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BRICS Consider Creating IMF-Alternative As US Loses Credibility

Tyler Durden's picture




 

The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the IMF and the World Bank (which are dominated by the U.S. and the EU), according to RBTH. As WSJ reports, the U.S. would lose its veto power on the International Monetary Fund's executive board under a plan being considered by some emerging economies. The countries are fed up with the United States' failure to ratify a four-year-old deal to restructure the emergency lender. Yet more loss of credibility on the global stage and, as Brazil's FinMin Mantega sums up, "the IMF cannot remain paralyzed and postpone its commitments to reform."

 

 

As The Wall Street Journal reports, the U.S. would lose its veto power on the International Monetary Fund's executive board under a plan being considered by some emerging economies.

The countries are fed up with the United States' failure to ratify a four-year-old deal to restructure the emergency lender.

 

Some members of the IMF's steering committee indicated at a series of weekend meetings their desire to act now, underscoring the growing discontent abroad about the U.S. Congress's delay in approving an international accord to overhaul governance at the fund.

 

...

 

The world's top finance officials gathering here this weekend chastised the U.S. in formal policy statements.

 

"We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms," the Group of 20 largest economies said in its communiqué.

And the various countries that would benefit from greater say in the actions of the IMF are not waiting for the US...

"Alternatives to move forward with the reforms must be found whilst the major shareholder does not solve its political problems."

And that is worrying for global stability...

Singaporean Finance Minister and IMF steering committee chairman Tharman Shanmugaratnam said it could cause "disruptive change" in the global economy.

 

"We are more likely over time to see a weakening of multilateralism, the emergence of regionalism, bilateralism and other ways of dealing with global problems," he said in a news conference Saturday. That would make the world a "less safe" place, he said.

And, as RBTH reports, it seems the BRICS are not slowing down efforts to create their own IMF-alternative...

The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the International Monetary Fund and the World Bank, which are dominated by the U.S. and the EU. A currency reserve pool, as a replacement for the IMF, and a BRICS development bank, as a replacement for the World Bank, will begin operating as soon as in 2015, Russian Ambassador at Large Vadim Lukov has said.

 

Brazil has already drafted a charter for the BRICS Development Bank, while Russia is drawing up intergovernmental agreements on setting the bank up, he added.

 

In addition, the BRICS countries have already agreed on the amount of authorized capital for the new institutions: $100 billion each. "Talks are under way on the distribution of the initial capital of $50 billion between the partners and on the location for the headquarters of the bank. Each of the BRICS countries has expressed a considerable interest in having the headquarters on its territory," Lukov said.

 

It is expected that contributions to the currency reserve pool will be as follows: China, $41 billion; Brazil, India, and Russia, $18 billion each; and South Africa, $5 billion. The amount of the contributions reflects the size of the countries' economies.

 

...

 

The creation of the BRICS Development Bank has a political significance too, since it allows its member states to promote their interests abroad. "It is a political move that can highlight the strengthening positions of countries whose opinion is frequently ignored by their developed American and European colleagues. The stronger this union and its positions on the world arena are, the easier it will be for its members to protect their own interests," points out Natalya Samoilova, head of research at the investment company Golden Hills-Kapital AM.

Perhaps the following sums it all up perfectly...

Economists warn the IMF's legitimacy is at stake, and they say U.S. standing abroad is being eroded.

"Eroded" indeed...

 

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Wed, 04/16/2014 - 19:51 | 4667386 kaiserhoff
kaiserhoff's picture

So they can print their own damn money.

Not a bad idea.  Why don't we do that at ZH and start a lost at sea gold fund with... never mind;)

Wed, 04/16/2014 - 19:55 | 4667392 Looney
Looney's picture

Slightly OT (sorry, ZeroBoyZ and ZeroGirlz!)  ;-)

THIS you don’t hear every day! 20 Greystone mercs have been missing in Ukraine. Brennan, scared shitless, went to Kiev NOT TO exchange “diplomatic pleasantries” with his Ukrainian counterpart – he is looking for 20 corzined Greystone employees, because both the State Department and Greystone have vehemently denied that any Greystone mercs are actually there, in Ukraine.

 

Link, Brennan -> http://www.voltairenet.org/article183269.html

Link, State Dept’s denial -> http://article.wn.com/view/2014/04/11/State_Department_Again_Denies_Presence_of_US_Mercenaries_in_/

Link, Greystone’s denial -> http://abcnews.go.com/Blotter/greystone-firm-accused-disguising-mercenar...

 

Looney

 

Wed, 04/16/2014 - 19:56 | 4667407 TruthInSunshine
TruthInSunshine's picture

Mercs ultimately meet the destiny they so richly deserve.

It's akin to street justice, because the "real" courts are corrupt to the core.

Wed, 04/16/2014 - 20:09 | 4667454 The Gooch
The Gooch's picture

As do statists.

Wed, 04/16/2014 - 20:32 | 4667539 ZerOhead
ZerOhead's picture

As The Wall Street Journal reports, the U.S. would lose its veto power

Not going to happen. Ever.

Wed, 04/16/2014 - 20:51 | 4667625 Bindar Dundat
Bindar Dundat's picture

Not without WW3 anyways....ur right -- this is serious stuff

Wed, 04/16/2014 - 20:55 | 4667641 Keyser
Keyser's picture

How many wars can the US afford to fight at one time? It's a trick question. Technically none because they are broke. The fact is that the US will continue to wage war as long as people accept the USD as currency. 

Thu, 04/17/2014 - 06:00 | 4668311 Tengri Temujin
Tengri Temujin's picture

The Chinese should be the base for the new bank, think about it, everything we, you and I buy is made in China, so with Chinese currency you can get anything you want, roads, bridges, laptops, food, medicine, clothes, electronics.  When a country gets an IMF loan that money gets paid in pensions and salaries and the commmon citizen buys consumer goods with it, why have the dollar as a middleman, go straight to the source, the Chinese yuan.

Thu, 04/17/2014 - 05:58 | 4668312 Tengri Temujin
Tengri Temujin's picture

.

Wed, 04/16/2014 - 20:55 | 4667636 disabledvet
disabledvet's picture

Apparently the Wall Street Journal has lost its veto power.

