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Business/Finance See other Business/Finance Articles Title: BRICS nations to launch new development bank PrewssTV...The group of five major emerging national economies, known as the BRICS, are to launch their development bank to counter Western-dominated financial organizations. The leaders of Brazil, Russia, India, China and South Africa are expected to launch their long-awaited development bank at a summit this week. Brazilian President Dilma Rousseff will host the meeting in the northeastern Brazilian city of Fortaleza on July 15. Russian Finance Minister Anton Siluanov said last week that the leaders of the five countries will decide over the location of the bank’s headquarters, adding that the choice is between China’s Shanghai and India’s New Delhi. The BRICS bank will present an alternative solution to the Western-dominated global banking system comprised of the Bretton Woods institutions - the World Bank and the International Monetary Fund. The new bank will provide a collective foreign exchange reserve and a fund for financing developmental projects in order to address the needs of emerging and poor economies. Under the deal, the two largest economies of the emerging power groups, China and Brazil, agreed to remove nearly half of their trade exchanges out of the US dollar zone. Each of the five BRICS nations will contribute up to 10 billion dollars in the launching of the development bank, which could take several years to be up and running. The bank will operate on national currencies, rather than using a single currency and will be used in bilateral and multilateral trade deals. BRICS members say the current global balance of power is unworkable, with institutions such as the World Bank, the International Monetary Fund and the United Nations Security Council irrelevant in addressing matters concerning global economics. BRICS countries make up over 40 percent of the world’s population and account for more than 25 percent of the global GDP. MOS/HSN Comment: gordon This news is fantastic for the world and thebrics nations , it is also the death of bully boy america ,no more coups and illegal wars or stealing of resources from sovereign countries.long live the bric countries viva cuba viva venezuela viva north korea . Vera Gottlieb Just make sure Goldman Sachs et al don't 'worm' themselves in. Maria Launching of BRICS Development Bank is the beginning of the END of World Financial slavery imposed by World Band and IMF. And, of course, death of US$ is greatly appreciated by every non-Zionist country of the World. Truth Funeral of $US. Vera Gottliebin reply to Truth Don't celebrate too soon. America's deviousness is not to be underestimated. Markus is very bad news for the US and its rogue backers.But great news for those who want to end a means to finance the terrorists activities of the west.the Oil bourses will be a real headache for them too.cant wait for them to issue credit cards, or other payment articles, to counter the US / western systems.the US dollar is already in decline fast now, as its currency is being diluted by billions of dollars the US prints extra every day. Post Comment Private Reply Ignore Thread
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