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De-Dollarization: Russia Ratifies $100 Billion BRICS Bank
A BRICS Bank - as an IMF alternative and to enable nations to become less dependent on the global reserve currency - was originally discussed at The BRICS Summit in 2012. Then at the 2014 BRICS Summit, the framework for The BRICS Bank was approved as "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." Headquartered in Shanghai and chaired by Russia, this week saw what appears to be the final step in the creation of BRICS New Deverlopment Bank as RT reports, The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa. It is expected to start fully functioning by the end of 2015. Isolated?
The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.
The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.
Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.
It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.
The bank’s board of directors will hold its first meeting in Ufa in Russia in April. Russian Finance Minister Anton Siluanov is likely to become the bank’s first Chairman of the Board of Governors, according to Deputy Finance Minister Sergei Storchak talking on the Russia 24 TV channel.
The decision to establish the BRICS bank, along with a $100 billion reserve currency pool, was made in July 2014. Each of the five member countries is expected to allocate an equal share of the $50 billion startup capital that will be expanded to $100 billion.
The bank will be headquartered in Shanghai, India will serve as the first five-year rotating president, and the first Chairman of the Board of Directors will come from Brazil.
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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."
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Bullish.
Long Au, Ag, Pb
Keep stackin.
BRIC is now learning that without the USD, they too can print money out of thin air.
And use the money printed to fund economic activity, jobs, research, and manufacturing.
The money printing creates the BRIC consumer base to replace the American consumers.
The fall of the Empire of Chaos will be a key turning point in history, ushering in the true 21st century.
They'll likely back the bank with gold soon.
Meanwhile, Canada and Australia throw their weight behind a bunch of Neoliberals, Nazis and other fruitcakes. Talk about hitching your wagons to the wrong stars. Then again, there is a sense that the right hands don't know what the left hands are doing:
Yuan Exchange Hub to Give Canada An Edge, But Not For Long (CBC, 17-Feb)
"...a launch ceremony for the trading centre's clearing function is scheduled for March 23."
De-Dollarization is snowballing. March looks to be a very exciting month. Anybody want to join me in calling the long term top for the S&P and Dow THIS VERY WEEKEND?
well we did vote in a total fucktard for PM here in aust. and obviously for than %50 of the country voted in that politcal block , so well as a nation we get what we deserve. unfortunately the lefty types are as big a bunch of retaards as the right. and just als likely to suck corporate and neocon dick.
Easy peasie . Just put all their treasuries in that bank and loan against them.
Another USA backfire
Meanwhile, Canada and Australia throw their weight behind a bunch of Neoliberals, Nazis and other fruitcakes.
You forgot Mexico, who along with the the US, Canada & Australia form the BRICS alternative: USCAM
http://www.marketwatch.com/investing/index/dxy/charts
the pause before the next leg higher in the usd. bring it on...
the states aren't very united so I'd take off the "U" and just call it "SCAM"
Could be a war chest, or a source of funds to rebuild a nation after a nasty war.
How long before they force pensions, IRA's, and 401K's to buy UST's?
Pb? Did you mean Pt?
Or were you referring to the Pb inside the Au - in which case surely that is more likely to be W?
He means Pb, surrounded by a full metal jacket of Cu, which is then loaded into the firearm of your choice.
If there's anything I took away from my ruinous public education, it was the periodic table.
Co-ed school? :)
Pbj, peanutbutterandjellium.
Is that what common core teaches? LOL
Bullish for war
So what can this bank do? can it settle transactions between state import/export businesses? Can it serve as a central bank for bilateral currency transactions? Or only issue loans?
You need an IQ in order to post here, now move on.
I know you are proud of your 60
Legitimate questions. Everyone has to start learning sometime. I'm glad you are here and disappointed that you were insulted by a longer-term poster.
The NDB will fund infrastructure projects (rather than war and debt like the WB) which have a return on investment through productivity growth and quality of life in the countries where projects are funded.
That's what they tell us anyway. Why was the bank really created, and why now? What does a BRICS bank do that simply printing fiat by the state in question does not accomplish?
the NDB is likely to fund PPP's; the G20 & B20 was all about PPPs and infrastructure.
PPPs are just another black hole.
Thanks, i guess "bank" means more like a fund than national or central bank
I feel so used...