No one listens to these Zombie Banks in New York anymore. I find it funny that at the end of their days all they have is their big, fat Wall Street Journal Mouth.

"Wow, the Dutch Air Force." The IMF isn't going anywhere (unfortunately. Just ask the Koreans.) Neither is the World Bank, NATO, Congress, the National Park Service, the Smithsonian, the Congressional Budget Office, etc...etc...etc.

"You can't fight City Hall"...it is really odd that of all of New York City "full on fighting City Hall"...and all other Governments of the world right now. Friggin' AIG. Unbelievable. Even the President couldn't believe it.

"commence show trials and more bailouts." JP Morgan personally had to bail out that City on many occasions.

Only New York City would have celebrated the end of the gold standard. "finally we are free from the one guy who supported us! but at least we still have our mouthpieces!"

"My Kingdom for horse." A lot cheaper than a "General Motor" that's fer sure.

Wed, 04/16/2014 - 22:31 | 4668003 ZerOhead
ZerOhead's picture

They said "You can't fight city hall".

Buying it is a totally different matter altogether.

Wed, 04/16/2014 - 21:39 | 4667801 CH1
CH1's picture

Not going to happen. Ever.

So said Caesar. Ever is a long time.

Wed, 04/16/2014 - 22:37 | 4668022 ZerOhead
ZerOhead's picture

The IMF is the most powerful Global Juice Extractor on the market.

Nobody pushes the 'liquify' button when a juicy country is in there except the owner.

Wed, 04/16/2014 - 20:23 | 4667504 cro_maat
cro_maat's picture

Brennen is not looking for missing Greystone mercs. He is negotiating the SILENCE (coverup) of their removal. The CIA will not raise a finger to retrieve a captured or lost asset. They only care about blowback.

Attributing evidence of soul at the CIA is pure propaganda.

Wed, 04/16/2014 - 21:00 | 4667658 Keyser
Keyser's picture

Brennen is too late as videos are floating around the net already... 

https://www.youtube.com/watch?v=TysGhYvUofM

 

Wed, 04/16/2014 - 21:01 | 4667668 disabledvet
disabledvet's picture

"Jordanian Air Strikes."

We're on the side of Jordan in case you're wondering. I think we're on the side of Ukraine but it's hard to tell right now. Technically we're in charge of NATO...if the Netherlands goes to Ukraine does that mean the USA goes to Ukraine too?

I say "yes"...and I say "USA and Russia are at war by Saturday."

Wed, 04/16/2014 - 21:38 | 4667796 medium giraffe
medium giraffe's picture

I really hope you're wrong.

Wed, 04/16/2014 - 22:44 | 4668045 813kml
813kml's picture

That doesn't sound so bad.  Nuclear holocaust on Saturday, resurrection on Easter Sunday.

It'll be like it never happened.

Thu, 04/17/2014 - 00:48 | 4668318 Tengri Temujin
Tengri Temujin's picture

pretty astute 813

Wed, 04/16/2014 - 19:58 | 4667413 negative rates
negative rates's picture

Problems with dealing with global pros, no shit sherlock.

Wed, 04/16/2014 - 20:12 | 4667463 Carl Popper
Carl Popper's picture

I hope they are dead and their mutilated bodies are found and broadcast on TV.

 

We would do the same if russia sent private contractors to help our government.

 

Death to mercenaries.

 

We used to have a law forbidding private citizens becoming mercenaries and meddling in foreign wars.

Wed, 04/16/2014 - 22:46 | 4668050 813kml
813kml's picture

And US gov used to abide by the law.  At least I think so, it must have happened before my time.

Wed, 04/16/2014 - 20:13 | 4667470 Winston Churchill
Winston Churchill's picture

Officially denied.Say no more.

Hope Spetznaz aren't too rough on them,not.

Wed, 04/16/2014 - 21:08 | 4667687 sushi
sushi's picture

Have there been any reports of any conflict in Ukraine in which 20 people have been injured or killed?

I belive there was one reported death during the events in Crimea a month ago and a second reported death at an airfield in eastern Ukraine on April 15 / 16.

Beyond that . . . ???

Of course it is always possible they met the same fate as Buster Crabbe. You need to be very careful when you try and tap dance with the Russkies.

 

Wed, 04/16/2014 - 19:54 | 4667404 TruthInSunshine
TruthInSunshine's picture

SDR comes closer to fruition, and the American Globalists (Gates, Buffett, Soros, Rockefellers, etc.) are as big supporters of it as anyone.

Wed, 04/16/2014 - 20:02 | 4667429 UselessEater
UselessEater's picture

While sowing more seeds for global war.

Wed, 04/16/2014 - 20:05 | 4667438 BurningFuld
BurningFuld's picture

"North America" by itself is totally self sufficient. Having China not want to trade there would be the best thing that ever happened to "North America"

Wed, 04/16/2014 - 23:33 | 4668161 UselessEater
UselessEater's picture

Agree but you know and I know "nationality" and "nations" are not the end goal.

Thu, 04/17/2014 - 00:51 | 4668322 Tengri Temujin
Tengri Temujin's picture

Hard to be self sufficient when we shipped them all our production lines, those machines and robots will not be allowed by the Chinese to ever leave their shores.

Thu, 04/17/2014 - 02:15 | 4668455 UselessEater
UselessEater's picture

Self sufficiency is the enemy. It supports an independant mass which is the current target of taxation, regulations and manipulation on a grand global scale. Your demise is someone else's profit, the longer your demise and the messier it is, the greater the profit and the greater the chances core groups get ownership to your nations resources and utlities, etc. Shipping industry to China from ALL western nations to varying degrees does not confirm who is left with ownership; the demise is still being fought over IMO and the BRICS are shielding yet another elite battle for whom from the core dominates. A split axis is code for war.

Meanwhile all sit passively and watch?? Defend your country already.

Wed, 04/16/2014 - 23:42 | 4668186 StychoKiller
StychoKiller's picture

Ahem, HOW many silicon foundries are left in the USA?

Thu, 04/17/2014 - 03:23 | 4668519 Kirk2NCC1701
Kirk2NCC1701's picture

The real concern of TPTB in DC and NY, is that their family and friends in Isreal and in KSA will no longer have US protection or funding.

Wed, 04/16/2014 - 20:08 | 4667447 Two-bits
Two-bits's picture

TiS, I have a question for you.

