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Putin Leads BRICS Uprising By Mike Whitney
http://www.counterpunch.org/2015/07/10/putin-leads-brics-uprising/Theres been a virtual blackout of news from this years seventh annual BRICS summit in Ufa, Russia. None of the mainstream media organizations are covering the meetings or making any attempt to explain whats going on. As a result, the American people remain largely in the dark about a powerful coalition of nations that are putting in place an alternate system that will greatly reduce US influence in the world and end the current era of superpower rule.
Lets cut to the chase: Leaders of the BRICS (Brazil, Russia, India, China and South Africa) realize that global security cannot be entrusted to a country that sees war as a acceptable means for achieving its geopolitical objectives. They also realize that they wont be able to achieve financial stability as long as Washington dictates the rules, issues the de facto international currency, and controls the main levers of global financial power. This is why the BRICS have decided to chart a different course, to gradually break free from the existing Bretton Woods system, and to create parallel system that better serves their own interests. Logically, they have focused on the foundation blocks which support the current US-led system, that is, the institutions from which the United States derives its extraordinary power; the dollar, the US Treasury market, and the IMF. Replace these, the thinking goes, and the indispensable nation becomes just another country struggling to get by. This is from the Asia Times:
Leaders of the BRICS
launched the New Development Bank, which has taken three years of negotiations to bring to fruition. With about $50 billion in starting capital, the bank is expected to start issuing debt to fund infrastructure projects next year. They also launched a foreign-exchange currency fund of $100 billion.
The two new endeavors are statements that the five largest emerging markets are both looking out for each other and, simultaneously, moving away from the western financing institutions of the World Bank and International Monetary Fund.
The BRICS states intend to actively use their own resources and internal resources for development, Putin said, according to Reuters. The New (Development) Bank will help finance joint, large-scale projects in transport and energy infrastructure, industrial development. ..Birthing the two initiatives in Russia had been Putins top priorities.
(Russias Putin scores points at Ufa BRICS summit, Asia Times)
The two new endeavors are statements that the five largest emerging markets are both looking out for each other and, simultaneously, moving away from the western financing institutions of the World Bank and International Monetary Fund.
The BRICS states intend to actively use their own resources and internal resources for development, Putin said, according to Reuters. The New (Development) Bank will help finance joint, large-scale projects in transport and energy infrastructure, industrial development. ..Birthing the two initiatives in Russia had been Putins top priorities.
(Russias Putin scores points at Ufa BRICS summit, Asia Times)
Can you see whats going on? Putin has figured out the empires vulnerabilities and hes going straight for the jugular. Hes saying: Were going to issue our own debt, were going to run our own system, were going to fund our own projects, and were going to do it all in our own currency. Kaboom. The only thing youre going to be doing, is managing your own accelerating economic decline. Have a good day. Isnt that the gist of what hes saying?
So can you see, dear reader, why none of this is appearing on the pages of US newspapers or on US television. Washington would rather you didnt know how theyve bungled everything by alienating the fastest growing countries in the world.
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Putin Leads BRICS Uprising By Mike Whitney (Original Post)
Demeter
Jul 2015
OP
yurbud
(39,405 posts)1. let's hope they do business in a less mafia fashion than Western banks
it seems like they would have to at least initially, get other countries to use it.
Also, having a real competitor might make Western banks behave.
Demeter
(85,373 posts)2. It's nice to have hope on that, but I don't think Western banks can be made to behave.
If fines and publicity don't do it, will competition? More likely, they will try to corrupt the Russian, Brazilian, Chinese, etc. bankers and politicians.
The banks need to be nationalized, broken up, made into utilities run by moderately salaried bureaucrats in the Civil Service....not political cronies, not the 1% Elitists, just plain ordinary, hard-working Janes and Joes.