BRICS Nations Plan New Bank to Bypass World Bank, IMF
BRICS Plan for New IMF: Trojan Horse for Western Agenda?
BRICS Nations Plan New Bank to Bypass World Bank, IMF … The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. The leaders of the so-called BRICS nations − Brazil, Russia, India, China and South Africa − are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. – Bloomberg
Dominant Social Theme: BRICS face off with the West. A New Age is in the offing.
Free-Market Analysis: Now comes word that the BRIC nations are going to form their own reserve currency via an IMF style facility. This is being interpreted universally as an attack on Western interests.
After all, David Rockefeller, John Maynard Keynes and a few other august individuals virtually created the modern money system after World War II when the world lay prostrate at the feet of Western powers.
Goldman Sachs Asset Management Chairman Jim O’Neill coined the BRIC term in 2001 to describe the four emerging powers he estimated would equal the U.S. in joint economic output by 2020. Brazil, Russia, India and China held their first summit four years ago and invited South Africa to join their ranks in December 2010.
Does it strike you suspicious, dear reader, that O’Neill “coined the phrase” BRIC a decade ago. How prescient. How … convenient.
Yes, sorry … this is our brief. We’ve explained over and over that the forces of globalism seek one world, one central bank, one united political entity. And thus, inevitably we place this development within those parameters. We simply don’t believe that the BRICs are really and truly acting in opposition to the West. After all, the IMF is, in fact, a hated institution among developing countries.