posted on Apr, 14 2011 @ 05:54 PM
Brazil, Russia, India , China & South Africa have held a summit to discuss the shifting political and financial power from the U.S and Europe.
Following the day-long summit meeting of leaders from the five nations in the Chinese resort of Sanya, a declaration was released calling for a
greater role in global financial decision-making.
A summit of the world's biggest emerging economies has highlighted a shift in power away from the US and Europe
The five developing countries - known as Brics, an acronym coined by the investment bank Goldman Sachs - account for 45% of the world's economic
growth between them.
Brazilian President Dilma Rousseff recently complained to journalists in Beijing that the presidency of the IMF and the World Bank "cannot be a
systematic rotation between the US and Europe, with the other countries excluded".
There is obviously going to be a shift in the decision making over the next few years, but I do question how these countries have become so
economically strong, yet have so much poverty. Particularly India and Brazil, whilst China do not recognise human rights and keep the majority of
their citizens on the bread line. It seems their leadership likes the profits of the westernised financial systems, but are not willing to share this
with their own people.
They are obviously aiming to de-stabilise the Dollar as the reserve currency and will have the financial power to heap further damage on the Euro.
Having seen brief coverage on Sky News, there was mention of introducing a new currency as the reserve. Could this be the introduction of the one
I couldn't post a link to the page as it had errors, but I have posted a link to the world news page.