BRICS prepares world banking revolution

[yota691]

BRICS prepares world banking revolution

Post Categories: China

Voltaire News Network | Wednesday, February 29, 2012, 20:14 Beijing

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BRICS member-states are preparing a world banking revolution. They are planning to nominate an alternative candidate for the post of the Chairman of the World Bank for the first time in history. BRICS also demands redistribution of quotas in the International Monetary Fund in the near future and intends to study India’s initiative on creating a South-South Bank.

Representatives of Brazil, Russia, India, China and South Africa proposed a reform of the world financial system at their meeting in Mexico City which took place during the conference of G20 finance ministers and heads of central banks.

BRICS financiers are annoyed with the private rule that the head of the World Bank is always a representative of the US. They believe that candidates should be assessed based on their merits and not citizenship. BRICS member-states are convinced that it is essential to create competition for the US candidate, either from a BRICS country or from Europe. It has been decided to prepare a declaration on a coordinated position on this subject in the next two weeks. Candidates for the post of the head of the World Bank should be determined by the 23rd of March.

On the 29th of March BRICS leaders are expected to launch the mechanism of coordinating opinions on India’s proposal to create a South-South Bank. It is to become a support institution for countries with developing markets. BRICS member-states will be playing the main role in it, according to the quotas of votes. In this context they will have to assume serious financial responsibilities. The project looks promising but needs detailed studying, President of the Russian Financial Corporation Andrey Nechayev says.

“There are a lot of unanswered questions at the moment. Who is going to provide capitals for this bank? Who will be able to get money from it? There may be a lot more of those who want to take a loan than those willing to give loans. The new institution meets the requirements of world development. BRICS member-states need investments and not only cash but new technologies, methods of corporate management and innovations. At present it is not quite clear how this bank, if it ever opens, will help to solve this problem.”

In any case, India’s initiative on creating a South-South Bank is an attempt by BRICS member-states to offer their mite to the establishment of a new world financial system. They are planning to take a place in it according to their global weight. The rate of the Brazilian, Russian, Indian, Chinese and South African growing economies in world production exceeds 21% and these countries’ currency reserves exceed $4trln.

The latter fact gives these countries grounds to dispute the financial tradition set by the west. BRICS member-states intend to upgrade their role in the IMF. They are ready to discuss the strengthening of the Fund’s resource base, in particular, for helping the EU to get out of the debt crisis. At the same time, they demand redistribution of the Fund’s quotas, which means both the realignment of world financial flows and the rearrangement of votes when the IMF makes decisions. At present, almost half of the votes belong to the EU and the US, while BRICS member-states have about 10%. In 2010 BRICS raised its quota a little but its potential is still underrated. The West will keep trying to hamper the IMF reform, so as to prevent countries with growing markets from strengthening their positions. Meanwhile, the need for replenishing the IMF resource base will apparently make the management of the Fund respond to the BRICS initiative.

Voltaire News Network http://www.4thmedia.org/2012/02/29/brics-prepares-world-banking-revolution/

[DropItLikeItsHot]

One would only hope the BRICS can keep the pressure on the IMF to even the scales a bit by getting the US and the FED Reserve out of control and manipulation of the IMF.

DropItLikeItsHot GO RV

[yota691]

One would only hope the BRICS can keep the pressure on the IMF to even the scales a bit by getting the US and the FED Reserve out of control and manipulation of the IMF.

DropItLikeItsHot GO RV

Do you have anymore insight on this? Like to hear more on this if you have any thoughts!!

Edited February 29, 2012 by yota691

[4aprofit]

I feel like the most important part of the entire article...is in the last paragraph....

(realignment of world financial flows) is this not what the battle is all about...you have producing-nations', and you have consumer-nations'...and for quite some time, the real values have been reversed from where they should be...as per who does what, and as per who does'nt do anything....as per their value monetarily in society and on the global stage of economics...

[DropItLikeItsHot]

Do you have anymore insight on this? Like to hear more on this if you have any thoughts!!

Yota tried to send a PM to you but was not allowed,

I will say this much and hope I don't get attacked on the board, there is alot more to this RV than people might think. YES it involves the World & it won't happen till the World has full agreement on many things, one BIG thing is the FED Reserve must be knocked off of the untouchable pedestal, Nough Said.

DropItLikeItsHot GO RV

[thegente]

Yota tried to send a PM to you but was not allowed,

I will say this much and hope I don't get attacked on the board, there is alot more to this RV than people might think. YES it involves the World & it won't happen till the World has full agreement on many things, one BIG thing is the FED Reserve must be knocked off of the untouchable pedestal, Nough Said.

