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BRICS Announce $100 Billion Reserve To Bypass Fed, Developed World Central Banks
As we suggested last night, 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." Initial capital for the BRICS Bank will be $50 Billion - paid in equal share among the 5 members (with a contingent reserve up to $100 Billion) and will see India as the first President. The BRICS Bank will be based in Shanghai and chaired by Russia. Simply put, as Sovereign Man's Simon Black warns, "when you see this happen, you’ll know it’s game over for the dollar.... I give it 2-3 years."
- BRICS MINISTERS SIGN DEVELOPMENT BANK AGREEMENT
- INITIAL SUBSCRIBED CAPITAL OF BRICS BANK IS $50 BLN: STATEMENT
A quick take on existing monetary policy.
- MONETARY POLICY MUST BE CAREFULLY CALIBRATED: BRICS STATEMENT
The punchline, however, is that using bilateral swaps, the BRICS are effectively disintermediating themselves from a Fed and other "developed world" central-bank dominated world and will provide their own funding.
We are pleased to announce the signing of the Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion. This arrangement will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements.... The Agreement is a framework for the provision of liquidity through currency swaps in response to actual or potential short-term balance of payments pressures.
Incidentally, the role of the dollar in such a world is, well, nil.
For those who have forgotten who the BRICS are, aside from a droll acronym by a former Goldman banker, here is a reminder of the countries that make up 3 billion in population.
Key excerpts from the Full statement:
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. The IMF reform process is based on high-level commitments, which already strengthened the Fund's resources and must also lead to the modernization of its governance structure so as to better reflect the increasing weight of EMDCs in the world economy. The Fund must remain a quota-based institution. We call on the membership of the IMF to find ways to implement the 14th General Review of Quotas without further delay. We reiterate our call on the IMF to develop options to move ahead with its reform process, with a view to ensuring increased voice and representation of EMDCs, in case the 2010 reforms are not entered into force by the end of the year. We also call on the membership of the IMF to reach a final agreement on a new quota formula together with the 15th General Review of Quotas so as not to further jeopardize the postponed deadline of January 2015.
BRICS, as well as other EMDCs, continue to face significant financing constraints to address infrastructure gaps and sustainable development needs. With this in mind, we are pleased to announce the signing of the Agreement establishing the New Development Bank (NDB), with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies. We appreciate the work undertaken by our Finance Ministers. Based on sound banking principles, the NDB will strengthen the cooperation among our countries and will supplement the efforts of multilateral and regional financial institutions for global development, thus contributing to our collective commitments for achieving the goal of strong, sustainable and balanced growth.
The Bank shall have an initial authorized capital of US$ 100 billion. The initial subscribed capital shall be of US$ 50 billion, equally shared among founding members. The first chair of the Board of Governors shall be from Russia. The first chair of the Board of Directors shall be from Brazil. The first President of the Bank shall be from India. The headquarters of the Bank shall be located in Shanghai. The New Development Bank Africa Regional Center shall be established in South Africa concurrently with the headquarters. We direct our Finance Ministers to work out the modalities for its operationalization.
We are pleased to announce the signing of the Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion. This arrangement will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements. We appreciate the work undertaken by our Finance Ministers and Central Bank Governors. The Agreement is a framework for the provision of liquidity through currency swaps in response to actual or potential short-term balance of payments pressures.
Goodbye visions of an SDR-world currency. As for the USD...
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Mohammad was Jewish, made by God after he ascended from a Jewish holy site to meet God. God gave him some advice and sent him back to the Jewish holy site he ascended from.
The Angel Gabriel is Jewish. No one disputes that.
God made man in his own image... you guessed it - Jewish.
Because ISIS is Palestinian, right, you stupid old fuck?
http://nicedoggie.net/2004/?p=310
Does a pali left hand smell differently than a Jordanian or Syrian? Do tell :)
Oh, you quote/cite socialist fifth column swine, hugs and kisses...Btw go read the UN convention on genocide you left-hand sniffer. By definition, the govt's of the faggot AraFart, Hamas, and Iran are in direct violation of one of the prime critieria. Israel is not.
Go read and see if you will dare report back which one they all have violated for decades, repeatedly.
International law and the United Nations have for years been bent and molded to the aims and needs of the world’s greatest superpower – the United States. The US is the prime contributor to the UN and the US has stood by Israel since the days it was established.
Now, to the real question which your extremely courteous, fragile, delicate consideration of the subject demands. It’s the murder and slaughter of women and children and men by armed bombers paid for by the United States taxpayers and operated by a highly trained military force armed with the latest laser-guided technology that keeps them from hitting civilians (oops).
The report now being made by your United Nations is that 80% of the fatalities in Gaza are civilian. If your triggermen are so good and so lawful and so well versed on international law, wouldn’t you say they are pretty bad shots? Or would you say, as I believe, they are blood-thirsty killers, just like the Israelis who burned the young Palestinian boy.
And, do you remember, he was burned alive because his lungs were filled with smoke. That’s your international law, and for my book, there’s a higher law, and the UN be damned.
Your comments are as bias and bloodthirsty as anything you allege. SO the fck what...civilian casualties. That is simply disinformation. The arab cowards don't wear uniforms, don't identify their military infrastructure as other nations do, and their text book crimes against humanity use of "civilians" as shields destroys anything that you and the rest of you CAIR rectum snooting, left hand smelling JewHaters. How many arabs killed during the last 3 wars in Gaza? oh 3 or 4 thousand.
How many shot, bombed, gassed, crucified, and beheaded in Syria in 2 years? How many? Do you have a clue or you just chose to call that evil good, and the Israeli self defense evil. I'm quite sure that I know you like a book, a very thin book. Fck off, and your Mother, the Beast of Buchenwald.
