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Subject New BRICS bank to rival World Bank, IMF

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[quote:Anonymous Coward 1311324:MV8yMTgyNTQ1XzM5Mjc1NzEwX0Q2MjA0RTYx]
[quote:Anonymous Coward 6238205:MV8yMTgyNTQ1XzM2OTI1MzM4X0I5QUIwMzU3]
[quote:The Comedian:MV8yMTgyNTQ1XzM2OTI0MjgzXzc0RjMwRTQ2]
Adios, US dollar.

:rollercoaster:
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All of the people on here that beg for "doom" are going to be slapped very hard into reality, and they'll start wishing they had spent their time making positive changes that impacted society instead of praying for market collapses in their own country... morons. People are so dumb, they actually think that it's a good thing to have a fuckin  Communist ran global bank to rival ours... sit here and pretend you're a prophet for predicting something (over and over until you actually get it right ONE time out of the thousands of predictions) and then you'll see why even though the Fed/IMF/WB has it's flaws, that it's still a far better alternative to a communist global bank.
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you're saying the rothschild cabal central bank is the better option to the `communist` bank, yet make no mention of the fact that it was the rothschild cabal itself that created communism.
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Original Message The BRICS group of emerging economies has unveiled a new development bank, which is aimed at breaking the monopoly held by Western-backed institutions.

“It's done,” said Pravin Gordhan, South African Finance Minister, on Tuesday, adding that “we made very good progress” on the formation of a World Bank-analogue development agency.

Finance ministers of the BRICS countries - Brazil, Russia, India, China and South Africa - met in Durban, South Africa for the opening of the fifth BRICS summit this week as leaders are expected to make an official announcement on Wednesday.

"Not long ago we discussed the formation of a developmental bank...Today we are ready to launch it," said South African President Jacob Zuma on Monday.

The BRICS bank will present an alternative solution to the Western-dominated global banking system comprised of the Bretton Woods institutions - the World Bank (WB) and International Monetary Fund (IMF).

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 WB, the IMF 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.

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