Another Nail In The US Dollar's Coffin: BRICS Nations Plan New Bank to Bypass World Bank, IMFSubmitted by Temporalist on Tue, 03/26/2013 - 05:47
Just more ammo to tell people who refuse to wake up. The U.S. "exceptionalism" won't be so exceptional when the dollar is no longer the world's reserve currency.
BRICS Nations Plan New Bank to Bypass World Bank, IMF
"The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. "
“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,” Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. “There’s a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the western world.”