Eagle: BRICS to USA, World Bank, IMF — “Piss Off” — Meanwhile, South Africa & China Talk About All of Africa

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300 Million Talons...
300 Million Talons…

BRICS Nations Plan New Bank to Bypass World Bank, IMF

Bloomberg, 26 May 2013

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 began 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.”

The BRICS nations, which have combined foreign-currency reserves of $4.4 trillion and account for 43 percent of the world’s population, are seeking greater sway in global finance to match their rising economic power. They have called for an overhaul of management of the World Bank and IMF, which were created in Bretton Woods, New Hampshire, in 1944, and oppose the practice of their respective presidents being drawn from the U.S. and Europe.

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African Leaders

Brazil’s real has gained 1.9 percent against the dollar since the beginning of the year, while South Africa’s rand has dropped 8.7 percent in the period.

For South Africa, which makes up just 2.5 percent of total gross domestic product in BRICS, the summit is a way to showcase its role as an investment gateway to Africa. President Jacob Zuma has invited 15 African heads of state, including Egypt’s Mohamed Mursi and Ethiopia’s Hailemariam Desalegn, for talks with the BRICS leaders at the summit. For most of the BRICS leaders, it’s also the first opportunity to meet Chinese President Xi Jinping after his appointment on March 17.

“We will discuss ways to revive global growth and ensure macroeconomic stability, as well as mechanisms and measures to promote investment in infrastructure and sustainable development,” Indian Prime Minister Manmohan Singh said in a statement yesterday.

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Phi Beta Iota:  Corruption is not sustainable in the Information Age.  The web of secret economic agreements and the secret web of “conditions” that inter-lock across the World Bank, IMF, and other subversive totally corrupt organizations (food, labor, all of the UN specialized agencies, for example) is a major reason why most of the Third World countries have stayed poor.  Below for information, read with caution, the publisher is pumping precious metals — the real point of the story is a) confirmation of World Bank corruption; and b) articulation of how the corporate media has been complicit in the corruption of governments, banks, and corporations.  There is no source, right now, for integrated public intelligence with integrity, focused exclusively on the public interest.

See Also:

Mini-Me: US Dollar Out, Yuan, System D, and Open Money In + Meta-RECAP

World Bank Whistle-blower: “Precious Metals To Serve As An Underpinning For Paper Currencies”