Brics Threat

[Sir X]

Some in the West have perceived that challenge as a threat. The U.S. has veto power over major decisions at the International Monetary Fund. Without European or American backing, it is almost impossible to get a loan through the World Bank. The North Atlantic powers will have no such say in the operations of the BRICS bank, another sign that the global balance of economic and financial power is shifting.


http://www.businessweek.com/articles...othing-to-fear


But the world has changed a lot in the past 15 years. Last week the BRICS countries (Brazil, Russia, India, China and South Africa) decided to form the Contingent Reserve Arrangement (CRA) and the New Development Bank (NDB), and the United States will not have a veto this time. These new institutions could mark a turning point for the international financial system.

Western media coverage of these developments has been mostly dismissive, but that primarily reflects the concerns of Washington and its allies. They have had unchallenged sway over the decision-making institutions of global financial governance for 70 years, and the last thing they want to see is competition. But competition is exactly what the world needs here.

http://america.aljazeera.com/opinion...mffinance.html

[Islandman]

Mek the West gwan pretend to be dismissive. Behind curtain dem watching this closely.

"A race without authority and power is a race without respect"

Nuff said.

[Sir X]

The first 5 years will be crucial, I see the Chinese doing most of its lending through the bank to build influence and leverage. The 1st sign of the west Financial capitulation will be a European power begging to join.