“We must use terror, assassination, intimidation, land confiscation, and the cutting of all social services to rid the Galilee of its Arab populations.”
This is the voice of Israel’s first prime minister, David ben Gurion, head of the terror group Haganah and a founder of the State of Israel, speaking to his General Staff in May 1948, the year Israel was created on Palestinian land.
In celebration of the bombing of the King David Hotel by Irgun and Haganah assassin squads in July 1946 that killed 91 people, Benjamin Netanyahu in July 2006 attended the two-day anniversary celebration of this founding event of the State of Israel.
Patrick Buchanan wrote August 2, 2006: “Our Israeli friends appear to be playing us for fools.”
And to think, according to research published on Market Oracle this week, that Netanyahu by killing the Palestinians is in fact killing the true descendants of the Jews of Palestine of 2,000 years ago:
"DNA research reveals that well over 95% of the population of the Israel are NOT in fact Jews by blood, as defined by the zionist doctrine that underlies the fraud behind the creation of the state of Israel and its continuing quest for expansion by means of what have internationally been declared as being illegal settlements, for Judaism since the 19th century has increasingly defined jewish ness on the basis of RACE and not CONVERSION as until that time had been accepted practice as was the case for all major religions. Instead, modern discovery of DNA and technologies for its analysis reveals the truth that the Jews of Europe given their DNA are NOT closely related to the indigenous Jewish populations of Palestine, instead they are closely related to other european peoples, and where most of whom are only a few generations removed."
It seems:
"A DNA study by Dr. Eran Elhaik (Israeli Jew) and associates at the McKusick-Nathans Institute of Genetic Medicine, Johns Hopkins University School of Medicine, in research published by the Oxford University Press on behalf of the Society of Molecular Biology and Evolution, found that the European Jewish genome is a mosaic of ancestries which rise primarily out of the european Khazars."
That over the past decade...
"repeat scientific DNA analysis of the 'Jewish' populations of the Middle East and across the world, including of Europe has revealed the truth of the dark secret at the heart of modern day Israel which is that the Jews of Israel NEVER left Palestine. They continued to live in Palestine ," i.e., the Palestinians are the remnant, the descendants of the Jewish race in Israel of which "the ritual slaughter has claimed more than 60,000 lives since the year 2000 alone."
In short, this kind of blows the Israel-First Christians out of the water. They have picked a star that is falling. What we’re dealing with an political state of Israel, which is based on lies and armed with weapons. It would be interesting to know how many in Israel even go to synagogue
http://www.marketoracle.co.uk/Article46385.html
It's horrible knowing that you can't eat, sleep, or shit without a Zionist controlling it.
I'll only bother to waste my time on this one: "In celebration of the bombing of the King David Hotel by Irgun and Haganah assassin squads in July 1946 that killed 91 people..."
----------
What is this suppose to signify? Assassin squads? I thought it was a bombing? What is the significance, the evil significance, of the bombing of the King David hotel?
What is the significance, the evil significance, of the bombing of the King David hotel? you ask ... of the Irgun and Haganah assassin squads?
“[I]t was in the early '80s, when the great leader, Menachem Begin, [made] the great decision to bomb the nuclear reactor in Iraq."
As for the “innocent” Menachem Begin…
"We created terror among the Arabs and all the villages around. In one blow, we changed the strategic situation." -- Menachem Begin
The Deir Yassin Massacre by William Martin | CounterPunch | May 13, 2004
“On April 9, 1948, members of the underground Jewish terrorist group, the Irgun, or IZL, led by Menachem Begin, who was to become the Israeli prime minister in 1977, entered the peaceful Arab village of Deir Yassin, massacred 250 men, women, children and the elderly, and stuffed many of the bodies down wells. There were also reports of rapes and mutilations. The Irgun was joined by the Jewish terrorist group, the Stern Gang, led by Yitzhak Shamir, who subsequently succeeded Begin as prime minister of Israel in the early '80s, and also by the Haganah, the militia under the control of David Ben Gurian. The Irgun, the Stern Gang and the Haganah later joined to form the Israeli Defense Force. Their tactics have not changed…
“From about 1938 on to the founding of Israel, Begin was the leader of the Irgun. That group regularly assassinated English soldiers in Palestine and frequently hung their booby-trapped bodies in public places. Under Begin, the Irgun blew up the King David Hotel in Jerusalem in 1946, killing 97 British civil servants. The Stern Gang, under Shamir, also assassinated the U.N. representative to Palestine, Count Bernadotte, in 1948.
But Deir Yassin was not the only massacre by the Israeli Defense Force. That army, under Moshe Dayan, took the unarmed and undefended village of al-Dawazyma, located in the Hebron hills, massacred 80 to 100 of its residents, and threw their bodies into pits. "The children were killed by breaking their heads with sticks ... The remaining Arabs were then sealed in houses, as the village was systematically razed ..." (Nur Masalha, The Historical Roots of the Palestinian Refugee Question)…
Within the last 10 to 20 years, however, there has been an exponential increase in historical studies of the origins of the state of Israel which have coincided with the release by Israel of many, but not all, of the historical and military archives. Ben-Gurion University historian Benny Morris, as well as others, have systematically mined these documents and found numerous instances of massacres, and, by the way, not one shred of evidence for the frequently repeated official Israeli lie that the Palestinians fled Palestine because the surrounding Arab states told them to.
In fact, according to UN estimates, which some say are conservative, 750,000 Palestinians fled the site of the present Jewish state in 1948. Those refugees and their descendents now number about 4.5 million and constitute the largest and longest standing refugee population in the world. Many live in squalid refugee camps distributed in the surrounding Arab states or in the West Bank or Gaza, many retain the titles to their land, recognized by the British before 1948 or the Ottomans before that , and many retain the keys to their front doors of their former homes in what is now Israel, whether or not those doors still exists…
http://www.counterpunch.org/martin05132004.html
Who ever wrote this is a psychopath, scum of the earth.
