For every dollar the US spends in the IMF, four dollars are leveraged from other members, the Treasury secretary told Congress, urging lawmakers to approve a reform bill or risk losing “international credibility and influence.” Facing the House Financial Services Committee on Tuesday, Secretary of the Treasury Jack Lew testified as …

China has launched the $100 billion Asia Infrastructure Investment Bank (AIIB). Australia, Indonesia and South Korea were absent following hidden pressure from Washington concerned about the new challenge to the World Bank and Asian Development Bank. The memorandum of understanding was signed on Friday in Beijing. The development bank was …

Nearly all of us grew up thinking that we registered ourselves to prove that we were safe and responsible. We advertised our services as “registered” or “licensed,” and we never thought about it beyond that point. After all, that was the way things were done, and we knew that it …

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects …

China is moving forward with a plan to create its own version of the World Bank, which will rival institutions that are under the sway of the US and the West. The bank will start with $100 billion in capital. The Asian Infrastructure Investment Bank (AIIB) will extend China’s financial …

The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the IMF and the World Bank (which are dominated by the U.S. and the EU), according to RBTH. As WSJ reports, the U.S. would lose its veto power on …

International Monetary Fund Headquarters in Washington, DC. US President Barack Obama has called on the National Security Agency to halt spying on the headquarters of the International Monetary Fund and World Bank in conjunction with a review of surveillance activities, Reuters reported. A US official told the news agency that …

Karen Hudes is a graduate of Yale Law School and she worked in the legal department of the World Bank for more than 20 years.  In fact, when she was fired for blowing the whistle on corruption inside the World Bank, she held the position of Senior Counsel. She was in …

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new …

In 2008, anticapitalist campaigner Enric Durán borrowed €492,000 ($642,306) from 39 different financial entities with absolutely no hope or intention of paying it back. But—as you might expect from an anti-capitalist campaigner—he didn’t spend it all on diamond kitchen knives and luxury frisbees. Instead, he ploughed it into a number …

While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund. The end goal is …

The Federal Reserve will cause “panic and turmoil” if it raises interest rates in the next few weeks, the World Bank‘s chief economist has warned. Kaushik Basu said emerging economies would be hit hardest if the US central bank decided to raise rates from their record low of between 0pc and 0.25pc …

United Nations report calls for Internet surveillance, saying lack of “internationally agreed framework for retention of data” is a problem, as are open Wi-Fi networks in airports, cafes, and libraries. The United Nations is calling for more surveillance of Internet users, saying it would help to investigate and prosecute terrorists. …

2 million kilometers of foreign purchased land in developing countries is either idle or used for Western biofuel production, according to a British charity. Oxfam’s report estimates an area the size of London is sold every six days. The report states that between 2000 and 2010, 60% of investment in …

…or will Israel blow up something and falsely blame it on Iran instead? According to U.S. officials, Israel is training and supporting Iranian terrorists who are trying to topple the Iranian government. Those Israeli-funded terrorists have faked documents to falsely indicate that Iran is building a nuclear bomb. 1 Israel has admitted to previous use of false …

It’s a central bankers’ world, and we’re all just living in it. Entities such as the Federal Reserve and the European Central Bank in 2012 took control of global economies like never before. Based on current market and economic behavior it’s likely to be years before anything changes. After all, …

The Chinese Parliament has ratified the creation of the BRICS Development Bank. The New Development Bank was conceived as a counterbalance to such Western-led financial institutions as the World Bank and the IMF. The new bank will provide money for infrastructure and development projects in BRICS countries, that is Brazil, …

The BRICS New Development Bank (NDB) could start operations by borrowing in the Chinese currency, according to the bank’s Vice President Vladimir Kazbekov. He says the bank will focus on loans in the national currencies of the bank’s potential customers. “Considering the stability of the Chinese currency and the scale …

Today, there are more than 7 billion people living on earth.  For the global elite, that is problem number one.  The vast majority of us don’t spend much time thinking about global population issues, but for many among the elite it is an absolute obsession.  Many of them truly believe …

Could gaining control of the Central Bank of the Islamic Republic of Iran (CBI) be one of the main reasons that Iran is being targeted by Western and Israeli powers? As tensions are building up for an unthinkable war with Iran, it is worth exploring Iran’s banking system compared to …