X: Heavyweight Stiglitz weighs in on BRICS

[Don1]

Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging U.S.-Dominated World Bank & IMF

A group of five countries has launched its own development bank to challenge the U.S.-dominated World Bank and International Monetary Fund. Leaders from the so-called BRICS countries — Brazil, Russia, India, China and South Africa — unveiled the New Development Bank at a summit in the Brazilian city of Fortaleza.

The bank will be headquartered in Shanghai. Together, BRICS countries account for 25 percent of global GDP and 40 percent of the world’s population.

To discuss this development, we are joined by Nobel Prize-winning economist Joseph Stiglitz, a professor at Columbia University and the World Bank’s former chief economist.

"It’s very important in many ways," Stiglitz says of the New Development Bank’s founding. "This is adding to the flow of money that will go to finance infrastructure, adaptation to climate change — all the needs that are so evident in the poorest countries.

It [also] reflects a fundamental change in global economic and political power. The BRICS countries today are richer than the advanced countries were when the World Bank and the IMF were founded. We’re in a different world — but the old institutions haven’t kept up."

[Sir X]

Its going to be a game changer in 5 years,I figure the chinese envision 50 billion a year input X 5 years to reach World bank and IMF levels.The IMF/WB will have to compete with them to develop infrastructure instead of debilitating it, for eco/political influence in the 3rd world.


I spoke on this years ago that the chinese goal is to develop the 3rd world and form links to exert global pressure and power on the neocolonialecoliberal west for its interest ,Jamaica needs to adapt to this reality.

Trade politics, the USA seems dismissive of this reality at the moment, they see the world in a military sense, its like they are stuck in cold war mode with the 3rd world.

[Muadib]

Russia ?

smh...

[Don1]

Its going to be a game changer in 5 years,I figure the chinese envision 50 billion a year input X 5 years to reach World bank and IMF levels.The IMF/WB will have to compete with them to develop infrastructure instead of debilitating it, for eco/political influence in the 3rd world.


I spoke on this years ago that the chinese goal is to develop the 3rd world and form links to exert global pressure and power on the neocolonialecoliberal west for its interest ,Jamaica needs to adapt to this reality.

Trade politics, the USA seems dismissive of this reality at the moment, they see the world in a military sense, its like they are stuck in cold war mode with the 3rd world.

I don't see much happening in 5 years .... more like 15-20 before BRICS can START thinking about providing a credible alternative to the existing financial structure. That's assuming they can maintain growth rates as well as political cohesion.. that's a HUGE ask

Just building alternatives to the World Bank and IMF is not sufficient... they have to build all the major elements of a new global financial structure to make a significant difference... For example:

Alternatives to SWIFT & the Bank for International Settlements for interbank & corporate payments (BIS is relatively unknown but very deadly ) ... and internationally accepted credit/charge cards for consumer payments (China already has the UnionPay card system which is growing fast)

Alternatives to credit rating agencies, political risk insurance outfits (e.g. OPIC) etc

Build and/or buy out equity & commodity exchanges...and integrate their own financial markets across the BRICS countries

Above all their currencies have to be fully convertible and accepted internationally... to the point where 3rd parties use it routinely in trade, benchmark commodity prices with it (especially energy prices) and even use it in their monetary reserves

Dat nuh easy fi duh puppa... Babylon nuh ramp wid dem money tings

[Sir X]

Dem money ,the Chinese own Babylon debt. They said that 5 years ago about the Bricks.Called them hot air with different interest as if Europe wasn't like that.

5 years mi say.

[Don1]

Dem money ,the Chinese own Babylon debt. They said that 5 years ago about the Bricks.Called them hot air with different interest as if Europe wasn't like that.

5 years mi say.

What SPECIFICALLY do you expect to see happen in 5 years??

