BRICS World Bank (1/15/2013): Dead of the dollar

[kety]

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.

[specsaregood]

China is effectively killing the dollar.

Totally didn't see that coming.

[Zippyjuan]

http://economictimes.indiatimes.com/...w/18035487.cms
Five countries contributing maybe $50 billion each to an economic development bank- not a huge impact on the dollar.

While details have yet to be finalised, Brazil, Russia, Indian, China and South Africa appear to be in near agreement on the toughest issue concerning the bank: how much cash they will each put in.

"The amount of $50 billion each is something we have all found comfort with, but it remains a work in progress."

[oyarde]

I could use a billion , while I can still buy something with it

[specsaregood]

While details have yet to be finalised, Brazil, Russia, Indian, China and South Africa appear to be in near agreement on the toughest issue concerning the bank: how much cash they will each put in.

The funny part is that every single one of those countries still receives US foreign aid.
http://www.americanprogress.org/issu...p-foreign-aid/

[ClydeCoulter]

The funny part is that every single one of those countries still receives US foreign aid.
http://www.americanprogress.org/issu...p-foreign-aid/

Maybe to make up for the interest rate on the loans not keeping up with inflation? Or just bribe money...or so that the MIC can get money indirectly from us through those countries.