DropItLikeItsHot GO RV

I agree with you Dropit..all of they delay isn't just by the GOI..they were not the ones who instituted this plan, and are not the ones in control of it either. CBI is just another Central Bank controlled by the FED/IMF/Rothschilds...they must give the world the "illusion" of Iraq being masters of their own destiny, but in all reality, it's the banking consortium pulling the strings, just like they do here and everywhere else. Do you really think that they would put a mutli-trillion dollar endeavor in the hands of a bunch of bickering, tribal infigting morons? Also, remember, Shabibi worked for years at the IMF, and is their inside man in Iraq. Lots of other things going on financially in the world that are affecting this as well. Good article, thx Yota!

Edited February 29, 2012 by thegente

[DropItLikeItsHot]

I agree with you Dropit..all of they delay isn't just by the GOI..they were not the ones who instituted this plan, and are not the ones in control of it either. CBI is just another Central Bank controlled by the FED/IMF/Rothschilds...they must give the world the "illusion" of Iraq being masters of their own destiny, but in all reality, it's the banking consortium pulling the strings, just like they do here and everywhere else. Do you really think that they would put a mutli-trillion dollar endeavor in the hands of a bunch of bickering, tribal infigting morons? Also, remember, Shabibi worked for years at the IMF, and is their inside man in Iraq. Lots of other things going on financially in the world that are affecting this as well. Good article, thx Yota!

Thegente Very well said! And yes it is an Excellent article, one thing that kinda disturbes me is the usual DV members who post about articles haven't replied about this article, I guess they either don't believe this is not only about Iraq but the World or they just put blinders on and keep hoping Iraq gets it done. JMO

DropItLikeItsHot GO RV

[thegente]

Thegente Very well said! And yes it is an Excellent article, one thing that kinda disturbes me is the usual DV members who post about articles haven't replied about this article, I guess they either don't believe this is not only about Iraq but the World or they just put blinders on and keep hoping Iraq gets it done. JMO

DropItLikeItsHot GO RV

Dropit, check your profile and send me a contact email..would like to discuss more in private, thx!!

[Abarvets]

One would only hope the BRICS can keep the pressure on the IMF to even the scales a bit by getting the US and the FED Reserve out of control and manipulation of the IMF.

DropItLikeItsHot GO RV

Dropit the IMF is part of the same familes who own the FED and various Central Banks. World Bank is no better. Oddly most of the people who run them and are now Heads of State seem to all have spent some time at Goldmen Sachs. Sad really.

[yota691]

Yota tried to send a PM to you but was not allowed,

I will say this much and hope I don't get attacked on the board, there is alot more to this RV than people might think. YES it involves the World & it won't happen till the World has full agreement on many things, one BIG thing is the FED Reserve must be knocked off of the untouchable pedestal, Nough Said.

DropItLikeItsHot GO RV

LOL That why I posted this I feel the same way, it bigger then we can image!! Thanks for everybody input!!

Edited March 1, 2012 by yota691

[waterman13]

LOL That why I posted this I feel the same way, it bigger then we can image!! Thanks for everybody input!!

Exactly, can you say global reset? This fiat currency / bogus banking system needs to be reset because it isn't working. Kinda like when you tell one lie, you have to lie again, and again. Eventually you get "found out". Truth always wins in the end. This "lie" will eventually be found out one day when Christ comes back and destroys it. Truth always wins in the end.

WM13

(Waterman ... washed by the water of the Word)

[emmet]

I agree with you Dropit..all of they delay isn't just by the GOI..they were not the ones who instituted this plan, and are not the ones in control of it either. CBI is just another Central Bank controlled by the FED/IMF/Rothschilds...they must give the world the "illusion" of Iraq being masters of their own destiny, but in all reality, it's the banking consortium pulling the strings, just like they do here and everywhere else. Do you really think that they would put a mutli-trillion dollar endeavor in the hands of a bunch of bickering, tribal infigting morons? Also, remember, Shabibi worked for years at the IMF, and is their inside man in Iraq. Lots of other things going on financially in the world that are affecting this as well. Good article, thx Yota!

Gente, you have told more truth in one little paragraph than you can imagine. There is another thread in today's off topics called "what would YOU do to save the United States". I think you could add quite a bit to that thread

[waterman13]

Gente, you have told more truth in one little paragraph than you can imagine. There is another thread in today's off topics called "what would YOU do to save the United States". I think you could add quite a bit to that thread

Emmet,

Want some more information on that? The rabbit hole goes REALLY deep.

http://www.watch.pair.com/

WM13

[yota691]

Exactly, can you say global reset? This fiat currency / bogus banking system needs to be reset because it isn't working. Kinda like when you tell one lie, you have to lie again, and again. Eventually you get "found out". Truth always wins in the end. This "lie" will eventually be found out one day when Christ comes back and destroys it. Truth always wins in the end.

WM13

(Waterman ... washed by the water of the Word)

I'm right with you, on that Global reset. The hold up is the Crook's in Iraq, and soon to follow some big names all over, and the USA!! Big Names in the USA!!