They don't even have an office or trained staff yet. They'll perhaps be issuing some loans by then.... nothing game changing yet in my view

As to debt, China holds $2 Trillion+ in US dollar denominated securities. That's ~65% of Chinese foreign reserves. Even China cannot have most of its reserves in its currency because it's not fully convertible.
The 2 countries are interdependent ... they can't hurt the other without hurting themselves.

The BRICS banks will also be mainly using dollars and not their own currencies... and once you use the dollar you're just part of the old Babylon system

Wake me up when BRICS have an alternate SYSTEM..... i.e. a fully convertible currency that OTHER COUNTRIES welcome using in trade and for FX reserves... and they have the means to make payments and settle trade internationally using their own independent financial institutions.

To me that's changing the game and that will take a long time... but maybe you have another definition of "game change"

In 5 years BRICS will still be pretenders and not contenders for the tikle imho

[Sir X]

We will see.

[Don1]

Behold - D1 Prophecy ah fulfill...Be very afraid

I don't see much happening in 5 years .... more like 15-20 before BRICS can START thinking about providing a credible alternative to the existing financial structure. That's assuming they can maintain growth rates as well as political cohesion.. that's a HUGE ask

Just building alternatives to the World Bank and IMF is not sufficient... they have to build all the major elements of a new global financial structure to make a significant difference... For example:

Alternatives to SWIFT & the Bank for International Settlements for interbank & corporate payments (BIS is relatively unknown but very deadly ) ... and internationally accepted credit/charge cards for consumer payments (China already has the UnionPay card system which is growing fast)

Alternatives to credit rating agencies, political risk insurance outfits (e.g. OPIC) etc

Build and/or buy out equity & commodity exchanges...and integrate their own financial markets across the BRICS countries

Above all their currencies have to be fully convertible and accepted internationally... to the point where 3rd parties use it routinely in trade, benchmark commodity prices with it (especially energy prices) and even use it in their monetary reserves

Dat nuh easy fi duh puppa... Babylon nuh ramp wid dem money tings

As predicted...and now proved...five years having elapsed since the above prophecy

1. No fundamental change (yet!) in the global financial shitstem. Babylon still run di place

2. But a solid start has been made to change that shitstem. The Russia/China partnership to blunt the West's power is starting to gather steam. India is the swing power - It will not commit to the West nor the Russia/China axis - but will try to work with both to manage the decline of the West and increase its own influence.

3. A parallel financial system led by China/Russia and incorporating India, Turkey, Iran (and others) is slowly emerging. My prediction that it will need 10-15 more years of work to be a credible alternative to the US/European system still looks good. On a PPP basis China's economy is already larger than the US as predicted. Worries dat

3. Countries are reducing use of USD to settle international transactions. Use of the Yuan, Euro, a few other currencies plus barter arrangements are increasing in international settlements. Worries

4. Since the Yuan is not fully convertible and China's markets are opaque - it cannot challenge the USD - yet. Also - as predicted - the China/Russia axis has been unable - so far - to develop a credible alternative to Babylon's Bank for International settlements. When that happens - Worries

5. Both China & Russia now have their own independent and inter-operable (consumer) electronic payment systems - UnionPay and Mir respectively. These systems are being internationalized. They also have their own SWIFT analogues for international trade payments - CIPS & SPFS - and are seeking to collaborate with other countries developing an alternative corporate payments architecture. Worries!

6. China/Russia have established credit rating agencies plus international commodity & money markets...but they're not (yet) credible. When China takes Hong Kong per the treaty with the dirty British - they'll also take control of the HK exchange - one the the world's premier money markets. Blocking that move and weakening China is likely behind the HK protests - sponsored by the West's intelligence agencies. That strategy will flop as China is now an absolute heavyweight. The Yuan is now a core IMF reserve currency and will likely be fully convertible in a few years. Big Worries!

