BRICS Nations Plan New Bank to Bypass World Bank, IMF

Am I wrong or is this bad news for the dollar? Come to think of it, has there been any good news for the dollar? Surely not for a long time.....anyhow, here's the news on BRICS planning to bypass the IMF.

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.

They have called for an overhaul of management of the World Bank and IMF, which were created in Bretton Woods, New Hampshire, in 1944, and oppose the practice of their respective presidents being drawn from the U.S. and Europe.

It seems to me we have a huge shift in global power coming. It will be refreshing to have some new leaders in the bankster world.

I can't help but wonder what this means for our economy. What will the future look like because of this? I'm really asking so opinions are welcome.

Goldman Sachs Asset Management Chairman Jim O’Neill coined the BRIC term in 2001 to describe the four emerging powers he estimated would equal the U.S. in joint economic output by 2020. Brazil, Russia, India and China held their first summit four years ago and invited South Africa to join their ranks in December 2010.

Interest rates near zero in the U.S., Japan and Europe have fueled foreign investors’ appetite for higher-yielding assets, driving up currencies from Brazil to Turkey. Brazil has warned of a global currency war as nations take reciprocal action to weaken their currencies and protect export industries.

Here is the link for the full article of where I got this information.

Originally posted by solongandgoodnight
Am I wrong or is this bad news for the dollar?

It's good for the sovereignty of the BRIC nations. Throwing off the banking mafia (and the arsenal they command thru their victim nations) is the only way to maintain control of their country.

Bad news for the dollar, good news for humanity.

reply to post by EricR


nah not really. it will just be a NEW mafia. but yes it is bad news for the dollar.

This is the first I have heard of BRICS.

Could their actions lead to the dumping of the US dollar as the world reserve currency?

reply to post by daryllyn
I would assume so........but I'm hoping somebody smarter than me can give their opinion on this.

reply to post by solongandgoodnight


Well there's a common saying the capitalist pigs love to use when they try to justify their free enterprise system...

They say that competition is good

I guess that's only "good" when there are no competitors in sight.

reply to post by solongandgoodnight

I hope someone well versed in economics and such comes along to clarify what this would mean for the dollar.

It has been my understanding that losing our status as the world reserve currency means game over for our economy, but, I could be wrong.

Its a scary thought with the uncertainty of our economic situation. I have to wonder how much longer we can continue down this path before things crash.

reply to post by daryllyn


that is my understanding as well. don't worry i'm sure someone will come along shorty to give their view on the subject.

BRICS nations?
I gotta laugh every time I hear one of these posts.

If you really think that any of these guys is going to save the world from ruin, then I have some nice swampland to sell you.

BRICS leaders summit - Biggest Rascals In Corrupted States' leaders summit.

Brazil, Russia, India, China, South Africa. Which one is a corrupted state? All of them. They all take the lowests places in corrupted indexes.

So you trust Bulls*itting rascals to open up banks, and help develope nations?

More likely those funds will be used to CORRUPT 3rd world nation leaders and rob the people of their opportunities and resources, as if they had not done enough screwing of their own countries and now needs to screw a bigger market.

Some claim China had put in a lot of effort and money in building infrastructure in Africa. Reality was that china engineers and workers were used, claimed that the africans were backwards. Those infrastructures only help to facillitate the robbing of african resources, not to pave city linking roads or build schools for africans like the west did.

100 pounds of China made toxic toys, food and useless junk for 100 pounds of african diamonds. That's what 'fair trade' or 'equal trade' means to China CCP elites.

And best of all, the chinese settled on african lands, and in time not only own the resources, but the lands as well.

A wink, a shake of hand, money in envelopes are passed to greedy african leaders, and chna gets what it wants. Corruption is an art practiced and perfected by China for 5000 years. And african leaders since time immemorial, had never felt any guilt in betraying their own little educated brothers to enslavement.

May the african masses wake up. Education uplifts poverty, not the method of selling out each other. Only with an educated workforce can the african masses manage their own assets better and not be fooled or robbed by trinklets.

The west, UN and rights group had long sent funds to help africa. Unfortunately, it only ended up lining the pockets of the african leaders whom misused those funds for themselves. And now China comes along, guess their wallets will only get fatter.

In any case, the BRICS developement bank is a good idea. It will help get rid of our greedy and foolish members from mankind's gene pool, when they deposit or invest there. Funding for the subjugation and enslavement of mankind is what the wealthy loves.

In the west, some claim conspiracy theories or just plain hatred for the west and claim the west subjugate others with money. Truth is, the west operates on Rule of Law and Human rights. What about BRICS? They create laws to shut you up if you so much as complain.

May the BRICS bank be a success. Fools need to have their money parted so that they may learn from their mistakes.

How soon we forget the inception of EURO and the problems its facing in Europe BRICS concept and phrase was coined by our very own Goldman Sachs. One has to wonder the long term forecase/outlook by them.

LINK1

Africa is cautious as everyone wants to party in their continent
LINK2

What will be the role of the bank?
LINK3

SA is questionable and China is the big cheese of BRICS. Does this mean they dont really need BRICS?
LINK4

They still have ways to go.

reply to post by EricR


Don't know yet if good news for humanity can come from Russia and China or even India...
It will have positive outcomes for the masses, change in power always have initially, then over time they fail or equal the previous regime (power corruption is insidious).

