BRICS establish $100bn bank, currency pool to cut out Western dominance

[strunberg]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

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[BitchicksHusband]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

I predicted that Brazil, Russia and China would become the world powers 15 years ago.  Christianity has been spreading like wildfire in those countries.

[scryptasicminer]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

I predicted that Brazil, Russia and China would become the world powers 15 years ago.  Christianity has been spreading like wildfire in those countries.

The BRICS notation are mostly marketing jargon to sell you over price securities.

And I don't see Brazil, Russia and China becoming world power any time soon.

[Dalmar]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

Why the fuck did you use a stormfront redirect url?

Are you a neo-nazi and got it from there? LOL, pathetic.

[IIOII]

Why the fuck did you use a stormfront redirect url?

Yes that's "strange" indeed...


But this news is significant! It may be too early to say that these BRICS countries will be the new world powers, but it's pretty clear that the US looses influence at an accelerating rate.

I hope that the new world powers will be more peaceful than the old one.

[hollowframe]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

I predicted that Brazil, Russia and China would become the world powers 15 years ago.  Christianity has been spreading like wildfire in those countries.

The BRICS notation are mostly marketing jargon to sell you over price securities.

And I don't see Brazil, Russia and China becoming world power any time soon.

I don't think that $200 billion is very much in terms of influence as the US GDP is several hundred times this size. With the western world being as advanced economically as it is I don't see it loosing any meaningful amount of influence anytime soon.

[gmx95]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

Overall I think its a good move. Competition is always good.

[Swordsoffreedom]

I wonder if the bombings in Russia and China are in reaction to this from the United States
Fear of a replacement financial system.

[BitchicksHusband]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

I predicted that Brazil, Russia and China would become the world powers 15 years ago.  Christianity has been spreading like wildfire in those countries.

The BRICS notation are mostly marketing jargon to sell you over price securities.

And I don't see Brazil, Russia and China becoming world power any time soon.

Then you are asleep my friend, because with their growing economies and huge populations they are going to blow by the US and Europe very soon.

[notme]

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries.

https://www.stormfront.org/forum/redirect-to/?redirect=http%3A%2F%2Frt.com%2Fbusiness%2F173008-brics-bank-currency-pool%2F

I predicted that Brazil, Russia and China would become the world powers 15 years ago.  Christianity has been spreading like wildfire in those countries.

The BRICS notation are mostly marketing jargon to sell you over price securities.

And I don't see Brazil, Russia and China becoming world power any time soon.

Then you are asleep my friend, because with their growing economies and huge populations they are going to blow by the US and Europe very soon.

Exactly.  The US is 4% of the world's population and that figure is rapidly shrinking.  China's middle class is now much larger than the entire US population.  Meanwhile, our middle class is dwindling.

[Brewins]

As far I can see they still will use mainly Euros and Dollars, so still not a menace to western dominance.

In the other hand, stop to use Dollar as monetary default can be dangerous to your government domincance in your own country, like Saddan Hussein and Gadafi can tell us after we make a necromancy ritual.

[scryptasicminer]

As far I can see they still will use mainly Euros and Dollars, so still not a menace to western dominance.

In the other hand, stop to use Dollar as monetary default can be dangerous to your government domincance in your own country, like Saddan Hussein and Gadafi can tell us after we make a necromancy ritual.

It is costly to over turn Iraq and Libra. If more nation abandon the dollar, it will no longer worth the cost to defend the empire.

[JessyMatt]

They're really going after the dollar. I think that's a good thing. This one-currency domination thing is not good for the world's economy.

[Swordsoffreedom]

They're really going after the dollar. I think that's a good thing. This one-currency domination thing is not good for the world's economy.

Well it's about time in my opinion Latin America made a bank as well to address the way the IMF operates and now the BRICS are making one as well to counteract the IMF

Pretty much showing that neoliberal economics and bailouts are being directly confronted on the international stage, makes it interesting to see strong actors coming out with alternatives to it.

[SHA255]

They're really going after the dollar. I think that's a good thing. This one-currency domination thing is not good for the world's economy.

The dollar dominates the world economy because it is stable and the US economy is so big.

Even IMF loans are generally denominated in dollars.

[Pepin]

Then you are asleep my friend, because with their growing economies and huge populations they are going to blow by the US and Europe very soon.

Not true at all. GDP per capita is pitifully low, economic growth is based on unsustainable development and foreign investment, and the governance is anathemic to a vibrant market economy.

Exactly.  The US is 4% of the world's population and that figure is rapidly shrinking.  China's middle class is now much larger than the entire US population.  Meanwhile, our middle class is dwindling.

What is considered "middle class" in the People's Republic is considered living in poverty and squalor in the United States. The actual number of people in China who live a middle class lifestyle based on European or North American standards is a small percentage of the population.

They're really going after the dollar. I think that's a good thing. This one-currency domination thing is not good for the world's economy.

They are not "going after the dollar." If they did, they would lose their tight grips on their own currencies. In the meantime, they keep buying US Treasury bonds.

[BTCreward]

They're really going after the dollar. I think that's a good thing. This one-currency domination thing is not good for the world's economy.

Well it's about time in my opinion Latin America made a bank as well to address the way the IMF operates and now the BRICS are making one as well to counteract the IMF

Pretty much showing that neoliberal economics and bailouts are being directly confronted on the international stage, makes it interesting to see strong actors coming out with alternatives to it.

this type of bank would be bailing out smaller countries just like the IMF does.

[minor-transgression]

Albert Schweitzer had a different take on this Confucian saying

"Give a man a fish and you feed him for a day, teach a man to fish and you feed him for a lifetime"

If I remember correctly (and there seem to be no references to this on the internet?)

The people of West Africa could teach the world how to fish. They live in poverty
because they have no political power, no access to the capital needed to improve
their sea-ports, and because their access to the markets of Europe and North America
is restricted.

Since reading that I have had a jaundiced view of anyone quoting Confucius, and
I now hope the new bank will begin to right the many wrongs inflicted by the IMF and
the World Bank.

[Sindelar1938]

Think this is just wine in a different bottle
It will doubtless benefit tycoons in those countries by giving access to funds that come with even fewer strings than they are used to
Partly also a natural reaction to longstandiing cynicism of the IMF and other Supra funding agencies that are seen as compromised and just instruments of western foreign policy