.
The last of Russia's money in U.S. Treasury bills will disappear soon and those billions will flow into gold bullion instead.When China starts withdrawing bigtime,watchout.
Hooray for some competition!!
Yeah so now the dollar can go on sale, may the best paper win.
I posted this article yesterday. The Dumping of Criminal Fraud UNITED STATES, Treasuries by Russia & China, the continuation of Gold purchasing g by both countries plus this deal is just the beginning.
Next up, the selling / dumping of Criminal Fraud UNITED STATES, CORP. INC. Asset Holdings will be game, set match.
Look! A new government controlled banking system for the sheeple!
Why, its just what is needed! Its all glittery & new & stuff ;-)
Seriously. As corrupt as the US is China and Russia are just as bad. If Greece shows us anything there is no room for change in the voting booth. The only solution is a worldwide revolt.
The majority of the people in the world certainly are revolting.
Not in any way that matters. Year of the sheep. Ba ba humbug.
@mewn@SoulGlow
As much as I hate to say it, BOTH of you are probably right. If one puts down the bong for a minute and hits the mute button on the 'applause' meter for a moment. Take another look at that map.
The 'green' areas scream out. "Wow look at all those [POTENTIAL] debt slaves just waiting for the yoke! I want me summa dat"
Now, as you contemplate that, the Doomsday Clock just took another tick towards midnight.
Essentially, this is akin to being a subject of the British Isles (in 1815) & hating King George III so much you were rooting for Rothschild
Kinda like voting for a Bush or a Clinton, the outcome will be the same no matter what, so just pick your poison and be happy little serfs.
Afterall, you were given such a wonderful false choice! ;-)
"If Greece shows us anything there is no room for change in the voting booth."
Greece borrowed billions they can never pay back - that is called bankruptcy in any nation.
It doesn't matter how saintly a leader may be if the debt is not paid, eventually no one will lend you more.
No, not nearly as bad as Zio-Western financial system. For starters, there are no talks about single currency which would be controlled by the cabal like it is the case with Zio-Western scheme, but a system in which mutual trade finalizes by payment in currencies of the sides who participate in the business deal(s). There are no comparisons between the two systems. Zio-Western system is Western oligarch's centralized system in which they controle the whole currency supply, whereas Eastern system is not. No comparison. How stupid you have to be not to notice it?
plese change your photo
it gives me the heves THANKX
BRICS vs NWO ...place your bets.
BRICS hands down but it really doesn't Fuck'n matter beacuse at the end of the day at the highest Compartmentalized Oligarcial Levels, the Criminals are "all in on it."
The only letters that count are RC...
ah, maybe I too. at 1.2 billion + and tech risin' , some sway , eh?
Plus a confused leadership, mostly a puppet to US interests. Which is partially understandable as they wouldn't get a feet down against the Chinese, on their own.
Someones just asking to get NUKED.
Soon more countries are going to join the BRICS.
But they won't be the BRICS if they do.
Imagine if Saudi, Hungary, Indonesia, Turkey, Australia and Korea joined - they could be the SH1T-A-BRICKS.
And someone might!
Just call them RESTA, as in the rest of the world. Canada, tied to the USA like a lifeboat tethered to the Titanic, is likely going to be on'a t'uthers, wallowing in the whale shit of the financial ocean.
bullish
And the war in Ukraine just got a lot hotter. And the attacks on Syria and Assad will begin in earnest.
Putin is not only a depraved "mass-murderer" but also a "wife-beater"
If Time and The Economist and Der Spiegel say it, it must be true
Dude eats puppies....NEVER FORGET.
To be fair, those puppies were barking at the babies in the incubators that had no electricity.
hahaha IR and Tinky. Putins just askin to be invaded by making his own bank. Most gang wars start out as turf wars. We invade people for not using our money. Eh Saddam?
don't leave the Swiss out. they are, at least, as russophobic as the germans.
Russia Ratifies $100 Billion BRICS Bank
Greece alone owes, what, $300B?
Let's not get too excited.
So...will they have jobs there?
South Africa, now that ought to be a nice fucking black hole to dump money into.