The 4th most powerful army on earth [courtesy of uncle sucker] against home made unguided rockets and you call it "fighting" - fighting is what happened when last Israel invaded Lebanon, hoping to get to the Litani, and were not, as it were, successful.
Even without Iron Dome, it is unlikely the Israeli death toll would be much higher.
And it's not just the targeting of hospitals and invalid care centers, its the use of white phosphorus and depleted uranium shells.
You forgot to mention that.
80% of the Palestinians have been civilians; http://www.telegraph.co.uk/news/worldnews/middleeast/israel/10967279/UN-80-per-cent-of-Palestinians-killed-in-Israeli-offensive-are-civilians.html
Their civilians are combatants, no different than the Germans and Japanese People of WWII. How many muslim Chechens did the Russians purposely kill during the two wars of independence to leave the Russian orbit? 250,000...a low estimate.
Chechnya has large reserves of mineral materials…but Chechnya's main mineral wealth is oil…and Chechnya is an important border region for Russia. Get the picture?
2012:
"The shootings and bombings in Ingushetia and Dagestan this week rekindled a long-standing, brutal campaign of violence and terrorism in Russia’s Caucasus region – one that has seen more than its share of terror stretching back to the Chechen 'rebellion' of the 1990s. .... The complex network of terrorist organizations that operate under the banners of 'separatism' and 'independence' for the Caucasus region, has been at the center of the destabilization of Russia for the last two decades. Within hours of the deadly attacks, the Kavkaz Center – an organization known to be the propaganda mouthpiece of terrorist leader Doku Umarov – released an article characterizing the attacks as heroic acts and referring to the dead as 'Russian puppets.' Though this would seem to be not in keeping with the Center’s stated mission 'to provide reporting of events…and assistance of journalistic work in the Caucasus,' this is, in fact, very much par for the course for an organization that is funded by the US State Department and Finland’s Foreign Ministry. Kavkaz Center has a long track record of supporting and legitimizing terrorist actions throughout the region, rationalizing atrocities committed in the name of 'resistance.' In fact, Kavkaz engages in perpetual upside-down logic, referring to Russians as 'terrorists' and terrorists as 'heroes.' .... it is essential to note that Emarat Kavkaz (Umarov’s terrorist organization translated as 'Caucasus Emirate') has been listed by the United Nations as an organization associated with Al-Qaida. Kavkaz Center has been described by Umarov himself as 'the official information organ of the Emarat Kavkaz.' This, of course, supports the claims made repeatedly by Moscow of the connection between Chechen and other extremists in the region and Al Qaida, a claim which, until recently, Kavkaz Center continued to deny. Despite the fact that organs such as Kavkaz Center operate in the service of terrorists who advocate the destruction of Russia, their activity alone is not altogether significant if seen in a vacuum. Rather, it is the association of these types of individuals and organizations with the US State Department and US intelligence that makes them particularly insidious. One such entity that bears scrutiny is the American Committee for Peace in the Caucasus (ACPC), previously known as the American Committee for Peace in Chechnya. As reported by Right Web at the Institute for Policy Studies, 'The ACPC was founded in 1999 by Freedom House, a neoconservative organization that has worked closely with the U.S. government, receiving funds from the National Endowment for Democracy and other U.S. democratization initiatives.' This intimate relationship between the ACPC and the US State Department indicates not merely a confluence of interests, but rather a direct relationship .... The ACPC has taken the lead in championing the cause of separatism and terrorism directed toward Russia, both tacitly and overtly. After having championed the cause of former Chechen Foreign Minister Ilyas Akhmadov in his quest for asylum in the United States – subsequently granted along with a generous taxpayer-funded stipend – ACPC member Zbigniew Brzezinski went so far as to write the foreward to Akhmadov’s book "The Chechen Struggle."
--America's Long-standing Campaign to Destabilize Russia
Global Research, 22 August 2012
Lastly... today, "BRICS against Washingon consensus" by, Mr. Pepe Escobar www.atimes.com http://www.atimes.com/atimes/World/WOR-01-150714.html http://www.atimes.com/atimes/Others/Escobar.html
perhaps the greatest geopolitical journalist in the world today :-))
jmo
Excellent links. This is ripped from the middle one. Very astute analysis
Just as Brazil managed, against plenty of odds, to stage an unforgettable World Cup - the melting of the national team notwithstanding - Vladimir Putin and Xi Xinping now come to the neighborhood to play top class geopolitical ball.
The Kremlin views the bilateral relation with Brasilia as highly strategic. Putin not only watched the World Cup final in Rio; apart from Brazilian President Dilma Rousseff, he also met German chancellor Angela Merkel (they discussed Ukraine in detail). Yet arguably the key member of Putin's traveling party is Elvira Nabiulin, president of Russia's Central Bank; she is pressing in South America the concept that all negotiations with the BRICS should bypass the US dollar.
Putin's extremely powerful, symbolic meeting with Fidel Castro in Havana, as well as writing off $36 billion in Cuban debt could not have had a more meaningful impact all across Latin America. Compare it with the perennial embargo imposed by a vengeful Empire of Chaos.
In South America, Putin is meeting not only with Uruguay's President Pepe Mujica - discussing, among other items, the construction of a deepwater port - but also with Venezuela's Nicolas Maduro and Bolivia's Evo Morales.
Xi Jinping is also on tour, visiting, apart from Brazil, Argentina, Cuba and Venezuela. What Beijing is saying (and doing) complements Moscow; Latin America is viewed as highly strategic. That should translate into more Chinese investment and increased South-South integration.
