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BRICS Announce $100 Billion Reserve To Bypass Fed, Developed World Central Banks

..the anti-dollar alliance among the BRICS has successfully created a so-called "mini-IMF" since the BRICS are clearly furious with the IMF as it stands currently: this is what the world's developing nations just said on this topic "We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF’s legitimacy, credibility and effectiveness."

As Putin explains, this is part of "a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies."

http://www.zerohedge.com/news/2014-07-15/brics-announce-100-...

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Sorry, but I just had to....

"Liberty is to the collective body, what health is to every individual body. Without health no pleasure can be tasted by man; without liberty, no happiness can be enjoyed by society."

— Henry St. John

Bank of International settlements or...

the IMF. I would have some hope if either of these entities weren't involved. If they are in anyway, this is clearly a first step towards a world currency (taking the dollar down first), and forming a strong alliance to support it.

Much of a change?

The question that remains is what currency will be deposited in the "new" bank. Will it be FRNs, a new BRICS currency or a basket of member currencies. If FRNs are used, I fail to see much of a difference.
grant

My understanding is that they

My understanding is that they are going to trade things like oil in their own local currencies and cut out the dollar completely. http://rt.com/business/173008-brics-bank-currency-pool/