Lol I was thinking the same thing. SA will rob Bricks dry before its even fully implemented.
they'll fix the infrastructure for the chinese/etc owned mines... the average guy will get nothing but a chance at joining the labour gang for 2 bucks a day to build it.
I think robbing TPTB of Russia and China might be a very life threatening activity.
USA !!!!
USA !!!
USA !
USA
Us
a?
The peasants are revolting. Then again, the elites are even more revolting.
Their combined GDP up 300%? From outsourced resources and printed USD. LOL. They would all be rice paddy farmers if it weren't for the monetization of debt and outsourcing via US companies.
When you start with zero, one dollar is 100% growth
Zero Hedge claims to decry statism, and yet it embraces Russia's Putin unreservedly. How exactly does that work?
It is Putin, after all, who is an ardent believer in price controls (witness the recent ceiling on vodka prices), Putin who decides which businesses will be owned outright or controlled by the state (e.g., Rosneft and Gazprom in energy, Sberbank in banking, and Channel One Russia and RT in "news").
Why exactly does Vlad get a pass?
Because he loathes America, just like Zero Hedge and many of its readers.
It's a fair question and observation. I think everyone knows that Putin is a nasty piece of work. But he is an actual leader and he doesn't hide behind a sock puppet. Perhaps most americans would rather have a Putin like leader than the shit they have to choose between right now. A Putin would give the US a fighting chance; something we don't have now.
asophocles is just the previously banned user Amerikan Patriot posting under a different handle.
yeah definitely the same dumb f*cker
a*sholecles
image of an asophocles can be found here:
http://esmebergach.com/?portfolio=282
American Patriot (AP) is Chas Caldwell.
Chas is a gold hating troll.
Also known as "5e0V2a3", "Amerikan Patriot," I believe "Freedom123", and no doubt many others I can't quite recall here on ZH. He gets banned quicker and quicker with each account, it seems, but he needs to use his catchphrase "Who's manning Putin's suicide watch" to signify his identity to whomever he's trying to impress, whether or not there's money involved.
I wouldn't mind arguing with somebody who's anti-Putin, or anti-Russian overall. But the low-grade trolls ZH attracts can't and won't present a case and defend it. It's clearly coordinated propaganda, with the same phrases over and over, the same distorted timelines, and the same tightly scripted narrative with no deviations allowed. Since Putin is clearly a bad guy, the guys who murdered all those people in the Odessa Trades Building are obviously either good guys, or the victims did it on purpose to themselves to discredit the Good Guys. Or Putin did it. One can never account for why Eastern Ukrainians might freak the fuck out when brawlers start marching around singing Nazi songs, carrying posters of Stepan Bandera and wearing the Wolfsangel. Nope; they only begin their accounting of tit-for-tat after that started.
So there's no point responding to such a troll; just keep hitting the down-arrow and complaining to the Tylers.
"I think everyone knows that Putin is a nasty piece of work. "
really?
you chose your own leaders.
but then it's easier to complain about someone else isn't it.
bush, bush, obama, coming soon: bush or clinton
yeah fine judges of leadership you exceptional americans are.
lol
That was brave of you to not name your own cuntry. I'm guessing we would laugh our nuts off at your choice of PMS.
In today's world you don't choose a leader. You choose the ruler you think will hurt you the least. There is a huge difference between a leader and ruler.
Putin is a, leftist, a communist, those are the destroyers of freedom.
It does not matter which country, the left destroys freedom.
I suppose its true that when Bush went full Marxist and nationalized the US banks in 2007, it was the end of whatever capitalism was remaining. And the leftist governments of Singapore and Iceland have ruined those countries with zero debt.
Totalitarianism is what it all boils down to, whether on the left or on the right.
You still have the collar around your neck and the only choice you have is the length of your chain.
Putin is a thug and a murderer- hell yeah. We don't murder people to get "our" way ??? Think again.
I don't see jewish lobbyists running russia's foreign policies or open border policies, letting 3rd world countries get a free pass to destroy russia.
Pssst - Those are US commies destroying America
Some fun questions for the New Year!
Russia’s Vladimir Putin refers to himself as “Russia’s humble public servant.” This humble public servant’s net worth is:
a) Negligible – after all, he’s merely a humble public servant;
b) On a par with that of Russia’s oligarchs, who often are required to get clearance for important transactions from Mr. Putin himself;
c) Greater than that of most oligarchs, since approval by Mr. Putin for large transactions is a given, and naturally, “palms will need to be greased”; or
d) Quite modest, Mr. Putin preferring to be paid in bottles of Baltika No. 3.