 

Has anyone ever put a voice to the thought that when all is ready for the big flush, the FED just closes it's doors and tells the US to go suck an egg?  That they are choosing to no longer supply dollars to the government?  They are a private corporation as federal as Federal Express, so who is to say they don't switch gears, change names, and then put the screws to someone else, or they create a new currency to refuck the next generation of Americans? After all, it (the dollar) is only paper and electrons.

 

Thoughts?  

Wed, 04/16/2014 - 20:14 | 4667474 The Gooch
The Gooch's picture

I imagine when you magically hatch, loan and collect moar eggs as a result, you don't give up your nest.

Pass the kosher salt.

 

Wed, 04/16/2014 - 20:22 | 4667491 Two-bits
Two-bits's picture

I fully see your point.  My question is about options other than moar.

 

Two months ago, no one thought Belgium loved USTs and would become the third largest holder of said bonds. Till they did.

 

I am asking about what we are going to know two months from now.

Wed, 04/16/2014 - 21:21 | 4667731 TruthInSunshine
TruthInSunshine's picture

Only the elite who meet to beat know, but my best hypothesis is that there will be a "planned implosion" of this now 3rd iteration of the central fractional fiat reserve bank that somehow always manages to fool the sheeple that it's vested in the American Peoples' best interests.

After that implosion takes place, will there be a 4th iteration?...or none at all?....

Only time will tell, but I would bet that whatever happens does so by design.

Wed, 04/16/2014 - 22:02 | 4667896 Calling Elvis
Calling Elvis's picture

Only the elite who meet to beat know, but my best hypothesis is that there will be a "planned implosion" of this now 3rd iteration of the central fractional fiat reserve bank that somehow always manages to fool the sheeple that it's vested in the American Peoples' best interests.TruthInSunshine

Define the three iterations please.  If the question has already been asked I'm sure I'll see your response.

 


Wed, 04/16/2014 - 22:14 | 4667948 Two-bits
Two-bits's picture

TiS is talking about this I believe:

http://en.wikipedia.org/wiki/First_Bank_of_the_United_States

http://en.wikipedia.org/wiki/Second_Bank_of_the_United_States 

The third being the current Federal Reserve Bank.

Wed, 04/16/2014 - 22:24 | 4667986 TruthInSunshine
TruthInSunshine's picture

That would be affirmative, t-b.

Wed, 04/16/2014 - 22:26 | 4667991 Calling Elvis
Calling Elvis's picture

TiS is talking about this I believe:

http://en.wikipedia.org/wiki/First_Bank_of_the_United_States

http://en.wikipedia.org/wiki/Second_Bank_of_the_United_States 

The third being the current Federal Reserve Bank. Two-bits & TIS

 

Thanks - makes perfect sense - damn we live in a f*&ked up world - how is it so few see it?

Wed, 04/16/2014 - 22:22 | 4667977 Two-bits
Two-bits's picture

It gives central planning a whole new spin.

Speculators were once punished with death. Looking ahead...

Wed, 04/16/2014 - 22:41 | 4668038 Calling Elvis
Calling Elvis's picture

Don't know ZEROHEDGE policy on this sort of thing - I'd like to text privately - text - email - whtever -Two-bits and TruthInSunshine - I think I could learn a thing or two from them - I'd welcome you to give them my contact info djohnsojwp@gmail 

thanks - sorry if I busted some policy

Thu, 04/17/2014 - 01:08 | 4668349 Two-bits
Two-bits's picture

Hey elvis, gmail says:

djohnsojwp@gmail.com doesn't exist.  Typo?


Thu, 04/17/2014 - 13:47 | 4670131 Monty Burns
Monty Burns's picture

No.  NSA were listening and and now neither the address nor two-bits himself exist any longer.

Wed, 04/16/2014 - 20:33 | 4667527 ZerOhead
ZerOhead's picture

.

Wed, 04/16/2014 - 22:49 | 4668062 813kml
813kml's picture

I don't think it will be possible for the FED to find a greater fool to suck dry.

Wed, 04/16/2014 - 20:11 | 4667455 aVileRat
aVileRat's picture

Umm, just being a voice of reason but if you have an SDR with a secure hard-cap on when and how the "savings" of the world will be deployed it will theoretically prevent inflation wars and export dumping which will lead to stable, reasonable investments & growth vs. the current financial gimmickery of post 2007. In fact the whole "service" economy of everyone shilling consulting services to everyone else would be pretty damn stupid under a common currency regime where competitve advantage only comes from technical innovation vs. serf underpayment or bribe/tax gimmicks.

Or whatever: we can all just declare Putin the King of Eurasia and all convert to Vichy-Orthodoxy and pretend the Ruble is a stable haven for Alex Jones goldbugs.

The problem with the gold standard was that it only works until someone realizes they can simply collude to change the exchange rate, and suddenly the whole peg is gone; leading to total anarchy and debt force majuer. As we are witnessing today in slow motion with Germany and their own 'balance of payments'.

On a more reasonable note: the reason why the BRICS want more IMF power is so they can soft-back their own debasement policies with out needing to eventually address their malinvestment & structural reform issues. Do you really think Moscow or Bejing are going to use 40 Trillion in reserve lending capacity for helping out the average serfs purchasing power or back-stop a failing country ? of course not.

This being said, Barack is just buying for time. US has under-funded their share of the IMF for the last 9 years and has no intent to admit that Obama is coat tailing on IMF/trade agreements for the last 7 years because the deal breaker for Obama is to finally admit the US has heavily (and illegally) subsidized the automotive, computer science and agriscience industries for the last 20 years. For the next round to pass, Obama will need to unlock these sacred cows to US "growth" for all nations to compete against. I wonder why he and the White House is extending & pretending this problem does not exist, much like Keystone XL.

IMF has every right to boot the Obama white house to tier-2 backer. 

 

Wed, 04/16/2014 - 20:24 | 4667509 Confused
Confused's picture

pretty damn stupid under a common currency regime where competitve advantage only comes from technical innovation vs. serf underpayment or bribe/tax gimmicks.

 

Perhaps I'm wrong. But even under a common currency, there would be 'underpayment' and 'tax' (THEFT). Everywhere. This would not change. 

