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BRICS Bank ready by July.

spangledbanner

spangledbanner

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(Reuters) - The BRICS bloc of emerging economies will have all preparatory work done for setting up its development bank by the group's summit in July, South African Finance Minister Pravin Gordhan said on Thursday.
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"We've made very good progress on the new development bank and most of the formal documentation is ready," Gordhan told journalists after a meeting of the BRICS finance ministers in Washington.

"There will be a few issues left, which will be resolved between now and the middle of July when we hope the summit will take place."

The start-up capital of $50 billion would eventually be built up to $100 billion. Russia has proposed that each member contributes an equal, 20 percent share, but the share distribution is still to be decided, a BRICS source said.
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"On the contingency reserve arrangements, we're also almost 90 percent of the way towards agreement. Formal documents are ready and we have the basis to reach 100 percent agreement before the summit."
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The BRICS are not too happy with the USA and its IMF.

CONCERNS OVER STALLED IMF REFORMS

The BRICS are also concerned that the U.S. Congress has failed to ratify reforms to the International Monetary Fund that would double the Fund's resources and give more say to emerging markets, such as the BRICS.

"We've discussed our mutual concerns about the slow pace of the IMF reforms and the kind of stalemate that we find ourselves in currently and we hope work with everyone to find an equitable solution," Gordhan said.

"But clearly a lot depends on the U.S."

Some officials from the Group of 20 advanced and emerging economies have suggested moving ahead on the reforms without the United States, although U.S. approval would be necessary for any major decision to go forward because of Washington's controlling share of IMF votes.
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BRICS aim to finish development bank preparations by July summit | Reuters

So the IMF is doomed?Well that cannot be good for US hegemony can it? :) Who is funding the IMF these days anyway?

The world hates the IMF. The justice seeking members of the NAM alliance hate the IMF. Europeans hate the IMF. Who doesnt hate the IMF?

The new BRICS bank will act as an alternative to the imperial IMF. The BRICS Bank will be able to develop emerging economies and act as an alternative the the imperial IMF.

So the IMF is about to become much less important and much less powerful.

Will the world move ahead with IMF reforms without the USA? Is the world getting ready to turn its back on imperial USA? Is the end very nigh? It certainly does seem very nigh.

Not only is the BRICS Bank an alternative to the US IMF but the BRICS Bank is also a firewall that will protect members when the USD is collapsed and we get another GFC.

In your opinion how long will the IMF survive now that there is a new show in town? Without the IMF how will the USA enslave developing nations and keep them down?

Everyone hates the IMF. Will the BRICS Bank be seen as representing freedom and liberation from US hegemony?
 
And people believe that IMF SDR will be the new reserve? Well that is wishful western thinking isnt it? Will the BRICS have their own currency to compete with the hated and bankrupt west? The Bricso? Maybe.

The new Reserve will not be controlled by the west/USA. And that is for sure. Also, say no to 'bitcoin' kids.

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spangledbanner said:
And people believe that IMF SDR will be the new reserve? Well that is wishful western thinking isnt it? Will the BRICS have their own currency to compete with the hated and bankrupt west? The Bricso? Maybe.

The new Reserve will not be controlled by the west/USA. And that is for sure. Also, say no to 'bitcoin' kids.

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Mornin' SB. :2wave: Yeah we know Russia isn't accepting Bitcoins. Hdreamz has a thread here on the Bitcoins. DA60 and I have been hitting it up.

Also you know we will do everything in our power to prevent the IMF from falling apart. So to the Europeans.


http://www.debatepolitics.com/econo...nternet-commerce-passing-trend-set-burst.html
 
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