For those that answered (b) or (c), a follow-up question:
Mr. Putin’s extraordinary wealth is the result of:
a) Blatant corruption and quid pro quo deal-making;
b) Skimming from the Russian treasury;
c) A night job working on the KaMAZ truck assembly line; or
d) Generous donations via Western Union from loyal Zero Hedgers.
rave on
keep showing your ignorance
lmao
Whoa - dude, you pissed off the Putin love interest crowd.
They are all commie lovers and believe they would like to live under a communist thug.
They believe - reality, not so much.
Who's manning Vlad's suicide watch tonight?
You. Volunteering...
Only one idiot asks that question here, I see you have a new name again.
Opinion: Cheap oil may mean regime change for foes of the U.S. By Martin Feldstein
Leaders in Russia, Iran and Venezuela could lose popular support if energy prices bring down their economies
Bloomberg
Martin Feldstein, professor of economics at Harvard University: ‘The low price of oil is good news for the U.S. economy, because it implies higher real incomes for American consumers.’
The price of oil has fallen by more than a third in the past five months, to about $70 a barrel. If the price remains at this level, it will have important implications — some good, some bad — for many countries around the world. If it falls further, as seems likely, the geopolitical consequences on some oil-producing countries could be dramatic.
The price of oil at any time depends on market participants’ expectations about future supply and demand. The role of expectations makes the oil market very different from most others. In the market for fresh vegetables, for example, prices must balance the supply and demand for the current harvest. By contrast, oil producers and others in the industry can keep supply off the market if they think that its price will rise later, or they can put extra supply on the market if they think the price will fall.
Oil companies around the world keep supply off the market by reducing the amount of oil that they take out of the ground. Oil producers can also restrict supply by holding oil inventory in tankers at sea or in other storage facilities. Conversely, producers can put more oil on the market by increasing production or by running down their inventories.
The market expectations reflected in today’s price reflect lower future demand and increased future supply. Lower demand reflects both the current weakness of economic activity, particularly in Europe and China, and, more important, the longer-term changes in technology, which will increase cars’ fuel efficiency and induce the use of solar power and other non-oil energy sources. The increase in the future potential supply of oil reflects new output produced by fracking, the development of Canada’s tar sands, and Mexico’s recent decision to allow foreign oil companies to develop the country’s energy sources.
A further decline in the price of oil could have major geopolitical repercussions — a price of $60 a barrel would create severe problems for Russia.
These changes in demand and supply suggest that the future price of oil will be lower than industry participants expected until just a few months ago. Some of the recent changes in expected future demand and supply could have been anticipated earlier. But there is no way to know when attitudes and expectations will change. The historic volatility of oil prices reflects these psychological shifts as well as changes in objective reality.
Today’s oil price is also linked to anticipated future interest rates. More specifically, oil producers have an investment choice: They can increase production now, selling the additional oil at today’s price and investing the proceeds at the existing long-term interest rate, or they can leave the oil in the ground as an investment.
A low rate of interest encourages producers to leave oil in the ground. When the current abnormally low interest rates on long-term bonds rise over the next few years, it will become more attractive for producers to increase the supply of oil and invest the resulting income at the higher rate. Unless expectations about the fundamentals of future supply and demand change, the rise in the interest rate will cause oil prices to fall further.
The low price of oil is good news for the United States economy, because it implies higher real incomes for American consumers. Within the U.S., the lower price is transferring real income from oil producers to households, which raises short-term demand because households spend a higher proportion of their incomes than oil firms do. For the same reason, the lower price also gives a boost to aggregate demand in Europe, Asia and other oil-importing regions.
The big losers from falling oil prices include several countries that are not friends of the U.S. and its allies, such as Venezuela, Iran and Russia. These countries are heavily dependent on their oil revenue to support their governments’ spending — especially massive transfer programs. Even at $75 or $80 a barrel, these governments will have a difficult time financing the populist programs that they need to maintain public support.
