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Agree completely. Basically the idea was conceived from someone's journal and research at goldman sachs. Its to get a bigger piece of the pie by the banks within the BRICS nations and bypass the western institutions Nothing new SOS different banks More like the gang splits and territorial control IMO.
Originally posted by SeekerofTruth101
The devil is not in the details. The devil is staring right in their faces, at each other.
Bunch of corrupted crooks, knowing each other well, for it takes one to know another. Trust is non-existance.
The bank is merely intended to project their power and crooked ways, nothing to do with empowering those whom will need those funds for their projects. As long as everyone knows what is expected from each other, with backs scratched, funds will then be dispensed
As it will only be for crooked means, with no regulatory checks and balances, for they don't even have such in their own nations, it is only a matter of time when the bank collapses, as the banks in China and Russia will be, with their loans freely dispensed to their cronies, to the tune of TRILLIONS, not millions, if ever an accounting check is allowed.
Folks complain about the West printing money, even though it has transparent open books with oversight, checks and balances, but wait till you see what China, India and Russia when they have none, is doing. It would make the nazi german finance minister Albert Speer look like a kindergarten kid.
As China’s relative economic growth has continued apace, its dominance within BRICS has become increasingly entrenched. Almost regardless of its intentions, China’s size and national power make it the unavoidable hegemon of BRICS. Yet the other member states distrust of Beijing’s economic and strategic plans makes them unwilling to accord China the degree of influence within the grouping that its national power capabilities would suggest. Resolving this is as necessary as it is difficult.
China’s dominance is equally pronounced in terms of outbound investment, the subject that concerned BRICS this week. Notably, whereas BRICS aimed to pool together their investment funds to create a rival to the Western-dominated World Bank, the truth of the matter is that China Development Bank (CDB) and other state institutions are by themselves rivals to the World Bank. In fact, between 2008 and 2010, China’s overseas loans outstripped World Bank lending by US$10 billion.
Beijing’s enormous capital outflows have a real tangible impact inside the other BRICS members. To cite just one example, a 2011 report by the China-Brazil Business Council (CBBC) found that China invested US$12.690 billion in Brazil in 2010, 99 percent of which came from state-owned enterprises and all but US$1.522 billion of which went to foreign companies (read: Chinese companies) operating inside Brazil. From this the CBBC concluded that China’s investment in Brazil marked “the consolidation of the Chinese presence in Brazil through foreign direct investment.”
It is therefore not surprising that the BRICS sought to constrain China’s ability to contribute to the joint effort to construct alternatives to the Western-dominated World Bank and International Monetary Fund. Still, this underscores the uncomfortable reality that even as remaking the current international economic order is the glue holding BRICS together, non-Chinese BRICS members are at pains to avoid replacing the current order with a Chinese-dominated one. Given the power disparity between them and China, this task is difficult to say the least.