This Russia-China commercial/diplomatic offensive fits the concerted push towards a multipolar world - side by side with political/economic South American leaders. Argentina is a sterling example. While Buenos Aires, already mired in recession, fights American vulture funds - the epitome of financial speculation - in New York courthouses, Putin and Xi come offering investment in everything from railways to the energy industry.
Russia's energy industry of course needs investment and technology from private Western multinationals, just as Made in China developed out of Western investment profiting from a cheap workforce. What the BRICS are trying to present to the Global South now is a choice; on one side, financial speculation, vulture funds and the hegemony of the Masters of the Universe; on the other side, productive capitalism - an alternative strategy of capitalist development compared to the Triad (US, EU, Japan).
Still, it will be a long way for the BRICS to project a productive model independent of the casino capitalism speculation "model", by the way still recovering from the massive 2007/2008 crisis (the financial bubble has not burst for good.)
South America was a major pillar of modern empire.
The loss of the SA markets during WWI was truly the death knell for
the British empire.Pivotal.
History rythmes again.
So Russia is willing to fork over $18 Billion to start this $100 Billion BRIC BANK. You are saying they wrote off $36 Billion in Cuban debt. Do you really think this BRIC BANK is going to change the world? Do you really believe this is going to Destroy the US dollar?
Yes.
If you would take those blinders of yours off,you would as well.
The dollar is finished,deal with it, or die with it.
Your xenophia(or bigotry,not sure which) is evident,and is clouding your judgement.
Step back and use your brain.
This is business,not personal.
xenophia?
You maybe don't realize that many ZH regulars are bonafide CAIR rectum snooters and Russophiles. They make their mantra like pronouncements like they just climbed down the mountain with the original Commandments.
To the mattresses!
Elvira Nabiullina is Tatar
heritage...
Can't blame them in the least but this will just be the BRICS equivalent to f@ck over and rape their smaller neighbors and lesser-tier countries especially in Africa & Asia. Learned their lessons well though from the IMF the past 40-50 years.
It's an end-game anyway, nobody gets out alive.
Nah it is only 'end-game' if there is global thermonuclear war and the odds of that are really slim although it is hard to see there not being massive nuclear proliferation in the 21st century and a nuclear warhead/series of warheads being used in a regional conflict at some point.
Your faith in our leaders is misplaced.
I fully expect them to unleash nukes in a fit of tantrum at having their power threatened.
Wow, time to break out that pack of nonfilter Luckys and the scotch from the sounds of that!
It is all about time. If you have not been living then you are just a shell of a man waiting to die.
If you want to drink Scotch and smole Lucky Strikes then go for it.
The leaders are self interested psychopaths that seek to retain power at any cost...including the cost of YOUR OWN PERSONAL LIFE. They do not care about you. They never have. They never will. They do not know you. They are not in any way, shape or form directly emotionally tied to you.
And you place your faith and confidence in strangers to do that which is in your best interests? That is laughable. It is craziness. You may just as well as invite the homeless crackhead into your home and place your faith, confidence and trust in him because you express compassion on him because of his lot. Perhaps he may be deserving of his lot??? However that does not cross your mind.
Then you will whine when he abuses your good nature and steals from you...I am NOT WRITING THAT YOU ARE A BAD PERSON. But that homeless crackhead cannot help it as it is his nature. Likewise the Government leader cannot help it because it is his nature. The psychopath seeks out people and uses their good nature as a tool against them.
Unfortunately perhaps you cannot help it because, perhaps, it is your nature to believe the best about people.
This idiocy is expressed on here time and time again. Why would anyone remotlely at the apex of power want global thermonuclear war?
There is the old Aseop Fable which you may wish to revisit. If I recollect correctly there was this dog leashed to a manger that was filled with hay. The farmer had filled the manger but had forgotten to feed the dog.
The dog was rather upset at this. The food in the manger would feed the farm animals but not himself. So when any animal approached to feed upon the grain the dog would bite, snarl and bark chasing the animal away. The dog figured that if he was not to eat then neither would the farm animals be allowed to eat. That is the proverbial "Dog at the Manger"story.
If the leader senses that he is about to lose power he will make certain that everyone else will also...even to the point of mutual annihilation.
Of course you do not understand the thinking process. If you did then either you have studied psychopathy in depth (That is dangerous as you stare over into the Hellish abyss and can be sucked in.) Or if you understand the thought process then you are a psychopath.
Answer this question.
There was a man whose father died.
There was a strange and attractive woman who came to the funeral.
So the man goes home and murders his sister.
Why?
A psychopath knows the answer to this question immediately. Roughly 2% of the populayion will answer this question correctly.
Let's see one fiat currency is going to replace another fiat currency and everything will be just peacchy?
Is there a soveign currency out there that is either backed or supported by PM's?
Damn crickets.
I don't know how many arias in an opera, but the Petro$ fat lady is in the middle of her third.
I'm sure the Argentines will be happy to be the first to dip their wick.
Cuba will not be far behind or may even beat them.
Well being that China and Russia have been stock piling gold, maybe they will back it with gold. This is scary shit, usally violent things happen when people fuck with the money or the way money works. Remember JFK, his excutive order to bring back silver backed US Treasury notes into circulation. He later died and his vice president immedatly killed that project. WW3 here we go.
Next comes their gold trade notes/gold trade settlement system, and the gold-backed currencies (Ruble, Yuan, etc). Its being rolled out in steps to not rock the boat too hard with one huge wave.
For those that truly understand the world of today and how it works and who is works for there is only one question: "What will Israel do?!
Collapse, where is the support. Its their empire after all. No attacks on oil or gas platforms by the Sunnis, Telling.