What we're witnessing - as y'all devotedly follow the fake Babylon "news" which disables understanding of reality - is the decline of the West and the emergence of a new multi-polar world. Either that outcome is nigh or a global war to settle matters. Elements of that war are simmering. Around 2028-2030 will be a critical period in global history as things come to a head

Stay tuned

[Assasin]

it better them talk bout the Luma. LOL!!!

[Don1]

Russia ?

smh...

Yep...Russia as predicted. Ben is obviously a fan of "mainstream" Fake News and therefore wrapped & trapped in its propaganda. Consuming and depending mainly on Fox/NBC/CBS/ABC/ etc etc to understand the world results in Dummy Thinking

This Russia:

* Now a MAJOR PLAYER in the Middle East - blocking US regime change plots and building geo-strategic partnerships in Syria, Iran, Turkey, Yemen, Lebanon...and more. Russia has working relationships with ALL Middle East countries,,,from Saudi Arabia to Israel. It's also blocking the West's advances in Ukraine, Central Asia, Venezuela, Cuba. Nicaragua .. and more

* It's military is rebuilt from the ruins of the 1990s and now has weapons and capabilities in play comparable to and in some cases exceeding the US/West

* It's economy is also rebuilt from the disasters of the 1990s - and is increasingly self-sufficient i.e. sanctions-proof. It is recovering its manufacturing capabilities which were destroyed under US/IMF supervision in the 1990s. It now has very low debt and relatively large external reserves.... all achieved under the West's sanctions starting 2014. Russia's biggest problems have nothing to do with the West - extreme population dysfunctions, corruption and an unbalanced economy too dependent on hydrocarbon production. If Putin and successors can mitigate these issues... dem kriss

* It is collaborating and integrating with China's geo-strategic play - One Belt One Road project. This project is remaking the economics of the WORLD - It will succeed unless China implodes from its own issues of huge debt, internal divisions and population dysfunctions

* It is moving to block the West in the Arctic and control that zone. Global warming will create new sea lanes connecting Europe to Asia in the Arctic - and the bulk of the world's remaining oil/gas reserves are located in that zone. Unnu fi watch dat zone closely going forward. Memba mi tole unnu

Yep as predicted Russia is back as a major global force... like it or not that's the reality

[Don1]

I'm unaware of "Luma" but whatever it is this appears to be a ridiculous response

[Assasin]

LOL!!!

the Brick dollar is value the same as the Luma (get with the times)

Yes Russia has been rising, India and China also have a lot of influence. Not sure about Brazil. However the idea that the BRICK dollar is going to take over is going nowhere. Not sure if you were pushing that, I know X was.

[Don1]

I'm unaware of any "Brick dollar" or a "Luma". There is a cryptocurrency called "Luna". If that's what you refer to be advised that on the global balance sheet it's an irrelevance at this time. You're out of your depth on geo-political matters so it's likely you're ignorant of this. There is no "Brick dollar" or "Brick" . There is a "BRICS" organization.... Brazil/Russia/India/China/South Africa Maybe that's what you mean

As you're definitely not a credible source for geo-political info... please provide a solid source explaining what you mean by "Brick dollar" and "Luma" including their geo-political relevance. I doubt that your posts make any sense but if they do I'm willing to learn new things so I can "get with the times" . Thanks in advance

[Assasin]

There was going to be a BRICK currency as proposed. Ask X if you have no idea doesn't mean I know nothing about it. You need to lighten up sometime. The LUMA is the currency Jamaican Maroon finance minister is proposing based on the sun.

https://www.rt.com/business/173008-b...currency-pool/.

My original post was just poking some fun.

[Don1]

There was going to be a BRICK currency as proposed. Ask X if you have no idea doesn't mean I know nothing about it. You need to lighten up sometime. The LUMA is the currency Jamaican Maroon finance minister is proposing based on the sun.

https://www.rt.com/business/173008-b...currency-pool/.

My original post was just poking some fun.

Again - there is no BRICK currency and no BRICK anything. So you really don't know even the name so how could you know much else?

The acronym is BRICS