Search Results for: bric

A history of the world: BRIC by BRIC

Goldman Sachs — via economist Jim O’Neill — invented the concept of a rising new bloc on the planet: BRICS (Brazil, Russia, India, China, South Africa). Some cynics couldn’t help calling it the “Bloody Ridiculous Investment Concept.” Not really. Goldman now expects the BRICS countries to account for almost 40% of global gross domestic product …

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China approves the creation of BRICS bank

China brics bank

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, …

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Germany looking to join the BRICS

Merkel and Putin

Financial analyst Jim Willie sensationally claims that Germany is preparing to ditch the unipolar system backed by NATO and the U.S. in favour of joining the BRICS nations, and that this is why the NSA was caught spying on Angela Merkel and other German leaders. In an interview with USA Watchdog’s …

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BRICS establish $100bn bank and currency reserves

BRICS nations

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 …

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China plans to create its own World Bank

China World Bank Yuan

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 …

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BRICS bank to begin borrowing in yuan

BRICS summit Russia 2015

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 …

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BRICS to create alternative to IMF and World Bank

BRICS leaders

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 …

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BRICS dumping euro amid simmering EU banking crisis

euro-set-back-a-generation__-by-eu-banking-crisis.si

People withdraw money from Bank of Cyprus ATM’s while employees gather outside the bank’s headquarters in Athens. Brussels has been forced to eat a generous slice of humble pie: A massive sell-off of the euro is underway in the wake of a persistent financial crisis, as holdings in the European …

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BRICS nations plan new bank to bypass World Bank, IMF

BRICS countries

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 …

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BRICS countries building new internet to avoid NSA spying

BRICS internet

BRICS countries are close to completing a brand new Internet backbone that would bypass the United States entirely and thereby protect both governments and citizens from NSA spying. In light of revelations that the National Security Agency hacked German Chancellor Angela Merkel’s phone, in addition to recording information about 124 …

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Swiss study shows 147 corporations rule the world

147 companies rule the world

The Swiss Federal Institute (SFI) in Zurich released a study entitled “The Network of Global Corporate Control” that proves a small consortiums of corporations – mainly banks – run the world. A mere 147 corporations which form a “super entity” have control 40% of the world’s wealth; which is the real economy. …

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Top U.S. diplomat: Russia has betrayed the “New World Order”

Obama Biden Christopher Hill Russia

Top diplomat Christopher R. Hill says that Russia’s response to the Ukraine crisis means that Moscow has betrayed the “new world order” it has been a part of for the last 25 years. In a piece for the influential Project Syndicate publication, Hill, a former US ambassador to Iraq and Korea, writes …

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Our collapsing economy and currency

USD money

Is the “fiscal cliff” real or just another hoax? The answer is that the fiscal cliff is real, but it is a result, not a cause. The hoax is the way the fiscal cliff is being used. The fiscal cliff is the result of the inability to close the federal …

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IMF forgives Ukraine’s debt to Russia

IMF Christine Lagarde Ukraine debt

On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying: “The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day …

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Russia and China planning joint gold trading platform

Russia China gold trading

The Bank of Russia and the People’s Bank of China want to create a joint platform that would unite gold trading by the world’s two biggest gold buying countries. “BRICS countries are large economies with large reserves of gold and an impressive volume of production and consumption of this precious …

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Australia’s looming private debt crisis

Money Australia

As household debt has boomed exponentially over the last two decades, the savings of the household sector has plunged. Australia’s private debt dynamics have been thoroughly explored elsewhere, but less well understood is the country’s position relative to the OECD and BRIC nations. Thankfully, the Bank for International Settlements (BIS) …

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George Soros admits to funding the Ukraine crisis

George Soros

George Soros told CNN’s Fareed Zakaria over the weekend he is responsible for establishing a foundation in Ukraine that ultimately contributed to the overthrow of the country’s elected leader and the installation of a junta handpicked by the State Department. “First on Ukraine, one of the things that many people …

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Brazil, Uruguay move away from US dollar in trade

USD dollar

Brazil and Uruguay have switched to settling bilateral trade with local currency to stimulate turnover, bypassing the US dollar. Payments in the Brazilian real and Uruguayan peso started on Monday. The agreement was signed on November 2 by the head of Brazilian Central Bank Alexandro Tombini and his Uruguayan counterpart …

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China is almost ready to replace the US dollar

Chinese Yuan world reserve currency

From Filip Karinja As the US dollar’s reign as global reserve currency appears to be ending, are we seeing the beginning of a new dawn in the east? Throughout history, global reserve currencies have proven to last for only so long. Before the United States’ currency reigned supreme, the currencies of …

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