So I am confused, does this mean the New World Order is coming by conquest or consent?
How does an oligark from UKRAINE feel today.
So will these countries be selling the Dollars they have to come up with their share of the initial $50Billion?
its very simple, no dollar trade, no 100B dollar surplus, those countries surplus' exist because of US suicidal trade policies
So China is going to finance infrastructure in South Africa, India and Brazil with Russia providing some exchange rate ballast with its oil. This just lets South Africa, India and Brazil pretend that they are not going to be dominated economically by China. They could easily have just borrowed directly from the Chinese.
Maybe this new institution could start by bailing out Argentina?
part of the plan
Bail out Ukraine. That solves lots of problems.
Probably not.
The 'american' world order is a pyramidal order. Following the 'american' scheme, they are going to borrow from themselves.
But they probably will try to remove the bottom of the pyramid from the 'americans'. The money is more destined to rip away all those countries' base that make the wealth of 'americans'
'Americans' run a business of farming the poor and extorting the weak.
When you run such a business, you do not want, especially in dire times, that the farmed and the extorted knock at the door to tell they are walking away.
It is not what is happening right now.
You neither want that another group of extorters and farmers come in and snatch your lot of extorted and farmed from you.
This is what the BRICS are at.
But they express the size of the fund in USD... $.
Which begs the question how else it could be expressed?
It should be expressed as ¥620,000,000,000. Stating in dollars was for the western media to digest. Most media types don't have the wherewithal to figure out a currency converter. Or actually the knowledge that there are other currencies other than the USD.
I'm going to stop using the dollar too.... I'll substitute a means of exchange with my American Express card so there!
Its all well and good, but as long as the US navy reigns on the worlds seas, there`s nothing that could really endanger US (Or rather Washington-TelAviv Axis) dominance.
With its navy, the Axis controls the flow of oil, which is the lifeblood of todays economies, and protects its puppet states including but not limited to the so-called gulf monarchies, israel and england.
I dont have any prophecy powers, unless adequately liquored, but I would bet that as long as the US navy controls the seas, the Axis will stand.
Aaron
I think your observation is astute. But I met a guy who works on an aircraft carrier, and according to him, these things require massive, fundamental maintenance all the time or they basically fall apart.
If that's true then the New York minute the fiat dollar falls, the navy is a shadow of its former self.
Tel Aviv is not an "axis" but rather a disposable tool as time will tell.
Not with however many million Christian Zionists able to vote and pro-Israel groups having more money to buy Congress than anyone.
Israel could be caught red-handed selling US secrets and tech to China and not only would it not be much covered in the MSM, Congress would soon after pass a unanimous bill giving them more $ and more "surplus".
We're riding this thing to the bottom.
Which is where a lot of the US Navy will end up if things really do go full retard in the coming weeks...
Uh Bill Clinton's administration WAS caught red handed selling (Loral Corp) the most sensitive ballistic technology to the PRC. And accepting millions in ChiCom campaign contributions for the 96 election. Remember?
As long as the fiat money works. (burp!)
Okay, another question.
Monday: Fed has emergency meeting.
Today: BRICS announcement.
Coincidence? Seriously want to know other's opinions on this and what you think they said.
this is all planned - get out of dollars while you still can
China nationalises APPL says thanks for all the fish.
Just last week "the west", which embodies the us dollar paradigm had prominent institutions calling for incest and pedophilia. But, should we be so surprised given the level of systemic corruption everywhere else. Take money printing, which steals from future generations or put another way, rapes them (figuratively)...might as well go for the real thing.
The west has committed suicide, america is gone, if it can be resuscitated it will be a retarded version of its old self. This thing with the BRICS...we did it to ourselves, but, a society that is moving towards the acceptance and likely championing of pedophilia does NOT deserve to exist! Hurry up Vlad.
Towgunner
Are you on mescaline?
Towgunner - Who is this "we" you speak of? The American people or the American leadership?
It took me a couple of years to learn global finance from some really bright consultants which cost BIG money, I further spend five years of research to read between the lines on how the world really works. Think the average Joe has this kind of time to do the same? I think not.
So piss off with your "we deserve it shit". I'll tell you what happens, after America is finally completely knocked on it's ass in less than three years no one will be laughing. I would tell you why but you couldn't possibly comprehend it.
And TPTB will not allow this to happen, they will crush any alternative currency and establish an electronic currency.
um no. Try isolating Russia, China, India, Brazil (Turkey & SA-even Germany may be part of this as well)
This is big .Run-- Get out of dollars.
It's time to brush up my Mandarin - pity I work for a US-based firm.
The chance this actually works is somewhere approaching zero. Just wait until shit hits the fan in China - that devaluation will blow this up in a heartbeat. With the Fed you have 1 villain, in this mess you have 5
I welcome the developments as much as anyone. But remember, this shit is ALL ON SCRIPT. This would not be happening unless The Great Eye said so.
Beware. Shit is getting crazy out there.
spot on! this is no happenstance.
brics just declared financial world woar...
US loses multi-billion dollar court cases against China and India
Just to put more salt on the wounds of..whoever runs the US government. I think sanctions might start floating both ways now.
What are these $100 billions going to be backed with? Debt? If it's not gold, then this initiative might confirm that Rotschilds control all sides on this planet. Fuck.
Some gold, maybe, but some resources for sure (oil and the like).
IMF is screaming the blue light SDR special in aisle 8.
Buy us, we are better than the competing money laundry detergent shell company.
The point is will the new money be backed by JUST a printing press or will it be backed by economic surpluses, and not easy to print debt.
Gold ... Russia has gold and veins which are yet untapped. China has lots of gold.
Americans were watching days of our lives when the gold was being looted.
