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Brics Plan To Become "political Alliance" To Reform The International Financial System

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http://www.zerohedge.com/news/2014-07-19/brics-plan-become-political-alliance-reform-international-financial-system

As the world slowly turns against US Dollar hegemony, it appears the BRICS are pressing to fill any gaps. Having created the BRICS Bank "alternate to The West-controlled IMF or World Bank," Xinhua reports that Russian Foreign Minister Sergei Lavrov believes the BRICS mechanism has been fully developed and can now transform into a political alliance to "reform the international financial system."

BRICS%20happy_0.jpg

As Xinhua reports,

The BRICS mechanism has been fully developed and can transform into a political alliance,
Russian Foreign Minister Sergei Lavrov said Friday.

"BRICS grows and matures in all directions,"
the diplomat told state-run Rossiya 24 TV channel.
Lavrov said the "qualitative" growth of the mechanism to a degree made it possible to transform into a political alliance, which is especially noticeable in its work within the Group of 20 (G-20) on global economic and financial affairs.
BRICS that groups Brazil, Russia, India, China and South Africa has many allies in the G-20, the minister noted, naming Argentina, Mexico and Indonesia in particular.

"They speak in the common voice with BRICS in the G-20 on the reform of international financial system,"
the diplomat said.

The dominance of the dollar appears to be slowly ending.

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Why what currency is this 'alliance' going to use?

Oh yeah, dollars.

Why assume that there is going to be a single currency? In recent months there have been a number of bi-lateral trade and currency deals. Countries around the world are not only worried about the long term viability of the dollar but are increasingly fed up of the US abusing its position - eg BNP Paribas and subsequent reaction by Bank of France.

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Explains MH17.

You are a completely disgusting and vile individual. 298 innocent people lost their lives, and you want to use their loss of life to feed your nonsensical conspiracy fantasies.

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You are a completely disgusting and vile individual. 298 innocent people lost their lives, and you want to use their loss of life to feed your nonsensical conspiracy fantasies.

So discussing the motivations for carrying out a political act makes one a disgusting and vile individual, eh? I bet you subscribe to the 'Putin ate my baby' school of Daily Mail retard-thought.

You don't think there were any economic reasons behind the removal of Saddam Hussein or Colonel Ghaddafi? You really believe all that killing was done out of the best of motives?

One million-plus dead in Iraq and 50,000 in Libya. Who is the sick individual here?

Edited by 1929crash

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I still think we are overdue a landwar to flush out the underclasses of the US, EU and UK. Not to mention the millions of loyal Asians men who would be willing to fight for the good of their country.

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So discussing the motivations for carrying out a political act makes one a disgusting and vile individual, eh? I bet you subscribe to the 'Putin ate my baby' school of Daily Mail retard-thought.

You don't think there were any economic reasons behind the removal of Saddam Hussein or Colonel Ghaddafi? You really believe all that killing was done out of the best of motives?

One million-plus dead in Iraq and 50,000 in Libya. Who is the sick individual here?

Whatever.

This website has a long history of anyone who has anything interesting to say being chased off by the nut jobs like you writing 10,000 posts of nonsense. It's not even interesting, amusing nonsense like a few others on here, but the mindless ranting of a not very bright misanthrope.

I stick to my original point. You are a disgusting and vile individual who is all too ready to co-opt an innocent person's death to feed your conspiracy fantasies.

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Whatever.

This website has a long history of anyone who has anything interesting to say being chased off by the nut jobs like you writing 10,000 posts of nonsense. It's not even interesting, amusing nonsense like a few others on here, but the mindless ranting of a not very bright misanthrope.

I stick to my original point. You are a disgusting and vile individual who is all too ready to co-opt an innocent person's death to feed your conspiracy fantasies.

+1

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They don`t look very convincing, it is like some scene from The Godfather where it is all falling apart behind the scenes but the appearance of solidarity is being held up. They look like they know they are f*ucked to be honest :lol:

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Whatever.