 

And bribes? Well........that will never go away. 

Thu, 04/17/2014 - 00:14 | 4668257 TheReplacement
TheReplacement's picture

Any system that involves humans and wealth will have corruption.  It is better to limit the possible impact of one corrupt person via a decentralized as possible system.  Centralization and control are dog whistles to liars and thieves.

Wed, 04/16/2014 - 21:45 | 4667818 CH1
CH1's picture

if you have an SDR with a...

Fuck ALL coercive systems.

Simple enough?

Wed, 04/16/2014 - 20:11 | 4667459 The Gooch
The Gooch's picture

"Sever Roots, Tree Dies"

 

Thu, 04/17/2014 - 03:30 | 4668522 Kirk2NCC1701
Kirk2NCC1701's picture

Too much work that's not necessary.
Just cut and remove a strip of bark (a ring) all the way around the tree. Salt is also bad for the tree.

All literals and metaphors. Point is, more than one road leads to Rome.

Thu, 04/17/2014 - 03:45 | 4668539 Ghordius
Ghordius's picture

correct, more than one road leads to Rome. and the BRICs are pursuing two of them, either the proposed reform of the IMF or a new one for themselves

yet my point is this: out of the G20 countries, 19 want the reform, and one, the US (specifically the US Congress) does not

meanwhile, reading ZH and ZH's comments, I dispair about how little interest there is about facts regarding the IMF

Typically, it's just feeded to fears of "one global government" or "one global currency". Something that seems to interest (or seem likely to) Americans only, imho, part and parcel of great campaigns of disinformation inside the US political propaganda battles

Thu, 04/17/2014 - 04:32 | 4668587 free_lunch
free_lunch's picture

Susan George explains what the World Bank, the International Monetary Fund (IMF) and the World Trade Organization (WTO) are and how they work:

http://www.youtube.com/watch?v=NQ952ba75Yk

Thu, 04/17/2014 - 07:17 | 4668710 Ghordius
Ghordius's picture

fine, yes. yet one detail is often forgotten: how were those things handled before the IMF?

(btw, the very fact that in most comments World Bank, IMF and WTO are bundled together does not help to go into the details. but I digress)

a simple example: Argentina. IMF's love/hate story with Argentina is legendary

before the IMF, international loans were in gold. and failed payment conjured warships on the country's horizon

what I am trying to say here is that:

1) The Wizard of Oz can't conjure the IMF away. Hell, even if the US Congress/Senate/President would exit the IMF... plenty of other countries would continue to run it

2) Even if the Wizard would conjure it away... we'd have a return of gunboat diplomacy

careful what you wish for

Thu, 04/17/2014 - 04:39 | 4668596 UselessEater
UselessEater's picture

there is disingenious around the IMF, Rockefeller and chorts set it up; slow burn agenda linked to the same owners of the BIS, World Bank, WHO and UN - look at the historical make up of the UN Sec Council; what should never have been permitted was (soviet domination), the league of nations failed but the UN did not  -huh?- there is a game plan and it's NWO mantra is an evil tool that is manipulating us sleepily into global governance by stealth on multiple fronts including taxation, green sheet, banking sheet, free trade agreement sheeet, codification of health via Codex and the failure to recognise the dangers of wifi and cell towers etc

http://www.takebackyourpower.net/news/2014/03/31/who-knew-the-elephant-in-the-room/

http://www.naturalnews.com/044464_cell_towers_EMF_pollution_mental_confusion.html#ixzz2xByvHO34

Wed, 04/16/2014 - 20:42 | 4667580 Peanut Butter E...
Peanut Butter Engineer's picture

We are getting close to final formation of two axis alliances. Weak Developing vs old and senile developed countries. WWIII will see members from each alliance battle against another.

Wed, 04/16/2014 - 21:59 | 4667871 Drifter
Drifter's picture

"So they can print their own damn money."

Yea, but theirs will be gold-backed.

Btw, if "patriots" ever get us back to the constitution, they would have to figure out how to eliminate paper currency and operate the national economy on gold and silver coins, because that's what the constitution calls for.

We'd be back to hauling gold/silver coins around in our pockets and purses.

There could still be a banking system, deposit gold/silver coins at your bank for credits to your checking account, still have checks and debit cards, but no credit cards and loans because banks couldn't create money with a bookkeeping entry anymore.

They could loan out gold/silver in the vault but somebody's checking account balance would have to drop, so no loans after all.

Nope, no fractional reserve banking anymore, no loans, no credit cards.

You "patriots" sure you wana go back to the constitution?

Thu, 04/17/2014 - 00:17 | 4668261 TheReplacement
TheReplacement's picture

You forgot to list the negatives.

Wed, 04/16/2014 - 19:52 | 4667396 AccreditedEYE
AccreditedEYE's picture

Been waiting for this follow up story. Thanks ZH!

Wed, 04/16/2014 - 19:56 | 4667409 I Write Code
I Write Code's picture

I'm sure I don't understand the issue at all.

If they form their own IMF, can we stop having US taxpayer funds given to banks to give to poor countries who then default and our own taxpayers or fed make up the difference? 

Which comes down to what kaiserhoff said - let them print their own damn money?

Then we can close the old IMF, I hope, and have one less pretext for the fed handing money to the banksters.

Wed, 04/16/2014 - 20:39 | 4667571 Ifigenia
Ifigenia's picture

"If they form their own IMF, can we stop having US taxpayer funds given to banks to give to poor countries who then default and our own taxpayers or fed make up the difference?"

You think so?

Wed, 04/16/2014 - 22:08 | 4667916 Drifter
Drifter's picture

Our IMF and their IMF wouldn't co-exist. Not for long anyway. After USD is rejected as WRC and devalues about 90%, western banking system pretty much collapses. Along with America.

You won't have a chance to worry about taxes going to IMF, you'll have way bigger problems to deal with, like where your next meal is coming from.

Wed, 04/16/2014 - 20:01 | 4667424 SHEEPFUKKER
SHEEPFUKKER's picture

I'm sure this will be bearish for gold somehow

Wed, 04/16/2014 - 23:03 | 4667440 QQQBall
QQQBall's picture

What credibility?

 

If Christine gets anymoe wrinkles in her neck, they are gonna special order and 8' scarf

 

Thanks for the down arrow Mrs Lagarde.