They would have learned from their master: 'americans'
It will be backed by the monetization of other people's resources. This is what they are going with by providing an alternative to 'american' monetization system.
meh, Bretton Woods pegs all currencies to US Dollars - US Dollars pegged to gold. Then US starts gaming the system and issues more US Dollars than it has gold reserves to fund expensive wars. Nixon takes US Dollar off gold standard because US Dollar is global reserve currency which is now backed by the full might of the US military. Other global powers get pissy and challenge US Dollar dominance with BRICS 'basket currency' pegged to gold. Soon BRICS will need to fund wars and realise they don't have the gold to do so. BRICS comes off gold pegging - more wars. Everyone screams abuse. Cycle of empires - nothing more. Real change comes when citizens issue their own currency and ban all centrally issued notes under a 'monetary fraud act' and jail all participants. Local money, local law, national freedom
King of the Juice
Sounds good. Now, if ONLY we could figure out how to keep the dumbasses from believing the bullshit created by the smart-n-savvy people your "change" would be possible.
Actually LBJ decoupled from BW, Nixon only formally announced its demise. Between the Great Society revolution and the Viet Nam War, the US could no longer back debt creation w/ collateral (gold/taxation), hence forth known as the "full faith and credit"... blah blah blah.
They are on the same curve as 'americans'.
But things might change. For 'americans'. An extorter of the weak, farmer of the poor is always worse when the weak and the poor are snatched from him/her.
One controlling interest is banking on division. They gain on banking the bet both ways. Bullet spayed centrally banking thinking will change, once their children are sacrificed under annihilated financial losses at both ends.
Good bye thieves, so goes your children. ;vp. Remember, we maintain the world, don't pretend to control it. You're ideology is fucked up, not the American public.
They will hunt you down and kill you. You broke the laws of this country, the citizens will uprise. Be aware of your actions. I don't own a gun but my neighbors will share in time of need.
Jim Rogers: Only a Russian/Chinese/Brazil joint-currency can battle dollar dominance https://www.youtube.com/watch?v=D_jtE9oVUng
So long as BRICS currencies have to buy/sell commodities in Dollars, the Dollar will remain the reserve currency.
Think about it. How can a currency swap truly defeat the Dollar when all the factors of production, excepting local labor, are still settled exclusively in Dollars??
Explain that to me, please.
It is a good first move, but far from the end of the story, and not yet a reason for either cheers or jeers.
Well, the $ is no longer the exclusive medium of int'l exchange. The dollar as of last year accounted for only 58 percent of all international transactions. That is down from 67 percent just 5 years ago. Reading about bilateral trade deals inked using their respective currencies is what has drawn my attention to the probable demise of the $ as the reserve currency.
$50 billion! How quaint.
And then they make an american half-puppet country president.
Nice paper tiger...
If you are a collector of limited edition Bank Deposit towels, like I am too, then you will rejoice with me as the BRICS Bank presents the.....
COLOSSUS towel,
twice as absorbant in soaking up excess fiat...
One other point.
No one has said BRICS alternate currency would be based on Gold.
No one with any actual knowledge of what is proposed.
So, how is a currency that is structured like the Dollar, produced like the Dollar, issued like the Dollar, disseiminated like the Dollar, any more desireable than the Dollar???????
Whether we call it a "Horse" or a "Steed" it still has four legs, eats grass, and craps a lot.
I don't need 'Old Pepsi' in a 'New Pepsi' can. What difference does the package make?
Re: What difference does the package make?
New bullshit possibilities. THAT'S worth its weight in gold (when dealing with dumbasses).
I get the feeling that exporting markets are tired of accepting fiat currency for tangible assets/commodities. I know I would be... "I have to expend my labour extracting the stuff from the ground whilst you think your digital dollars are a fair exchange?" "No, thankyou."
Admittedly, gold was a leap on my part but China/Russia does not export enough currency to form a global reserve. That'd be the dollar. BRICS can only overtake US Dollars as global reserve currency if they run trade deficits. Not sure the west produces enough stuff for the BRICS to buy.
A fiat currency could work, in theory, if the supply of currency was limited: it would rise in value over time if the supply was fixed, or the quantity could increase at the same rate, more or less, as GDP and its value would remain approximately level. However, the reason that fiats have never worked is that people eventually rise to power, who can not resist the temptation to ramp up the printing presses.
Russia could, if it wanted, back a currency with oil and / or gas.
The US, if it wants, can back the dollar with IOUs, since it is the only asset America produces. Oh wait, that's what is happening now.
What difference does the package make?
___________________
The content is less lethal.
Nobody beats 'americans' on the consumption rate level. The only deal 'americans' can offer right: starting from the fastest, they will consume countries trading their commodities into dollars faster and faster.
The BRICS are not yet that apt in consumption: the deal they can offer: not starting from the fastest, they will consume countries faster and faster.
That is why they can afford of speaking of development, because their current level of consumption will leave more room for domestic consumption to all countries that choose them over the USD gang (US, UK, EU, Japan)
'Americans' must pressure and squeeze harder and harder from an already unsustainable level to maintain their societies.
BRICK-A-BRACK
BRICS - what you build walls with. Wall-off the West, wall-in the emerging powers. Get some meaningful measure of immunity from the inevitable dollar implosion and some meaningful measure of autonomy on the world stage. I think this is going to take 5-10 years to build, but they have to do it. The dollar's demise is still several years way, but within a decade. Good timing for them.
Inbreds in DC are flicking their Bics next to the bomb fuse. It's gonna catch fire.
Maybe after Queen Hillbillerie Klintoon first takes the throne, we'll have a dollar implosion, widespread civil collapse and a new civil war, with key southern states seceding from the Union. That'll be a nice way to welcome her to the throne.