This website has a long history of anyone who has anything interesting to say being chased off by the nut jobs like you writing 10,000 posts of nonsense. It's not even interesting, amusing nonsense like a few others on here, but the mindless ranting of a not very bright misanthrope.

I stick to my original point. You are a disgusting and vile individual who is all too ready to co-opt an innocent person's death to feed your conspiracy fantasies.

Funny. It seemed to me a case of you trying to chase me off by hurling a torrent of abuse at me. I certainly don't take pleasure in 298 innocent people dying, nor in 1 million plus or 50,000.

If you are referring to yourself as someone having something 'mildly interesting' to say, it was not you.

The stakes involved in de-dollarisation are huge. If you think great powers don't kill innocent people for that sort of thing, you have no idea of history.

Edited by 1929crash

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Why what currency is this 'alliance' going to use?

Oh yeah, dollars.

Not only that, but the capitalisation isn't much of a game changer either.

there is a real need for finance, particularly in the NDB's focus areas of infrastructure and sustainability. The annual infrastructure spending gap in developing countries exceeds $1 trillion, and this rises by 15% when climate change adaptation and mitigation costs are factored in. Clearly, anything that increases infrastructure finance in developing countries is a very good thing.

Subscribed capital is $50 billion, of which $10 billion is paid-in, and authorized (i.e. potential) capital is $100 billion. To put this in perspective, subscribed capital in the World Bank and Asian Development Bank is $223 billion and $162 billion respectively. Nationally, the China Development Bank has assets in excess of $1 trillion, and Brazilian Development Bank $333 billion. Compared to the funding gap the additional lending that the NDB's capital could add to this mix is a drop in the ocean.

http://articles.economictimes.indiatimes.com/2014-07-20/news/51780207_1_brics-bank-new-development-bank-brics-countries

Of course there is no mention of dedollarisation and quite why 1929crash thinks this remains a mystery. Perhaps he'd like to explain why he thinks why all the BRICS - i.e. Brazil, Russia, India, China and South Africa will all go along with this mythic dedollarisation, with particular reference to India and South Africa who don't have much of an anti-West agenda.

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They have probably done it for the opposite reason.

As The Fed tapers down the USD will be in shorter supply and so stronger. This lot have probably clubbed together to be able to swap USD between themselves if one of them needs a few more. It could be a USD strength story not weakness.

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There is still no other currency available which can stake on large amounts of credit. The US Treasury is the only game in town for large and stable trade negotiations. Who would trust another currency? It would take a lot of earned credibility.

To be clear I'm not saying it isn't de-dollarisation but its obvious that that doesn't happen over night it takes many many years and right now the US debt market with its liquidity and acceptability globally is the only game in town.

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So a political no body called Jim o'neil comes up with an acronym BRICS and now those 5 countries are going to work together. doesn't add up to me. I couldn't think of a more stupid reason for a group of countries working together. Countries working together yes but just because of a acronym????

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There is still no other currency available which can stake on large amounts of credit. The US Treasury is the only game in town for large and stable trade negotiations. Who would trust another currency? It would take a lot of earned credibility.

To be clear I'm not saying it isn't de-dollarisation but its obvious that that doesn't happen over night it takes many many years and right now the US debt market with its liquidity and acceptability globally is the only game in town.

ultimately it is based on confidence that people will make good on their pledges.

what is more the question is why some of the leadership actively seek to make those pledges unpayable,against the wishes of the population at large.

who is the more guilty party in this respect?

this being the case, should not those trying to make the pledges(against the peoples wishes) be held accountable?

Edited by oracle

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So a political no body called Jim o'neil comes up with an acronym BRICS and now those 5 countries are going to work together. doesn't add up to me. I couldn't think of a more stupid reason for a group of countries working together. Countries working together yes but just because of a acronym????

It is a really impressive testament to the power of meme's- perhaps one day a statues of O'neill will stand in plaza's throughout the BRICK Federation? Or maybe his face will adorn the eventual BRICK currency? :lol:

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