Although Saudi Arabia and several of the Gulf states are also major oil exporters, they differ from other producers in two important ways. First, their cost of extracting oil is extremely low, which means that they will be able to produce profitably at the current price — or even at a much lower price. Second, their enormous financial reserves allow them to finance their domestic and international activities for an extended period of time, as they seek to transform their economies to reduce their dependence on oil revenue.
A further decline in the price of oil could have major geopolitical repercussions. A price of $60 a barrel would create severe problems for Russia, in particular. President Vladimir Putin would no longer be able to maintain the transfer programs that currently sustain his popular support. There would be similar consequences in Iran and Venezuela.
It is not clear whether these countries’ current regimes could survive a substantial and sustained future decline in oil prices. By contrast, it is obvious that oil-importing countries would benefit greatly — as they already are.
rave on
keep showing your ignorance
lmao
"Leaders in Russia, Iran and Venezuela could lose popular support if energy prices bring down their economies"
That "is" one of the West's intentions, is it not. Did you miss that? Recall the dirty secret deal between the buffoon, horse-faced Kerry (the most useless Sec of State since the previous one!) and the late despotic Saudi king to crash the oil price by ignoring the link between demand & supply.
Sadly, in Russia it doesn't appear to be working. So now they're ratcheting up the war in Ukraine, trying to incite Putin to invade so they can send in NATO and more lethal weapons/mercs.
If the Ukrainian people could only see how they are being used/manipulated like dispensable pawns in a chess game to achieve Western objectives they might not be fighting a proxy Western war for Washington/Westminster/Brussels/NATO and destroying their own country and infrastructure in the process.
Ask for more money, Brzezinski! They are paying you way too little for the care you are receiving here, scum!
Each year a small handful of Lee Harvey Oswalds emigrate to Russia...but many thousands more leave Russia's shores for the US.
I wonder why? :-)
hahahah you're a retarded russophobe .
"Each year a small handful of Lee Harvey Oswalds emigrate to Russia...but many thousands more leave Russia's shores for the US. I wonder why? :-)"
To form sleeper cells perhaps?
You know sweet fanny adams about sheep and sheep farming, right?
Hey Ass (the well-named): Over a million Eastern Ukrainians have fled to Russia to escape the punk neo-Naxi fascist butchers and their Obese Zioninst oligarch masters. Would-be Oswalds? You fuckwit.
rave on
keep showing your ignorance
lmao
Fuck off, Brzezinski!
Zero Hedgers, it's best to avoid despicable America at all costs and head over on the earliest flight possible to Mother Russia.
There you'll be greeted by sky-high unemployment, a life expectancy almost a decade less, a vibrant state-controlled media, a failing currency, rampant police corruption and the gulag threat if you don't knuckle under.
And because most folks are trying to flee Russia, you can even earn generous ruble incentives if you stick around and help grow the population!
http://www.telegraph.co.uk/news/worldnews/vladimir-putin/9739678/Vladimi...
There is also a program for men 180CM or taller who consent to be Judo-flipped to a mat on live TV by the diminutive Putin.
Come one, come all and help Russia rectify the greatest catastrophe of the 20th century by rebuilding our beleagured state, one land confiscation at a time!
We'll stand shoulder-to-shoulder with our comrades, break bread over borscht and enjoy a hearty Siberian winter without that infernal Obama lording it over us!
And while the ruble is sure to be worth less at the end of winter than it was at the start, we don't need no damn Audis, BMWs or Mercedeses polluting our pristine Russian roads, anyway!
http://www.youtube.com/watch?v=SJCObmm66Y0
Come!
lame
2 weeks 5 days.
You haven't hung around long enough to understand the ZH position regarding Russia/Putin.
And some of the criticisms you mention of Russia apply in the West too, it's just that you can't see them due to Stockholm Syndrome.
rave on
keep showing your ignorance
lmao
How much are you paid for spreading your Zio-garbage of lies, hm, Galician? How is your mentor Zbzgiew Brzezinski? Dead yet? Too much to hope for, hm? Vampires tend to have a long life, unless they get stabbed with hawthorn spike right through the heart or the brain. Death is instant then. You should get that treatment as well, Galician! Don't insult the audience here with such an obvious propaganda and lies, scum!
Asophocles,
I don't what game you are playing, but your propaganda is not very effiective. Whoever is signing your paycheck is not getting value for money
Nobody is making the argument that Putin is the ideal.
