BRICS Challenges 7 Decades of World Bank Dominance

[celtic_crippler]

Ponder: What happens when the US loses the ability to simply print more money when it needs it?

Article: http://www.worldbulletin.net/?aType=haber&ArticleID=105314


Some excerpts:

BRICS emerging powers sought a deal on setting up a development bank that would rival Western-backed institutions, trying to iron out significant differences ahead of a leaders' summit in Durban.

Economic data shows that the grouping of Brazil, China, India, Russia and South Africa now account for 25 percent of global GDP and 40 percent of the world's population.

That would send a loud message to the US and European nations that the current global balance of power is unworkable.

Meanwhile, BRICS members China and Brazil agreed on Tuesday to trade in their own currencies the equivalent of up to $30 billion per year, moving to take almost half of their trade exchanges out of the U.S. dollar zone.

At the summit, Brazil, Russia, India, China and South Africa are widely expected to endorse plans to create a joint foreign exchange reserves pool. They are also due to discuss trade and investment relations with Africa.

Huge implications...