Wed, 04/16/2014 - 20:07 | 4667446 Carl Popper
Carl Popper's picture

I would love to see a competitor to the IMF and competing currencies.

 

Monopolies are inherently inefficient with their resources.

Wed, 04/16/2014 - 20:12 | 4667468 Spectre
Spectre's picture

WGAF !!!

Wed, 04/16/2014 - 21:13 | 4667473 tahoebumsmith
tahoebumsmith's picture

BRICS BITCHEZ... They have been planning this for sometime now. They have also been buying our debt as well. They have also been stacking more gold then anybody. It was so easy to see the trap 5 years ago and we walked right into it. The Federal deficit has increased by 8 TRILLION, The Federal Reserve has expanded their books by 3 TRILLION meanwhile the BRICS nations have been aquiring more and more of our debt. You don't need to be an economic science rocket to figure out this isn't going to end well. Bravo Bernanke, Obama, Dimon, Krugman, Geithner and all of the rest of you Keynesian Cronies that pretty much put America at it's most vulnerable poisition ever... I could only wish the rest of America was like the people camped out at Cliven Bundy's Ranch, mabe we wouldn't be in such a situation if there were actually educated people in this country that cared about our future... The American Eagle, the National Symbol of freedom will soon be changed. The new symbol will be the deer, yeah the one in the headlights bitchez as soon as all those TRILLIONS of dollars printed in this Ponzi Scheme come home to roost.

Wed, 04/16/2014 - 22:54 | 4668071 813kml
813kml's picture

I think those dollar menu chickens won't have a home to come back to.  That's what this war is all about, and I think it's an all-in proposition.

Thu, 04/17/2014 - 00:26 | 4668275 TheReplacement
TheReplacement's picture

Is this some kind of conspiracy with the "then" and "than" problem?  It's a friggin' epidemic and it is driving me crazy.

Think of then as when.  Hell it ryhmes so how easy is that?  Once you understand then we can move on.

Think of than as a comparison that doesn't really rhyme as well.  It is a little harder to get than then.

Well then, I'll stop rather than offend any more.

Thu, 04/17/2014 - 01:36 | 4668352 tahoebumsmith
tahoebumsmith's picture

Fuck you 45 week old shill, the replacement for the "then" motherfucker..That was then, this is NOW. Hey by the way do you like Apples?

 

http://www.youtube.com/watch?v=sf0OFZexRGs

 

Wed, 04/16/2014 - 20:15 | 4667476 nmewn
nmewn's picture

Pig man, pig man...hah hah...charade you are!

http://www.youtube.com/watch?v=rTzTvy6OLuU

Wed, 04/16/2014 - 20:15 | 4667477 surf0766
surf0766's picture

All by design .. Just like the bear raids in 2008.

Wed, 04/16/2014 - 20:19 | 4667493 22winmag
22winmag's picture

Warm up the jets... clearly these nations need to be bombed and "liberated" before they liberate themselves from that filthy green monopoly money known as the Federal Reserve Note.

Wed, 04/16/2014 - 20:32 | 4667541 ebworthen
ebworthen's picture

Fuck 'em over BRICS, we are slaves here in the West.

Wed, 04/16/2014 - 20:36 | 4667556 Son of Captain Nemo
Son of Captain Nemo's picture

Yep!

So when are the Europeans and Americans going to rise up and put some heads on the spiked gates of Washington, London, and Brussels to celebrate this latest announcement?

I know one thing for certain.

There will never be an IMF alternative for the BRICS until all the lawmakers in the NATO alliance are either in jail or on pikes. 

If this can't be accomplished expect a World War!

 

Wed, 04/16/2014 - 20:42 | 4667581 Ifigenia
Ifigenia's picture

And what would PCR say about PRIVATIZATION?:

 

"Privatization Is A Ramp For Corruption and Insouciance Is a Ramp for War — Paul Craig Roberts April 16, 2014 |

Privatization Is A Ramp For Corruption and Insouciance Is a Ramp for War
The New York Times has acquired a new Judith Miller

Paul Craig Roberts

Libertarian ideology favors privatization. However, in practice privatization is usually very different in result than libertarian ideology postulates. Almost always, privatization becomes a way for well-connected private interests to loot both the public purse and the general welfare.

Most privatizations, such as those that have occurred in France and UK during the neoliberal era, and in Greece today and Ukraine tomorrow, are lootings of public assets by politically-connected private interests.

Another form of privatization is to turn traditional government functions, such as prison operation and many supply functions of the armed services, such as feeding the troops, over to private companies at a large increase in cost to the public. Essentially, the libertarian ideology is used to provide lucrative public contracts to a few favored persons who then reward the politicians. This is called “free enterprise.”

The privatization of prisons in the US is an example of the extraordinary cost and injustice of privatization. Privatization of prisons requires ever higher rates of incarceration in order to build profitability. The US, supposedly “a land of liberty” has by far the highest incarceration rates of all countries. The “free” US has not only the highest percentage of its population in prison but also the highest absolute number. “Authoritarian” China with four times the US population has fewer citizens in prison.

This article shows how well prison privatization works for well-connected private interests: http://www.globalresearch.ca/privatization-of-the-us-prison-system/5377824

It also shows the extraordinary shame, corruption, and discredit that prison privatization has brought to the US.

A few years ago I wrote about the conviction of two judges who were paid by privatized juvenile detention facilities to sentence kids to their facilities.

As Alain of Lille and later Karl Marx said, “Money is all.” In America money is all that is
important to the political system and to the bulk of the population. Essentially, America has no other values.

Another great libertarian fantasy is Wall Street. In the libertarian mythology Wall Street is the mother of entrepreneurs and of the start-up companies that blossom into industrial, manufacturing, and commercial giants. In actual fact, Wall Street is the mother of enormous corruption. As Nomi Prins shows in All The President’s Bankers, it has always been the case.

Recently, there has been a spate of Wall Street whistleblowers. Many are reported by Pam Martens on her site, Wall Street On Parade, http://wallstreetonparade.com/2014/04/insiders-tell-all-both-the-stock-market-and-the-sec-are-rigged/

Unlike libertarian ideologues, Prins and Martens are former Wall Street insiders and know what they are talking about.