It does so happen, however, that objectively speaking, our interests and those of Putin coincide. ("We" here refers to the American people).
The government entity in Washington is our enemy. It is trying to take our money, our freedom and our lives. In so far as Putin defeats the Anglo-Zionists in Ukraine, he helps us.
Your arguments sound insincere,.Asophocles. What comes through, and seems geniuine about you, is the contempt that you have of us. You apparently believe that we are too stupid to see your slight of hand. The imperfections of Putin do not justify the intervention by Washington into the affairs of Ukraine.
Damn Merika is everywhere, it's everywhere
There you'll be greeted by sky-high unemployment, a life expectancy almost a decade less, a vibrant state-controlled media, a failing currency, rampant police corruption and the gulag threat if you don't knuckle under.
So what? Where is that dollar collapse that so many here are predicting? Russia and China sign a "holy grail" oil and gas deal and many here announced the death of the petrodollar. Where is the collapse people?
What currencies is this 100 Billion DOLLARS in, and if its in DOLLARS how is that de-dollarization? If its more fiat in the form of the next Euro (a BRICS fiat), well meet the new boss just the same as the old boss.
The fundamental principles of the BRICS bank are regulated in the Shanghai protocol. The intention behind the foundation is to establish a bank that is not governed by US interest and that provides independence from US sanctions. The member states hold reserves of 2.800 billion $, the capital of the bank is going to be in $ as well. Irrespective of that the intention of the member states is to use local currencies in barter structures to the extent posssible. To that effect a certain de-dollarization is to be expected. It is doubtful if there is at all the intention to weaken the $ or make it collapse. In todays world all nations wish for a weak currency - the weaker, the better and it is quite funny that the present winner of this game is ........."Russia". The logic applied by the pundits is not consistent enough to acknowledge the advantages secured by Russia through the weak Rouble. To weaken the $ would give the price to the US and that is certainly not the objective
Shit, now the Chosenites are gonna have us fighting all those countries too?
Bug Fuck!
$100 Billion worth and this is the "end of the USD" and the fed? It's chump change. It's a small buffer against US federal government policies but it's not going to hurt the dollar.
Why is Rothschild's REUTERS used as a source?
Useful if you know how to read between the lines. Just like they used to do in the USSR with Pravda and Izvestia.
BRICS Development Bank formation as alternative to IMF could be just the start of a a New Multi-Country Mafia in some sense. Owners of the Russian Hacienda JOIN with those of China, India, South Africa and Brazil.
- Gulag Owners Unite? I'm still waiting for my "Free Land" that I don't have to pay Taxes on.
- IMF/WB has been seen as a European Cartel to support NATO, Big Energy, Big Water, and Big Oil while enriching the Banking Mafia.
I have been thinking this is good competition for developing countries and for Democracy. But who knows. The only good bankers is what? A local Banker, a Small banker, a Credit Union?
- In any case if a country has big markets & some resources like mining & oil... there should be alternatives to the USA & IMF/WB
- And in any case it seems that the power of the US & European Banks has had limited benefit to people of developing countries who wages did not rise and who may now be pay utility bills for Electric, Water and other things
A dead banker.
"..I give it 2-3 years.."
I give it less.
It may not be tomorrow but the foundation built for an alternative. This alternative shll fly with each succesive slip in conficence in the US$.
BRICS are not out to attack. They have responsibility to protect their People from a falling Empire. Don't bash Putin. He just happen to be around to challenge the dying system. Someone will do it even if he is not around.
$100 billion..... So who gets to steal it first?
My money is on India. The Africans would love to be first with their snouts in the trough but they're too dumb.
Parafuso, I thought you were going to say, "a paltry sum." And it is!
Parafuso, I thought you were going to say, "a paltry sum." And it is!
Let's be honest here. It's a RIC bank, not BRICS, and will be used in exactly the same fashion as the IMF and WorldBank.
I see no altruism at the "First International".
Why is South Africa in that club? It shouldn't be there. There are countries like Iran, Turkey, North Korea, South Korea, Vietnam, Indonesia, etc. which are far more valuable and worthy of being the members of the club. Nobody needs African countries and Negros anymore than it needs to be injected with a plague ffs!