Then, they can mount a new U-shaped hinged seat on the throne, to signify where the country has gone, and where it would like to see her go, too.
Oooooh! I just made myself throw up on my desk - I didn't mean to say I wanted to see her 'go' - I just want to see her go, as in the first human? to be shot to the planet Mars.
Starting my own world banking system with Silver backed pesos. Name is "Another corrupt banking system". You can't join, you are too honest.
Please let us join if we pledge to be corrupt!
Drum Roll, WW3
Glad I read through the comments, WDS - I was going to say basically the same thing. Just waiting for Kiev to shell another Russian town or for Israel to 'respond' to another single rocket fired from Lebanon [hitting nothing] with multiple air strikes...
or maybe I'm wrong and the South China Sea will beat everyone to the punch... in that case, China has seemingly been acting like it wants war, not that Uncle Neocon hasn't reciprocated at every turn and egged on...
More proof this is a bull shit world. With a little luck maybe they can get Yellen to run it or borrow low interest money from the Fed to kick start this great venture.
The whole idea remiinds me of the two drunks holding each other up. I expect this to to be as much of a joke as the IMF.
100billion in a world of trillions is a bit, how to say, little ?
It will make a difference if it's backed by Value instead of Debt. As a question, "WHEN THE $US. IS BACKED BY DEBT, and there is no new buyers, how will you unload your savings? Good Luck with that.
You better look out Belgium! There's a new kid on the block and he's got $100B looking for a treasury!
Yesterday and today there were major sales of paper gold:
Was this to stop a gold spike due to the BRICS bank news?
Was this due to the gold market being underwhelmed by the BRICS bank news?
Is it a case of buying gold on the speculation of a BRICS bank and selling the confirmation?
Was it a normal technical correction based on gold being oversold?
Yes.
Same as oil going down.Not logical at all with the world ablaze.
The US is actually showing weakness,,not strength.
The falls should have been bigger, if the old bull elephant had the power it thinks it has.
you mean paper gold?? its the usual practice to show the crowds that gold isnt worth as much as fiat printing paper. with BRICKS, the will get outa control and as usual war will start
arabs oil are heading to be backed by GOLD and chinese yuan for the huge trade with china. who is left for US dollar? EURO?
Just reading these outtakes, it would appear that the BRICS' stick is proffering a solution requiring more carrots from the most developed nations. Redistrirbution
What are these clowns supposed to be? Saviors representing freedom of choice? Yeah, right. Which wolf do you sheep choose to eat you for dinner? BRICS or FED.
Another joke, a pet project created by politicians.
Two fingers to the IMF. That's what it looks like to me.
Third world Clusterfuck.
As opposed to the Bankers (controlling) the west, destroying middle classe's future? Give me a break......Time for you to wrap the stars and stripes around yourself, blinders on and jump into the front lines. Don't bother coming back, the VA will not have time for you. Oorah
SO...
A Brazilian, a Russian, an Indian, a Chinese, and a South African walk into a....
BANK....
..and create MORE shit.
MOST EXCELLENT.
now....CAN WE GET THIS GLOBAL FUCKING WAR ON YET?
PLEASE...
my shorts thank you....
my longs have profit hard stops placed...
so please....
The BRICS are doing this to be different from the Fed. And when they’re different from the Fed, they are going to beat the tar out of the people who have to use the Fed. Putin is not Janet Yellen, nor does he have the same handlers as Barack Obama.
With Yellen’s blueprint, the US financial system is headed for collapse. It is a debt explosion with economic trends headed south. And the harder Putin presses against the dollar, the faster the collapse of the financial industry that’s tied to Fed. The US financial industry is living on Fed money; and when other money becomes available in the world, then the US financial system will starve.
I’m not necessarily talking about corporations and US industry, I’m talking about the financial industry -- brokerages, insurance companies, banks and hedge funds and pension funds – all tied to the success of the Fed. Good-bye SDR…good-bye dollar…good-bye world government.
It is interesting to note that the BRICS announcements (they are opening TWO new institutions) laid out their plans in US dollar equivalents. This indicates, perhaps, two things: They did not attempt to use either the ruble or the yuan because they are not far enouigh along to make such a decision, and wanted to steer clear of any geopolitical statement. They also acted in response to habit - the habit of stating all international trade matters in terms of dollars. It will take a long time to get over this habit, just as it took a long time to get over the habit of using the pound sterling for this purpose.
Take even longer to make a coherent bloc out of an acronym invented by a Goldman executive that describes nothing other than a group of larges 2nd tier economies. For example, India views the US as its primary ally, not Russian and certainly not China. Both Brazil and South Africa view the US more favorably than either Russia or China. This according to an interesting survey done by the Pew opinion research group and published in the Washington Post this week. There is no BRICS in the real world only in the fever pit of Zerohedge readers imaginations.
I must disagree about the nature of the bilateral relationships. India for one has for most of its existence leaned far more to the Soviets tha ever the US. There was a brief warming of relations during GW Bush's term. India's military buys very little for us, and for decades bought mostly from the Russians. South Africa hasn't been aligned w/ the US for years...since Mandela who btw was/is (ANC) a hard core Marxist outfit. In fact, not even Brazil during most of the past several decades voted with the US in the UN. The Pew survey might be a current snapshot of public feelings, but as you know, more often than not public sentiment is frequently ignored by the ruling gov'ts.
There are BRICS. As stated, they are all 2nd tier economies.
And their growth is thwarted by the first tier economies, 'american' economies, that refuse to take a seat with them.
Does it not ring a bell? That story of guys in the middle who want to pursue a line of business and are unable to do so because a higher level prevents them from?