All US financial markets are rigged for the benefit of a few. We have had the exposure of high frequency trading front-running buy and sell orders. We have had the exposure of the big banks rigging the LIBOR interest rate and the London gold price fix. We have had the exposure of the Federal Reserve rigging via its dependent bullion banks the price of gold in the futures market. We have had the exposure in Congressional hearings of the rigging of metal and commodity prices. The dollar’s exchange value is rigged. And so forth. Yet no heads have rolled. Recently a SEC prosecuting attorney, James Kidney, retired. Upon his retirement, he proclaimed that his cases against the criminal big banks have been suppressed by SEC higher ups who have their eyes fixed on big jobs with the banks they are protecting while in government service.

So there you have it. The United States government is so overwhelmingly corrupt that even the financial regulatory agencies have been corrupted by the money of the private capitalists they are supposed to regulate.

America the corrupted. That is what we have become.

Not even Vladimir Putin understands how totally corrupt and insensitive to humanity Washington is.

Putin’s response to the Ukraine crisis created by Washington’s coup in Kiev is to rely on
“Russia’s Western partners,” the UN, the Obama regime, John Kerry, etc., to work out a reasonable solution to the crisis.

Putin’s hope for a diplomatic solution is unrealistic. The NATO governments are bought-and-paid-for by Washington. For example, Germany is not a country. Germany is a mere piece of Washington’s empire. The German government will do as Washington says.The German government represents Washington’s agenda. The European governments to whom Putin is speaking are not listening.

Paul Wolfowitz, the neoconservative who as Deputy Secretary of Defense presided over the orchestration of the false evidence used by the Bush regime to launch Washington’s wars in the Middle East, declared the minimization of Russian power as the “first objective” of US foreign and military policy:

“Our first objective is to prevent the re-emergence of a new rival, either on the territory of the former Soviet Union or elsewhere, that poses a threat on the order of that posed formerly by the Soviet Union. This is a dominant consideration underlying the new regional defense strategy and requires that we endeavor to prevent any hostile power from dominating a region whose resources would, under consolidated control, be sufficient to generate global power.”

What Wolfowitz means by “hostile power” is any power independent of Washington’s hegemony.

Washington overthrew the elected Ukraine government in order to orchestrate a crisis that would distract Russia from Washington’s adventures in Syria and Iran and in order to demonize Russia as an invader rebuilding an empire that is a danger to Europe. Washington will use this demonization in order to break-up growing economic relationships between Russia and Europe. The purpose of sanctions is not to punish Russia, but to break up economic relationships.

Washington’s strategy is audacious and brings risk of war. If the West had an independent media, Washington’s plan would fail. But instead of a media, the West has a Ministry of Propaganda. The New York Times has even found a replacement for Judith Miller. As you might have forgot or never known, Judith Miller was the New York Times reporter who filled the Times with Bush regime neoconservative lies about Iraqi weapons of mass destruction. Instead of examining and exposing the Bush regime’s false claims, the New York Times bolstered the regime’s case for war by using the newspaper’s credibility to advance the neoconservative war agenda.

The new Judith Miller is David M. Herszenhorn, with accomplices Andrew Roth, Noah Sneider, and Andrew Higgins. Herszenhorn dismisses the totality of Russian media accounts of events in Ukraine as “an extraordinary propaganda campaign” designed to hide the fact from the Russian population that the entire Ukraine crisis is the fault of the Russian government: “And so began another day of bluster and hyperbole, of the misinformation, exaggerations, conspiracy theories, overheated rhetoric and, occasionally, outright lies about the political crisis in Ukraine that have emanated from the highest echelons of the Kremlin and reverberated on state-controlled Russian television, hour after hour, day after day, week after week.” http://www.nytimes.com/2014/04/16/world/europe/russia-is-quick-to-bend-truth-about-ukraine.html?ref=davidmherszenhorn&_r=0

I have never read a more blatant piece of propaganda than Herszenhorn’s. He bases his report on two “authorities,” Lilia Shevtsova of the American-funded Carnegie Moscow Center, and Mark Galeotti, a NYU professor.

According to Herszenhorn, the widespread protests in eastern Ukraine are entirely the fault of the protesters who are putting on a show for propaganda purposes. The protests are not a response to words and deeds of the Washington-installed stooge government in Kiev. Herszenhorn dismisses reports of extreme nationalist neo-nazi Russophobia as “sinister claims” and regards the Washington-imposed unelected government in Kiev as legal. However, Herszenhorn regards governments formed as a result of referendums to be illegal unless approved by Washington.
If you place your faith in Herszenhorn, you will dismiss all reports such as those below as lies and propaganda:

http://rt.com/news/eu-no-russian-interference-ukraine-844/

http://news.antiwar.com/2014/04/15/poland-nato-must-ignore-russia-send-ground-troops/print/

http://news.antiwar.com/2014/04/15/eastern-offensive-ukraine-pounds-kramatorsk-killing-four/print/

http://news.antiwar.com/2014/04/15/white-house-endorses-ukraine-crackdown-on-protesters/

http://rt.com/news/ukrainian-tanks-kramatorsk-civilians-840/

http://www.globalresearch.ca/natos-pet-nazis-savage-ukrainian-presidential-candidate/5377948

http://rt.com/news/ukraine-troops-withdraw-slavyansk-940/

The Western World is the World of the Matrix protected by the Ministry of Propaganda. Western populations are removed from reality. They live in a world of propaganda and disinformation. The actual situation is far worse than the “Big Brother” reality described by George Orwell in his book, 1984.

The ideology known as neoconservatism, which has controlled US governments since Clinton’s second term, has the world set on a path to war and destruction. Instead of raising questions about this path, the Western media hurries the world down the path. Read what medical doctors report will be the result of the neoconservative Obama regime’s belief that nuclear war can be won: http://original.antiwar.com/lawrence-wittner/2014/04/14/your-doctors-are-worried/

The Chinese government has called for “de-americanizing the world.” The Russian legislature understands that being part of the dollar payments system is a Russian subsidy to American Imperialism. The Russian legislator, Mikhail Degtyaryov told Izvestia that “The dollar is evil. It is a dirty green paper stained with blood of hundreds of thousands of civilian citizens of Japan, Serbia, Afghanistan, Iraq, Syria, Libya, Korea and Vietnam.” http://rt.com/politics/russian-dollar-abandon-parliament-085/

However, Russian industry spokesmen, possibly on Washington’s payroll but likely just people without a clue, said that Russia was bound by contracts to the dollar system and that perhaps in 10 or 15 years Russia could take a more intelligent approach. That is assuming that Russia would still be capable of acting in its own interests after suffering 10 or 15 years more of US financial imperialism.?

