BRICS to create alternative to IMF and World Bank

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 the International Monetary Fund’s executive board under a plan being considered by some emerging economies.

The countries are fed up with the United States’ failure to ratify a four-year-old deal to restructure the emergency lender.

Yet more loss of credibility on the global stage and, as Brazil’s FinMin Mantega sums up, “the IMF cannot remain paralyzed and postpone its commitments to reform.”

IMF balancing act

As The Wall Street Journal reports, the U.S. would lose its veto power on the International Monetary Fund’s executive board under a plan being considered by some emerging economies.

The countries are fed up with the United States’ failure to ratify a four-year-old deal to restructure the emergency lender.

Some members of the IMF’s steering committee indicated at a series of weekend meetings their desire to act now, underscoring the growing discontent abroad about the U.S. Congress’s delay in approving an international accord to overhaul governance at the fund.

The world’s top finance officials gathering here this weekend chastised the U.S. in formal policy statements.

“We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms,” the Group of 20 largest economies said in its communiqué.

And the various countries that would benefit from greater say in the actions of the IMF are not waiting for the US…

“Alternatives to move forward with the reforms must be found whilst the major shareholder does not solve its political problems.”

And that is worrying for global stability…

Singaporean Finance Minister and IMF steering committee chairman Tharman Shanmugaratnam said it could cause “disruptive change” in the global economy.

We are more likely over time to see a weakening of multilateralism, the emergence of regionalism, bilateralism and other ways of dealing with global problems,” he said in a news conference Saturday. That would make the world a “less safe” place, he said.

And, as RBTH reports, it seems the BRICS are not slowing down efforts to create their own IMF-alternative…

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 International Monetary Fund and the World Bank, which are dominated by the U.S. and the EU. A currency reserve pool, as a replacement for the IMF, and a BRICS development bank, as a replacement for the World Bank, will begin operating as soon as in 2015, Russian Ambassador at Large Vadim Lukov has said.

Brazil has already drafted a charter for the BRICS Development Bank, while Russia is drawing up intergovernmental agreements on setting the bank up, he added.

In addition, the BRICS countries have already agreed on the amount of authorized capital for the new institutions: $100 billion each. “Talks are under way on the distribution of the initial capital of $50 billion between the partners and on the location for the headquarters of the bank. Each of the BRICS countries has expressed a considerable interest in having the headquarters on its territory,” Lukov said.

It is expected that contributions to the currency reserve pool will be as follows: China, $41 billion; Brazil, India, and Russia, $18 billion each; and South Africa, $5 billion. The amount of the contributions reflects the size of the countries’ economies.

The creation of the BRICS Development Bank has a political significance too, since it allows its member states to promote their interests abroad. “It is a political move that can highlight the strengthening positions of countries whose opinion is frequently ignored by their developed American and European colleagues. The stronger this union and its positions on the world arena are, the easier it will be for its members to protect their own interests,” points out Natalya Samoilova, head of research at the investment company Golden Hills-Kapital AM.

Perhaps the following sums it all up perfectly…

Economists warn the IMF’s legitimacy is at stake, and they say U.S. standing abroad is being eroded.

“Eroded” indeed…

BRICS leadership

SEE ALSO:
– IMF wants you to pay 71% income tax
– Hungary throws out Monsanto and the IMF
G20 & IMF push for global Fed, global currency
Obama stops NSA spying on IMF and World Bank
BRICS nations plan new bank to bypass World Bank, IMF
– A history of the world: BRIC by BRIC
– Ukraine to raise domestic gas prices by 50% to meet IMF demands

Source: http://www.zerohedge.com/news/2014-04-16/brics-consider-creating-imf-alternative-us-loses-credibility

7 comments

  1. Dear Social Critic, I refer you to another article on this site about who the real ruler of the world are, and i can assure you George has been “bred” to assume the “husbandry” of the world. You would do well to study up on the Welfs in sheep’s clothing Windsors. Don’t forget Charles penned Agenda 21…I bet you are just dying to read it…lol…

  2. …maybe they created two, one to be the “vessel” and one for spare parts? LOL…

    • Go home Ian, you’re drunk.

