OfCamelot Posted July 15, 2014 Report Share Posted July 15, 2014 What if the dollar is dropped as the trading currency: Any opinions on what happens to the Dinar?ww.aol.com/article/2014/07/14/emerging-nations-plan-their-own-world-bank-imf/20931075/?icid=maing-grid7|main5|dl25|sec1_lnk2%26pLid%3D501669 WASHINGTON (AP) - Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund. Brazil, Russia, India, China and South Africa -the so-called BRICS countries - are seeking "alternatives to the existing world order," said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution. At a summit Tuesday through Thursday in Brazil, the five countries will unveil a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world. The five countries will invest equally in the lender, tentatively called the New Development Bank. Other countries may join later. The BRICS powers are still jousting over the location of the bank's headquarters - Shanghai, Moscow, New Delhi or Johannesburg. The headquarters skirmish is part of a larger struggle to keep China, the world's second-biggest economy, from dominating the new bank the way the United States has dominated the World Bank. The bloc comprises countries with vastly different economies, foreign policy aims and political systems - from India's raucous democracy to China's one-party state. Whatever their differences, the BRICS countries have a shared desire for a bigger voice in global economic policy. Each has had painful experiences with Western financial dominance: They've contended with economic sanctions imposed by Western powers. Or they've been forced to make painful budget cuts and meet other strict conditions to qualify for emergency IMF loans. Now, says Thomas Wright, a fellow at Brookings' Project on International Order and Strategy, "they want a safety net if they fall out with the West." Developing countries have also been frustrated because the U.S. Congress has refused to approve legislation providing extra money to help the IMF make more loans to countries in trouble. The money is part of a broader reform program that would give China and other developing countries more voting power at the IMF. Uri Dadush, an economist with the Carnegie Endowment for International Peace, sees no problem with the BRICS countries' development bank and financial crisis fund. But he worries that the five countries' decision to go outside of existing institutions provides more evidence of the "fracturing of the postwar (economic) system that gave us so much peace and prosperity. The system has not been able to adapt to the new reality, the rise of the new powers." The IMF and the World Bank seem to be taking the new challengers in stride. "All initiatives that seek to strengthen the network of multilateral lending institutions and increase the available financing for development and infrastructure are welcome," said IMF spokeswoman Conny Lotze. "What is important is that any new institutions complement the existing ones." Answering a question about the BRICS development bank earlier this month, World Bank President Jim Kim said: "We welcome any new organizations ... We think that the need for new investments in infrastructure is massive, and we think that we can work very well and cooperatively with any of these new banks once they become a reality." Link to comment Share on other sites More sharing options...
olivesman Posted July 15, 2014 Report Share Posted July 15, 2014 (edited) Business as usual. You'll still exchange for whatever currency you choose. You may decide to hold several different currencies. That's my take on the topic, in a nutshell. For much more usable info and strategies, I suggest that you go VIP & OSI. Oh, and DON'T FORGET your silver and gold! Edited July 15, 2014 by olivesman 4 Link to comment Share on other sites More sharing options...
rdoncampos Posted July 15, 2014 Report Share Posted July 15, 2014 Thanks 2 2 Link to comment Share on other sites More sharing options...
RVWITHME Posted July 15, 2014 Report Share Posted July 15, 2014 Maybe the less USD people use around the world "may" make it easier for us here at home to get our hands on a little for a Change, however fleeting. One can Hope... Hope & Change..... Link to comment Share on other sites More sharing options...
sandfly Posted July 16, 2014 Report Share Posted July 16, 2014 THANKS 1 Link to comment Share on other sites More sharing options...
OfCamelot Posted July 16, 2014 Author Report Share Posted July 16, 2014 (edited) Better than gold or silver in a market of rising prices is food commodities......the US has experienced a raise in food prices by 14% in the last 4 years Edited July 16, 2014 by OfCamelot Link to comment Share on other sites More sharing options...
new york kevin Posted July 19, 2014 Report Share Posted July 19, 2014 A world wide depression, again. Link to comment Share on other sites More sharing options...
Recommended Posts