Every country that wishes to have an independent existence without living under Washington’s thumb should immediately depart the dollar payment system, which is a form of US control over other countries. That is the only purpose that the dollar system serves.

Many countries are afflicted by economists trained in the US in the neoliberal tradition.
Their US education is a form of brainwashing that ensures that their advice renders
their governments impotent against Washington’s imperialism.

Despite the obvious threats that Washington poses, many do not recognize the threats because of Washington’s pose as “the greatest democracy.” However, scholars looking for this democracy cannot find it in the US. The evidence is that the US is an oligarchy, not a democracy. http://www.globalresearch.ca/the-u-s-is-not-a-democracy-it-is-an-oligarchy/5377765

An oligarchy is a country that is run for private interests. These private interests–Wall Street, the military/security complex, oil and natural gas, and agribusiness–seek domination, a goal well served by the neoconservative ideology of US hegemony.

The American Oligarchs win even when they lose. Finally, Washington’s notorious torture prison, Abu Ghraib, has been closed.  But not by Washington. The Iraqi city fell last week to “defeated” al-Qaeda.  Remember, we won the war in Iraq.  $3 trillion wasted, but that’s not the way the military/security complex sees it.  The war was a great victory for profits. http://news.antiwar.com/2014/04/15/after-al-qaeda-expansion-iraqs-infamous-abu-ghraib-finally-closes/  

How much longer will dumbshit americans fall for the flag-waving deception?  
The Republicans used the wars in order to create huge budget deficits and national debt that are now being used to dismantle the social safety net, including Social Security and Medicare. There’s talk of privatizing Social Security and Medicare. More profits for Oligarchs in the offering. The gullibility of the American population is really without compare.

The gullibility of the American public will doom the world to extinction.

Wed, 04/16/2014 - 20:52 | 4667627 Son of Captain Nemo
Son of Captain Nemo's picture

As always another great one from Dr. Paul

Thank you for sharing it.

Wed, 04/16/2014 - 22:59 | 4668078 Anusocracy
Anusocracy's picture

"Libertarian ideology favors privatization. However, in practice privatization is usually very different in result than libertarian ideology postulates. Almost always, privatization becomes a way for well-connected private interests to loot both the public purse and the general welfare."

What a dumb ass. Republicans favor the so-called private sector doing the government's wishes.

Libertarians want to separate whatever is being done by the government from the government and let the market decide if and how it is to be done.

Poor Paul is showing his senility.

Thu, 04/17/2014 - 00:44 | 4668307 Son of Captain Nemo
Son of Captain Nemo's picture

"What a dumb ass. Republicans favor the so-called private sector doing the government's wishes."...

Don't worry 'Anusol'.  The end is nigh!

Your kosher friends are in the home stretch and the "Rabbid" is about to give the last sermon at Temple before Iron Dome gets the final "finish" it has coming to it.  Will enjoy seeing it more than likely obliterated first.

Not blaming you entirely mind you. 

We bought your usury slop and prostrated ourselves to your idolatry of everything that is related to it, and now we all will regrettably pay the piper for those misplaced and wanton priorities.

 

Thu, 04/17/2014 - 00:32 | 4668286 TheReplacement
TheReplacement's picture

Don't libertarians want less government?  If so then that destroys the entire unstated basis of the article.  With no big government how can the politically connected private interests loot the public purse and general welfare?

How do you kill a monster that does not exist?  That is, only if libertarians had their way.  They don't have their way and low and behold, there is the very monster of which you warn us.  Golly gee whiz.  It's almost like you are spreading disinformation for someone.

Wed, 04/16/2014 - 20:45 | 4667595 Cacete de Ouro
Cacete de Ouro's picture

A word of advice to the BRICs.

Before you dismantle the US power at the IMF, you need to dismantle their fake front lobbyists, including the Bretton Woods Committee, 1726 M Street NW, Suite 200, Washington DC.

The Bretton Woods Committee is a Rockefeller front, and shares an office with the Group of Thirty, another Rockefeller front.

In fact they don't just share an office suite, they share a f&@kin' fax machine also ... (202) 785-9423

http://www.brettonwoods.org/page/contact
http://www.group30.org (see bottom of main page for fax)

It seems Rockefeller is quite tight with the fax expenses...

Wed, 04/16/2014 - 22:27 | 4667985 Ifigenia
Ifigenia's picture

"It seems Rockefeller is quite tight with the fax expenses..."

every dim count. Perhaps Rockefeller would even share his fax machine with the BRICS colleagues, you know, all banksters!!!

Wed, 04/16/2014 - 20:48 | 4667604 WMM II
WMM II's picture

"BRICS Consider Creating IMF-Alternative As US Loses Credibility"

 

 

i can get 'em a deal on a used one.

 

:)

Wed, 04/16/2014 - 21:03 | 4667673 TeraByte
TeraByte's picture

They have finally realized the organization, who can be led by talents like Mr Strauss-Kahn and Ms Lagarde does not have much to offer.

Wed, 04/16/2014 - 21:06 | 4667680 s2man
s2man's picture

"BRICS Consider Creating IMF-Alternative"

WTF do you think that BRICS "Development" Bank is?  It isn't just to build a railroad in Tanzania...

Wed, 04/16/2014 - 22:00 | 4667879 q99x2
q99x2's picture

How do you cook a globalist?

Until well done.

Wed, 04/16/2014 - 22:16 | 4667960 AdvancingTime
AdvancingTime's picture

The IMF is not the answer. The pool of money the IMF loans and redistributes around the world helps to stabilize countries if they are failing or economically unstable.  But many people do not understand who, and how they are funded. While the IMF exerts a fair amount of influence, it is political in nature and pushes the way the wind blows.