Yea it's Bad for the dollar, but then the Dollar's days are numbered anyway. Soon as the Reserve currency used to buy/sell Oil becomes dominated by a currency other then the dollar, is when the dollar will collapse.Compound that with the fact that the Dollar is Fiat, QE Infinity, Printing more dollars to pump up the economy, the value of the dollar has already lost something like 20% over the last 5 years ....


......and then (drum roll please) the Derivatives bubble, when that pops ......combined with everything mentioned above, is when we'll see something akin to the great depression but worse.

I think that's why DHS and all these agencies are buying billions of rounds of ammo, armored vehicles by the thousands, and so on, because the Gov insiders know the clocks ticking on an all out collapse.

BRIC is just doing all the right moves to protect itself from whats coming, especially to not have anything to do with EU & IMF after the whole Cyprus deal

reply to post by solongandgoodnight


It will be bad for the power of the dollar but that is not a bad thing. Countries will be able to trade with who they want (Iran for example)without the USA being able to intimidate countries who break the US's sanctions.

In a word more freedom.

Originally posted by grey580
BRICS nations?
I gotta laugh every time I hear one of these posts.

If you really think that any of these guys is going to save the world from ruin, then I have some nice swampland to sell you.

where did I say that these guys would "save the world from ruin"? go spew your crap somewhere else.

The establishment of a Bank is not bad news for a currency. While the IMF has gradually been improving its operations over time, it is intrenched in some arcane policy that is making progress towards a more globally fair and balanced system difficult. This move by the BRICS is to help reduce some of the corporate monopolistic control of important resources and reduce austerity measures that has taken place in the past under the IMF by being able to establish more reasonable policy terms for national loans.

Economies by nominal GDP, 2017 Economy
Nominal GDP (billions in USD)
(01) United States 19,745 European Union 18,769 (02) China 13,212 (03) Japan 6,611 (04) Germany 3,726 (05) Brazil 3,254 (06) India 3,171 (07) United Kingdom 3,090 (08) Russia 2,977

en.wikipedia.org...

Clearly within the next few years. US Economy = BRICS economies. They want to break western hegemony on development and austerity measures. Is this good for the Dollar? No. Printing the US dollar for economic easing is going to end in the next decade, which has happened without penalties till now. If they can stand up another competitor to the dollar except the euro (unlike the Europeans they won't tow the US), it could result the dollar to loose its value. In the short term, nothing is going to happen as all these countries hold huge amounts of foreign reserves. When they do call for their IOU's to come back all hell could break loose.

List of sovereign states by foreign-exchange reserves
1 People's Republic of China 3,311,590 Dec 2012[1] 2 Japan 1,258,809 Feb 2013[2] Logo European Central Bank.svg Eurozone 915,061 Jan 2013[2] 3 Saudi Arabia 626,800 Dec 2012[3] 4 Switzerland 534,478 Jan 2013[2] 5 Russia 526,172 Feb 2013[4] 6 Republic of China (Taiwan) 403,170 Dec 2012[5] 7 Brazil 373,417 Jan 2013[2] 8 Republic of Korea 328,910 Jan 2013[2] 9 Hong Kong Hong Kong 304,674 Jan 2013[2] 10 India 294,994 Jan 2013[2]

en.wikipedia.org...

Scary, every time that people open a major bank it sounds bad.

I always wondered how South Africa would be "zoned" in the centralized World Order.

I guess eventually we'll be the gateway to the whole sub-continent.

Neo-colonialism via corruption.

Will the SA earth withstand this final onslaught on our natural resources?

The rhinos seem to be pessimistic.

Sounds to me like it is primarily a development bank for African countries with BRICS agreements. The IMF will still be an important player from what it sounds like - now it has competition? Maybe not. The Rothschilds own all the central banks in the BRICS, so it's just another bank like the IMF that is controlled by the same people. Remember, only 3 countries left without a Rothschild central bank: Iran, North Korea, and Cuba.

This development is not good for the US economy in terms of waning African hegemony in the face of the BRICS interests. Once again, China (main player in BRICS) is locking up resources critical to dictate market prices. As for the dollar, it is a more attractive reserve currency than the EURO. In general this is not good for the dollar, but it will remain as the world's reserve currency. How long? Who knows. As long as the Petrodollar system is in effect, the dollar will be the reserve currency. Even if Iran moves away from it, Saudia Arabia is the key.

The US economy is headed for trouble for a variety of reasons. If Saudia Arabia abandons the petrodollar scheme, the dollar won't be worth the paper it's printed on.

Intentions are well by the BRICS nations but its not as easy as it seems. It will take some time. They all have to agree behind the closed doors.

Russian Finance Minister Anton Siluanov had said on Tuesday that BRICS ministers in Durban seeking to thrash out the technicalities of the bank had not been able to agree yet on details of its funding or its location.

"It cannot be done overnight. We just used one year since the New Delhi summit to complete a feasibility study and now we are at a very different stage where, as always, the devil is in the details," Russia's deputy foreign minister Sergey Ryabkov told Reuters on Wednesday.

SOURCE
BRICS_ARTICLE