SnowGlobe7 Posted May 3, 2015 Report Share Posted May 3, 2015 Russia signs up to $100 bn BRICS fund to rival IMF . View photo Russian President Vladimir Putin, pictured in Moscow on May 1, 2015, ratified an accord to set up a $100-billion reserve fund for the so-called BRICS (AFP Photo/Mikhail Klimentyev) Moscow (AFP) - Russian President Vladimir Putin ratified an accord Saturday to set up a $100-billion reserve fund for the so-called BRICS -- the five leading emerging economies that include Russia, China, Brazil, India and South Africa. Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund that was set up after an agreement signed in July 2014 in Brazil. The emerging economies also plan to form their own international bank based in Shanghai to challenge western dominance over international money markets. "The accord on the creation of a common reserve fund for BRICS countries has been ratified," a document from the Kremlin quoted by RIA Novosti news agency said. The fund is meant to shield the BRICS against "short-term liquidity pressures" and promote greater cooperation between the five member countries. Russia -- which has suffered huge currency fluctuations since the outbreak of the crisis in Ukraine -- sees the fund as an alternative to international financial institutions like the IMF and World Bank that are dominated by the United States. The BRICS countries between them account for 40 percent of the world's population, and a fifth of the planet's GDP. http://news.yahoo.com/russia-signs-100-bn-brics-fund-rival-imf-201016980.html Link to comment Share on other sites More sharing options...
Maggie123 Posted May 3, 2015 Report Share Posted May 3, 2015 Thank You SnowGlobe "Where does this leave us"? With some serious competition in world finances/financing. I dunno what to make of this... Looking at the abuses of the IMF and the World Bank against the countries they have "served" (see privatization/austerity measures) will this new competitor/banking system be more just? Supposedly they are going to give an alternative to countries, rather than having to use the current system. A system that has been US dominated, a system that has had the ability to "sanction" (cut off financing) and dominate over pretty much the whole world. No wonder other countries including our good friends in Europe are signing up in droves. No wonder IMF is giving out loans like candy. Truth is...I love America...but our banksters have done some very bad things...so it is only natural that others would come up with a way to get around the current system. I am thinking this leaves us (US banksters) in a threatened position and we will probably see a whole lot more military action. JMHO NOT GOOD!!! Link to comment Share on other sites More sharing options...
umbertino Posted May 4, 2015 Report Share Posted May 4, 2015 Interesting ...Grazie SG and Maggie Link to comment Share on other sites More sharing options...
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