their foreign exchange reserves, hedging against the growing risk of a euro or dollar crisis.



http://www.goldcore.com/...llenge-dollar-dominance

http://www.guardian.co.u...-power-brics-world-bank

NYT - clearly eating their cheap sh#t - https://www.nytimes.com/...-to-world-bank.html?_r=1
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
youcan'tstopusnow
#2 Posted : Monday, April 02, 2012 8:33:42 PM
Rank: Chief


Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
Some coup, this is! In effect, a chalIenge to the current global financial system.
It is important to remember that Gaddafi had similar plans for an African bank. We all know how that turned out, but it seems NATO has acknowledged that sponsoring 5 simultaneous ''revolutions'' would be logistically impossible;-)
GOD BLESS YOUR LIFE
youcan'tstopusnow
#3 Posted : Monday, April 02, 2012 9:02:07 PM
Rank: Chief


Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
Something interesting to note is that Western countries are quaking in their boots about Kenya's move 'East'.
After the French ambassador to Kenya was quoted as saying that the president was inaccesible, State House, in a quick rejoinder, said that Kibaki's diplomatic policy was ''strategic'' and guided by ''changing geopolitical dynamics''
GOD BLESS YOUR LIFE
murchr
#4 Posted : Monday, April 02, 2012 9:56:01 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
Am sure baba is watching closely
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
pariah
#5 Posted : Monday, April 02, 2012 10:09:54 PM
Rank: Member


Joined: 11/24/2011
Posts: 833
Brazil is headed to be the real super power, this is going to be a interesting one
a4architect.com
#6 Posted : Tuesday, April 03, 2012 7:38:38 AM
Rank: Veteran


Joined: 1/4/2010
Posts: 1,668
Location: nairobi
At last someone has started to provide the much needed leadership and solution to the current situation in the financial world controlled by the Bretton Woods institutions.
As Iron Sharpens Iron, So one Man Sharpens Another.
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Copyright © 2025 Wazua.co.ke. All Rights Reserved.