It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
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.
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.
Originally posted by solongandgoodnight
Am I wrong or is this bad news for the dollar?
where did I say that these guys would "save the world from ruin"? go spew your crap somewhere else.
Originally posted by grey580
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.
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
List of sovereign states by foreign-exchange reserves
1 People's Republic of China 3,311,590 Dec 2012 2 Japan 1,258,809 Feb 2013 Logo European Central Bank.svg Eurozone 915,061 Jan 2013 3 Saudi Arabia 626,800 Dec 2012 4 Switzerland 534,478 Jan 2013 5 Russia 526,172 Feb 2013 6 Republic of China (Taiwan) 403,170 Dec 2012 7 Brazil 373,417 Jan 2013 8 Republic of Korea 328,910 Jan 2013 9 Hong Kong Hong Kong 304,674 Jan 2013 10 India 294,994 Jan 2013
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.