      • More than drunk…off his meds in his mums basement.

        • Aaah the Trolls come out to play…you idiots…I have already been shown the future and it will be outer darkness and teeth gnashing for you…I pray they God does not hold this sin to your account…I would not want to stumble anyone…especially idiots…they will have a hard enough time as it is…you see it is not the bankers who are the problem…in fact God allowed them to coral all the cash…and he will allow the system to crash…just as He did in 2008…which I prophesied mid August saying it would be called a perfect financial storm, so be nice or I might just give you up for the destruction of your flesh so that you will learn not to blaspheme…

          Soon the whole world will turn against Israel and the Jews and blame them for everything… they will become the gazing stock of the nations and the scape goat for all Mankind’s ills, just like you idiots blame bankers when you face the biggest problem in the world in your own mirror each day and do not even get it…idiots…and you will join in and a curse shall come upon you and your household…and every nation and person who stands against Israel shall be cursed…mark my words…idiots…

  3. …and of course “Farmer” George, to be King George the Seventh. Has anyone noticed in the the publicity shot of George at just over 8mths that he looks more like a year old and that Kate left hospital looking fresh as a daisy after 11 hrs labor (haha) yet looked like she was still 7mths pregnant with a baby to be delivered around the Spring Solstice while they were tucked up in Scotland at Ba’almoral Castle? The DNA profile of both William and George would be very interesting. And why did Britain and the world’s leading authority on human reproduction and genetics set up a clinic based in Wellington, NZ, where Charles would visit on his 64th birthday in November 2012? The boy George was (supposedly) delivered 7/27/2013, however I suspect that his true birthday might be more like April 20, especially given that W&K were married on the 66th anniversary of the wedding of Adolph and Eva. But who knows, I strongly suspect that the child in the publicity photo of mum, dad, dog and Damian, I mean George, and the dog in the shot looks utterly terrified as the child is looking at it…is not the same child they brought out here during their recent visit…but then why expose the future ruler of the world to risk…

  4. IT will not work – the Beast (British, European, Amerikan, Sionist Tyranny will make sure of that. When the shooting starts it will be like Libya or Iraq but on a much grander scale and of course, thermonuclear. People who get all hung up over China and India need only read of the Army from the East in Revelation of 200 million who are utterly destroyed, or the hoards of Gog (America – ask the Rabbis) and Magog (Russia) will come up an cover(t) the land of Israel and they too shall be destroyed.

    As one who was caught up in the Spirit 31 yrs ago and shown the future in a protracted, ecstatic vision, I laugh at much of the analysis of the situation as it often leaves out the one factor which will govern all of that which happens and determine the outcomes thereof – The Almighty, Supreme Ruler of the Universe and the very breath which we breathe. Read the back of the book, HE wins. OR as He said to me once, “Ian, I Am not a loser, I lose nothing, it is the devil who is the loser.” So stop, I said STOP letting the devil propagandize you into believing his bull – he is the father of lies, there is no truth in him, and I would even venture to say, that if it is not Jesus Christ which is being proclaimed to be the answer to all our ills, then you labor in vain at best and at worst are a deceiver.

    Eventually, the world will turn on the Jewish Bankers and upon Israel and she and they will be the scapegoats of the world, because that is the world’s way, find someone to blame rather than look in the mirror and accept their part in the whole sordid mess. But Jesus has assured me that any who join in the persecution of Israel will come under a dire curse and it will not be well for them or their families. Shalom.

    Last year, I asked “Who is behind all this ‘stuff’ going on in the world?”

    The answer was “The Germans, never, ever forget the Germans. They are Germanating the world, and soon their king will ascend the ancient throne of Assyria. Its Charles Guelf Sax Coburg Gotha folks, he is the one…mark my words…the Holy Roman Emperor and his bastard son William.

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