by Dave Kranzler, Investment Research Dynamics:
BRICS establish $100bn bank and currency reserves to cut out Western dominance:
The big launch of the BRICS bank is seen as a first step to break the dominance of the US dollar in global trade, as well as dollar-backed institutions such as the International Monetary Fund (IMF) and the World Bank, both US-based institutions BRICS countries have little influence within.
Here’s the link to the article (note: Bloomberg is misreporting this story – surprise surprise – as being a $50 billion agreement): LINK.
I’ve been saying for quite some time that Jim Rickards was wrong in his persistent and presumptuous insistence that the next reserve currency would be the dollar-dominated IMF SDR…
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