by Chriss Street, Testosterone Pit.com:
The reign of the United States dollar as the only reserve currency in the world may be coming to an end. Over the last five years, the U.S. centric balance of economic and military power has been destabilized with the crumbling of the social welfare states of the European Union and the rise of the state sponsored capitalist BRICS — Brazil, Russia, India, China and South Africa. After 70 years of the dollar’s supremacy, the BRICS at their summit in Durban, South Africa, have reached an agreement to establish a joint financial institution that would serve the same functions as the American dominated International Monetary Fund and World Bank. With America hurting and Europe terminally burdened by over indebtedness and loss of economic competitiveness, the BRICS appear to be seizing the opportunity to attack the dollar’s preeminence.
As World War II was moving to its end in 1944, the U.S. and 43 allies reached an agreement at the Bretton Woods Conference to organize the International Bank for Reconstruction and Development to finance the rebuilding of Europe.
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