This bring up the issue and questions as to how muddled this system is. With a loud voice the IMF is overrated, it often uses only a small amount of money to make the very desperate march in line, at times this means not solving problems but helping to kick the can down the road. More on this overrated institution in the article below,

http://brucewilds.blogspot.com/2013/04/imf-overrated-institution.html

Wed, 04/16/2014 - 22:27 | 4667994 yogibear
yogibear's picture

Stop the Central bankster circle-jerk. Something gold backed.

Wed, 04/16/2014 - 22:33 | 4668009 nightshiftsucks
nightshiftsucks's picture

Yeah more bullshit,the Russians are the best bullshit.Do you really believe that if the story is true that there aren't seals/green berets ? Yeah of course you Russian cock lovers do.Oh because Spetsnatz are the best right after they pull their cocks out of your asses and stickit in your mouths.

Thu, 04/17/2014 - 00:08 | 4668245 natty light
natty light's picture

Jim Willie has been forecasting this for over a year.

Thu, 04/17/2014 - 01:38 | 4668404 dunce
dunce's picture

The men who pay the piper call the tune even if those men are throwing American taxpayer money around. This is agreat idea, let some one else pick up the tab. What are the great things the IMF and the world bank have done??

Thu, 04/17/2014 - 02:30 | 4668471 Manic by Proxy
Manic by Proxy's picture

Unbelievable. All of those here celebrating the incipient demise of the IMF and cheering on the emergence of a BRIC-dominated analogue have been droned into simple, stupid contrariness. I am so confident the likes of Russia and China will somehow be less corrupt, more efficient and make global monetary policy a boon to mankind. Russia? China? What fucking jokes. I may usually go for the slightly more nuanced view. Or the cheap joke. But since Murika is decaying and dying and the replacements for global financial hegemony are unequivocally self-interested and as ominous as the USSA, your collective and microcephallic stance is pitiful. In summary, fuck you and the collective horse you road in on. Please proceed with down arrows.

Thu, 04/17/2014 - 06:09 | 4668670 justsayin2u
justsayin2u's picture

The IMF agreements require the US to bail out all these foreign countries in return for . . . . .what?  Anyone?

Thu, 04/17/2014 - 06:25 | 4668683 Chuck Knoblauch
Chuck Knoblauch's picture

The Queen is a Chinese Communist agent.

 

Thu, 04/17/2014 - 06:31 | 4668689 CHX
CHX's picture

Change will only come AFTER the current system fails.

Thu, 04/17/2014 - 06:38 | 4668694 Cheduba
Cheduba's picture

The New World Order is simply shifting to a new globalist institution in the East to keep the new third world countries like America perpetually in debt.

Thu, 04/17/2014 - 07:27 | 4668736 Incubus
Incubus's picture

The further you travel away from financial institutions in America, the more it resembles some 3rd world shithole.

 

Society is make believe, ultimately.  It's a shame we can't make up some kind of shit better than this. 

 

Humans are quite the unimaginative lot, aren't they?  They can only think up creative ways to swindle you out of your shit.

Thu, 04/17/2014 - 10:14 | 4669351 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

The Prime Directive maybe?

Thu, 04/17/2014 - 07:28 | 4668739 smacker
smacker's picture

The big lesson British ruling elites more or less learnt a long time ago is that people with power should always avoid the temptation of using it excessively or abusing it. Use it sparingly when necessary and with benevolence. Sadly, the USG (and many empires before) has never learnt this lesson. As a result, it has traveled the world overtly using and abusing its political & military power to impose its wishes. Where we are today with the BRICS, IMF and WB is a direct consequence of that.

Thu, 04/17/2014 - 07:39 | 4668754 Ghordius
Ghordius's picture

the British ruling elites weren't what I would call the least abusing of all empires. yet I know what you mean, at least they adopted liberal principles in most of their later rule

yet there is a strong continental european tradition in regarding the current imperial setup as a mere continuation of the British Empire

by cooptation of American muscle and sharing financial power between The City and NY's Wall Street

the late British Empire restricted and "nationalized" the East Indies Company. the UK nationalized the Bank of England after WWII

two emblematic developments which are exactly in the opposite direction our American Cousins are taking. where do you want to be dragged into, Albion? the past or the future?

Thu, 04/17/2014 - 08:23 | 4668885 smacker
smacker's picture

For sure, the British elites were not always moderate and benevolent. And it's necessary to draw distinctions between applying political muscle vs military muscle and whether it's domestic or abroad. Domestically it has tended to be soft political power, but abroad it's ruthless military muscle.

Your reference to an Anglo-American Empire acting as a continuation of the British Empire has some truth in it I believe and you are not the first person to notice it. And yes, whether we should face west to the United States or East to Europe, has long been a difficult issue for Britain. I believe most Brits, including myself, would prefer to face west, but to the US with proper constitutional government that we all know existed a few decades ago (and still does exist outside of its current criminal ruling elites). People in Europe and elsewhere who slag down America need to articulate their criticisms toward the criminal US government, not the American people. And remember that American people have brought a huge feast to the table of mankind for a very long time. Unlike Europe which has only brought wars, dictators, the French, Brussels and socialism.

Apart from a minority of Brits who live in Spain and those who love everything French, the rest of us think Europe is a complete socialist waste of space and prefer to limit our relationship to trade and vacations.

My 2c worth ...

Thu, 04/17/2014 - 11:26 | 4669603 Ghordius
Ghordius's picture

don't forget that it's soon a million Britons living in the eurozone. interestingly, some of them are even quite candid that's because of the "socialist" attitude in certain areas

Thu, 04/17/2014 - 10:12 | 4669339 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Great point.

Thu, 04/17/2014 - 10:11 | 4669334 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

These BRICS dumb fucks must have bricks in their heads to still use the dollar or believe anything the US government says.  

They trust the US government?  It will bomb you to freedom & steal your natural resources while paying you off in worthless money created out of thin air.

Thu, 04/17/2014 - 11:18 | 4669573 therevolutionwas
therevolutionwas's picture

It's not that a BRIC's IMF going solo is a good thing (of course, its just more ponzi crap).  Isn't it that the coupling of the ideas that "the gold-wealth is heading east" and the "east decoupling from the petro-dollar" are bringing the day of reckoning closer for the west?  The east will have vast industry and metals and etc to fall back on.  The west has a welfare state to maintain.

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