If this happens, dollar is definitely over as worlds reserve currency! They said in their last summit that this bank would use their own currencies instead of US dollar, so practically they have been doing everything to broke Americas legs!
1. http://economictimes.indiatimes.com/...w/18035487.cms
2. http://www.voanews.com/content/south...k/1584178.html
Nicolas Véron, a senior fellow at Brussels-based economics think-tank, Bruegel, thinks it’s unclear whether the BRICS is a real proposal, or sabre rattling at the West. He says effectively the reference of a new development bank followed a scathing statement against the management of the financial institutions. One may look at it as a way to ask for more balanced governance of the Bretton Woods bodies, or the BRICS countries will create their own system outside the World Bank!
But check this out, China wants to lend the money in their own currency!
China is effectively killing the dollar.
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