Russia is creating a $100 billion rival to the IMF
AFP May 3, 2015, 5:34 PM
Russian President Vladimir Putin with International Monetary Fund managing director Christine Lagarde at the G20 summit in 2013 in St. Petersburg, Russia
Russian President Vladimir Putin ratified an accord Saturday to set up a $100 billion reserve fund for the so-called BRICS — the leading emerging economies Russia, China, Brazil, India, and South Africa.
Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund, which was set up after an agreement signed in July in Brazil.
The emerging economies also plan to form their own international bank based in Shanghai to challenge western dominance over international money markets.
"The accord on the creation of a common reserve fund for BRICS countries has been ratified," a document from the Kremlin quoted by RIA Novosti news agency said.
The fund is meant to shield the BRICS against "short-term liquidity pressures" and promote greater cooperation between the five member countries.
Russia — which has suffered huge currency fluctuations since the outbreak of the crisis in Ukraine — sees the fund as an alternative to international financial institutions like the International Monetary Fund and World Bank that are dominated by the US.
The BRICS countries between them account for 40% of the world's population and a fifth of the planet's gross domestic product.
2 comments:
What is the big deal here? These countries are led by politicians representing the vested interests of corporations and less formal, obscure and occult oligarchies. BIS and Reserve Banks are extremely influential and advise and control economic and monetary policy to a lesser or greater degree in various BRICS member States. In some cases the governments and their so-called republics are unconstitutional registered corporations of the SEC USG no less. In the end the money borrowed from the BRICS development bank (the equivalent of the IMF) by its members carries with it responsibilities and various charges including usury and inflation. The unsuspecting masses to bear the brunt of servicing the cost of these BRICS development bank loans with their labor and other sufferings.
Where and how does the money originate that goes into the BRICS pool? Will U$100 billion be managed and utilized in the customary way by the same corrupt institutions resulting in the rich becoming richer and the poor poorer along non-sensical keynesian economic principles?
What difference does it make when BRICS money is used to fuel the same old system? A deceptive means to unify countries and gain and maintain control over them by the NWO and its masters the Pilgrim Society?!?
Totalitarian and collectivist in flavor BRICS was not opened to discussion and referendum by the people in any of its member States though special interest groups were invited to attend some meetings in a few major centers.
Hilary Clinton should put her large cache of cigars to good use by sending some, with the original message included to BRICS States. Such gesture would find her global forgiveness and popularity by warning banksters and politicians not to blow it.
"Concerns like “we’re just replacing one pack of wolves with another” are very valid and that there’s constantly a need to go beyond what BRICS is trying to accomplish.
Like we’ve been saying all along, the BRICS would still preserve the corporate structures of the West but only want to better it by removing the rats sprawling in its dark corners and ravaging our sovereignty while we were deep asleep.
Beyond that, we could not demand for more from that group."
http://geopolitics.co/2015/04/02/beyond-brics-exposing-the-rats/#comments
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