19 July 2014

Is the New BRICS Bank a Challenge To US Global Monetary Power?

"Brazil, Russia, India, China and South Africa have 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.

BRICS countries are going to jointly demand implementation of the International Monetary Fund (IMF) reform during the G-20 summit being hosted by Australia in November.  The agreements to reform IMF quotas were reached in 2010 but have been put on hold by leading Western countries ever since."

It is pretty much as I said it was with the evolving currency war and the struggle by the Anglo-American banking cartel to maintain the status quo in a changing world.

How it will turn out, no one can know for certain. But since money and power are involved it will probably become more dirty and desperate than one might otherwise expect.