from The Daily Bell:
BRICS Nations Plan New Bank to Bypass World Bank, IMF … The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. The leaders of the so-called BRICS nations − Brazil, Russia, India, China and South Africa − are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. – Bloomberg
Dominant Social Theme: BRICS face off with the West. A New Age is in the offing.
Free-Market Analysis: Now comes word that the BRIC nations are going to form their own reserve currency via an IMF style facility. This is being interpreted universally as an attack on Western interests.
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