The BRICS summit has wrapped up...

[GlassSteagallfan]

...in India. Creating an alternative global lender and stepping away from the dollar as a reserve currency were among their main objectives.


http://www.youtube.com/watch?v=2vg9qvYwQHg&feature=player_embedded
http://www.youtube.com/watch?v=2vg9qvYwQHg&feature=player_embedded


"The demise of the dollar will also bring radical changes to the American lifestyle. When this economic tsunami hits America, it will make the 2008 recession and its aftermath look like no more than a slight bump in the road. It will bring very undesirable changes to the American lifestyle through massive inflation, high interest rates on mortgages and cars, and substantial increases in the cost of food, clothing and gasoline; it will have a detrimental effect on every aspect of our lives."

Read more here: http://projectavalon.net/forum4/showthread.php?43026-10-Reasons-Why-The-Reign-Of-The-Dollar-As-The-World-Reserve-Currency-Is-About-To-Come


And also: Saudi Arabia And China Team Up To Build A Gigantic New Oil Refinery - Is This The Beginning Of The End For The Petrodollar?
http://theeconomiccollapseblog.com/archives/saudi-arabia-and-china-team-up-to-build-a-gigantic-new-oil-refinery-is-this-the-beginning-of-the-end-for-the-petrodollar

[Sabrina]

I imagine this is going to be a very important development. S

http://www.firstpost.com/fwire/world-bank-will-work-with-proposed-brics-bank-259011.html

World Bank will work with
proposed BRICS bank
Mar 29, 2012

Bhubaneswar: The World Bank is looking forward to associate itself with the proposed development bank for BRICS, its President Robert B Zoellick said.

“If BRICs also creates an additional financial institution, we will be looking forward to working with it to see how we can leverage one another’s strength,” Zoellick told reporters on the eve of BRICS summit in New Delhi.

The World Bank chief was replying a question on a proposed development bank for Brazil, Russia, India, China and South Africa.

Terming proposal to set up a new development bank as a complicated venture, the World Bank President said: “I have seen over the years, putting together a new bank is a complicated venture. You have to get capital.”

“If one wants to go to the international market, one has to have rating,” Zoellick said adding that World Bank has AAA rating which many countries did not have.


“Organising such an institution, getting it capitalised, getting it set up is a challenge,” he said.

Developing countries could play a larger role in development in other developing countries, he said.

Zoellick said “one of the benefits of World Bank is that it involves much more than finance. We have staff, local experience around the globe in different sectors like private organisations and others.

“It (BRICS Bank) will complement the type of work we do and help in training and assist regional development banks in Africa, Asia, Latin America,” he said.

He said India required more funding though World Bank’s total outstanding loans remained at between $33 billion and $34 billion.

“For a country as vast as India, there is need for even more. In this context in a couple of days, I will meet the (India’s) finance minister,” he said, adding WB’s lending in the country would be discussed.