1776, July, 4th?
duplicate
this is a way for them to spend those dollars, all over the world, while they are still worth something
IMF & World Bank are not worried .... there are plently of Sucker Countires out there to loan shark too.
Why does the picture show the former PM of India?
Just to show that his hands don't touch a Womans?
This is not just a blow [certainly nothing like a knock out - but still] against the dollar, but against the power of the TT (Transnational Tribe).
Discuss.
Standard antisemitism decrees that they naturally gravitate to the center of economic activity...some of them gravitate to the wrong ones though, e.g. the Kaiser's Germany.
funny and you think this is not arranged by the Transnational Tribe! LOLOLOLOL hello from Argentina.
Oh snap, this is the big one.
Attention U.S. military: get ready to swoop in and arrest the traitors!
Ex-Im Elsewhere Bank. You snooze, you lose, on the Orient Express.
Contingent Reserve Arrangement Program
In the grand scheme of things, it won't matter much, one crooked central bank is as bad as another.
And a basket of different fiat currencies is just a basket of fiat currencies.
well said my friend. Regards from Argentina ( a future partner of this bullshit side of the Rothschild's chess game)
7/20/2014 - Prepare yourself for the IMF global currency reset.
https://www.youtube.com/watch?v=QYmViPTndxw&feature=youtu.be
I can't imagine China setting off the "nuclear option" on $2T US of their own holdings of USD debt. While bad for the US, it's far worse to those holding our top export; 10YR bond. If China was interested, why don't they start by pegging the Yuan to the Ruble?
People trying to work in the interests of their own country, what in the hell are they thinking? This won't get the population reduced.
Lol some sheeple that thinks this is not part of the NWO.. Hey, hello from Argentina!! NONE OF THESE PEOPLE WORK FOR THE INTEREST OF THE PEOPLE OF THEIR OWN COUNTRY!! Why the hell do they have to go and do things in a block. Global blocks are just pure NWO bullshit! Open your eyes and don't think eastasia is better than eurasia.
Right you are - at the end of the road is the Keynesian wet dream, the global currency, the "bancor".
Here is my comment from when the news first trickled in back in April: "Please not Another IMF": http://www.acting-man.com/?p=29930
Funded by monies printed by the FED
I am from Argentina (a future ally of these gangsters) and all I can tell you is that this is just a previous step towards the global currency. When the blocks (alliance of debt -USA, EU, Japan- and the alliance of credit -Brics-) start the currency war it will lead to WWIII. And right after this we all going to be so much on our kness that we will beg that Eurasia and Eastasia start forming the Global Central bank where the Global Currency will be printed from to all of us. The idiots that think "our block" (Brics) is safer than the Nato block still have a lot of travelling to do. Be ready for the New World Order after WWIII sheeple.
Well, at least you acknowledge there will be a world with currencies after WWIII.
When you think back over the past decades, isn't this just the re-grand opening of the "non-aligned" block?
dead right, The Dulles bros. must be rolling in their graves as these BRICS guys are re-igniting the Bandung conference spirit of the non aligned.
Dulles did everything in his power to snuff out that third world wick.
After Cuban crisis, the Bandung spirit was dead as the asymmetric wars began in Nam in earnest and ONLY Che Guevara and De Gaulle had the gumption to say "fuck off" to Pax Americana in the West.
After the BW revoke and Nixonian Chilean rampage, there was nobody left to criticize the US, except the cold war super power stand-off.
Now having eaten their toxic fiat God in dire hubris fed on steroids, the US faces their financial foes of the BRICS, phoenix rising from ashes.
We have come a full circle, with this Reaganista vengeance wreaked by the Oligarchs on their OWN people; the irony of the neo-con hubris now exposed in this post Lehman reversal.
A snake that eats its own tail and destroys the American dream.
Not quite sure what this thing is supposed to do. China and Russia don't need this. The other three are shaky and probably will have trouble coming up with an extra $20 billion to toss into the pot. This might become one of the quasi-zombie-like funds the ECB likes to set up. My guess is that this is an interim step toward something more dangerous to the dollar by allowing direct exchange by ANY currency into BRICS money - or it will become an IMF alternative that other small countries can use for loans.
Saudi Arabia and the other family owned Sheikdoms (Quattar, UEA, Kuwait, etc.) hold the key to whether the BRICS action gains any traction.
What ???
What you say?? Bretten Woods, gold standard, fractional bank lending, Petrodollar...Saudi Arabia enforcer. Financialization of the economy, exportation of jobs in exchange for treasury purchases to simulate prosperity, historical time line entering the end of the line.
And the message is just except worthless paper instead of gold backed currency sheeple anything else is too dangerous! You shills are not even believable. Thanks for today's lesson in ziobonics
You know, this is enough to drive an old man like me crazy. Isaiah was right ... "Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter." Is. 5:20. We may be in for a shock when we realize we have been on the wrong side of history since the end of WWII.
God bless, but no one's on the right side after WWII. Unless you are on the side of Jesus.
who's side is he on?
And the side of Jesus was getting rid of worthless paper and kicking over the banking cartel. So America must have been on the wrong side since Washington.
You will never get the crowd to cry Hosanna until you ride into town on an ass. .. Nietzsche
Better to bare the rebuke of the wise than to hear the song of fools .... Mickster 17-16
The word Christianity is already a misunderstanding.. in reality there has been only one Christian and he died on the cross.....Nietzsche
That is not althogether a true statement by Nietzsche when we realize the Christos taken from the Greek means annoined with light or the electromagnetic energy which gives life to every molecule and atom in the universe. Jesus Barrabbas was his name, not Jesus Christ. Break the shackles of Constantine.
Not on the wrong side, but fighting it, since Washington. And I wasn't aware Jesus was for getting rid of paper money, I thought it was money changers-in the temple.