They should buy Greece.
They should kick out South Africa and bring in Iran, South Korea, Vietnam and Turkey. Very simple.
South Africa has a lot of gold, other raw materials and developed infrastructures. Iran cannot stand alone without China and Russia. Satellite countries like S. Korea, Vietnam, Turkey, Indonesia, Australia and most SE Asia nations will join the new IMF (BRICS) when it's operational with proven credibility.
However, one major problem which all BRICS nations have in common is corruption. No sane and prudent nation will fully embrace this new IMF unless other more credible and trust worthy economic power house(s) fully integrate and commit thier fates (finance and economy) first. That is the key in the current ongoing conflict between the east and the west. Germany is the price which must be won by the BRICS and one which cannot be lost by the SWIFE.
Very stupid post, libtard. But what else to expect from a libtard than utter stupidity, hm?! Let them use that little gold they have however they please. Nobody needs Africans. They are like termites, only difference being that termites unlike Africans are very hard working beings. There are a lot of primates throughout the world; only a stupid buffoon like you libtard would add them on your own will. And Vietnam is nobody's satellite, let alone Western's who they fought and defeated (with high casulties; millions Vietnamese died in that Western agression on them!) 40 years ago! South Korea can change allience very quickly, as well as Turkey. Indonesia is not in Western camp as far as I know, and IMF stands for completely different arrangement than that of China, Russia and India. IMF would like to see itself as a world central bank with a divine right to print "world currency" (SDR or bancor). Iran has far more resources than South Africa. Turkey too. South Korea and Vitnam as well, for their people is their biggest resource. They are very hard working, loyal and highly moral compared to Western standard. On the other hand, you cannot teach Africans even the basic moral code. Nobody has ever managed to teach them anything moral (unless under coercion after being threatened or intimidated, but that is not considered as learned; breaking someone's will does not teach anything that person(s)). As for their intelectual talent, you shouldn't expect more from them than to know how to read and write; most of them don't even manage that. Americanos should know that better than anyone, or most at least. Better to leave them on their own than to bring misfortune upon yourself.
Maybe South Africa can be a great stepping stone into Africa?
"Nobody needs African countries and Negros anymore than it needs to be injected with a plague ffs!"
So why then is every White country infested with them? Because DIVERSITY IS STRENGTH! I know this because every book, magazine and TV program tells me it's true
http://redefininggod.com/2015/01/the-brics-were-the-brainchild-of-goldma...
http://redefininggod.com/2015/02/globalist-agenda-watch-2015-update-14-t...
http://redefininggod.com/2015/02/globalist-agenda-watch-2015-update-16-t...
And just a second after that Moody's downgraded Russia. See not evil here right?
And just a second after that Moody's downgraded Russia. See not evil here right?
Wonder how the Tribe will get their claws into this? In due course the CEO will be a Solomon Wang or a Gideon Patel.
What is the currency this bank will use? Everything is stated in US$
Just another BRIC in the wall...makes no nevermind, they are creating the same BS as IMF/WB, so what is there to cheer about? Banksters will be banskters...it involves FIAT!
South Africa, India, and Brazil are FED puppets anyway to whom the FED could destroy their economies and finaces in seconds or with the push of a button.
China owns 12% of the FED and are one of the boys so that is mute threat.
http://www.federalreserve.gov/SECRS/2008/March/20080303/ICP-2008108/ICP-...
http://money.cnn.com/2012/05/09/markets/china-banks-us-expansion/
I'd say Russia is down to their last card with no options.
Had to laugh with the last article about Russia selling "20%" of their Treasuries or $20 billion dollars. That's pocket change for most large corporations, let alone a country. Still would like to know where Russian companies are gonna get $240 billion to JUST roll over their debts in the next 2 to 3 WEEKS.
Sorry, posh kids always win.
PS, 100 billion? Isn't that what the Facebook kid is worth?
Is this Kitco or Zerohedge?
seems you are still weaning yourself from sesame street. trivializing the brics bank because the seed money is "only" a hundred billion shows you don't have a clue what is happening.
you dumbass americans and eurotrash are going to fight to the death for the banker neoconutz.....and you are going to like it!
Interesting that in this "de-dollarization" story, all values are given in USD.