BRICS Nations Plan New Bank to Bypass World Bank, IMF

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.

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.

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.

In public statements, the BRICS claim that this bank will compliment the IMF, but backstage, they had often criticised the IMF, something which is felt by most 3rd world nations. WHY?

IMF is hated because most of those developing countries claimed that the IMF have high demands and dictate on how those funds should be dispensed, making the nation lose sovereignity.

Truth is, IMF is doing the RIGHT thing as a bank should do - responsible lending.

The IMF is NOT some wealthy private bank, but a banking entity that pools the resources from wealthy nations with higher savings and revenues to help the less developed nations in our world.

In the past, it had only bleeding heart compassion and misplaced empathy, almost to the point of giving those funds away to supposedly 'poor' nations. But what happened was in those poor nations, power was often seized by those with might, who proclaim democracy when the citizens are not as educated as the west and thus knows not the responsiblity of citizens towards democracy.

Wild promises were made to those citizens, whom elected them and made the mighty become leaders. IMF had foolishly ASSUMED that those leaders were responsible and were accountable. They were not, and soon those funds were siphoned off to grow only their power and corruption. Nothing was done for the citizens economically or socially. A few coins were thrown at them to make them happy, and nothing else.

Thus those nations remained stagnant and poor, and war torned as each greedy wannabe leader wanna enrich themselves and their cronies.

And IMF had learnt. Today, it takes great responsibilities with those funds, to ensure that it goes where it is suppose to go - developement and not into the wallets of leaders, thus greater checks for accountability and sustainability for such funds.

Those greedy wannabes realized money isn't gonna drop from the sky anymore.

And here now, BRICS condemns IMF as being dictatorial, and wanna set up their own funding for 3rd world nations, with lesser controls and oversight, freely offered to the victim card playing corrupted 'leaders' to enslave their citizens even more.

BRICS have no concerns about corruption or human rights issues, or even losing the entire bank funds. It is not their own money, but their own citizen's taxed funds and savings. If it is lost, they will just enslave its own citizens even more - end healthcare and education, let infrastructure rot, etc.

It is no wonder african leaders and their kept press are praising BRICS to the skies. Money will drop from the skies again and the african oppressed yet again.

They are only giving the middle finger to the established world monetary powers, all about voting power.

The BRICS' Bank certainly can give them a run for their money and good or bad is yet to be seen, maybe they will treat their fellow developing countries better.

The world order needs a change and they, by their sheer size are capable of doing it so who the farks are we to badmouth them even before the inks on their agreement are dry ?

reply to post by mypan


'Badmouth' them before the ink is dry?

Dear kid, wake up. In the real world, everyone is responsible to conduct their own checks before signing anything.

That bank will need a lot of money to be propped up, and where's those funds are gonna come from? And who will bear responsiblity to ensure it is well managed and responsible?

Have we, or at least you, learnt NOTHING from our world's banking crisises over the past 5 years of disasters with taxpayers bailing out banks, that you now call necessary due diligence as 'bad mouthing'?

I can understand cult worship. Millions fell for likes of Mao, Stalin and Chevez, even though they suffered for it. May yuo not become like those blind followers and learn to be more discerning and rational instead.

More excerpts from the BRICS meeting. This will definitely discussed in-depth before anything progresses. I wonder how much are the Chinese willing to negotiate and/or broker as they have nothing to lose either way being part of the BRICS or not. Atleast for now.

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.

LINK