BRICS Summit in Durban

**mosquito** · 27th March 2013 01:43

BRICS announces the creation of a new development bank.

I understand that another trade/financial block may not be everyone's idea of what we need right now, but in my opinion, this is actually good news because it's providing an alternative to the IMF/World Bank. This will create a dynamic out of which we can hopefully develop a better economic system.

The main focus of the following article is the BRICS Development Bank, African development, and various treaties between the BRICS nations. There are links at the bottom for related articles.

http://www.chinadaily.com.cn/world/2...t_16347652.htm

**GoodETxSG** · 27th March 2013 13:35

A lot of the BRICS meetings (The ones that worry the Western Cabal have been mostly not so much secret as CLOSED to known Cabal associates) are the ones to create a competing Banking and Financial System completely separate from the Corrupt one of the West. This is behind the MASS GOLD and other Commodities "Hoarding" and other moves made by the "Alliance" to obtain Western debt and property. This has been in the works for a while. If one economy (OURS) does (AND WILL) crash then another will stand. That is the theory anyway. There are questions;

1. Can they get that Financial Infrastructure in place in time?
2. Would be be trading Evil for lesser evil corruption wise?
3. Are all of the programs that Fulford and others proclaim exist that will buy every human out of poverty real or floor room sales tactics?
4. Will the Alliance have the POWER to bring out the technologies hidden by the Cabal or will their Financial System be dependent on the same things that caused the Cabal to keep the free energy and space faring tech suppressed?

The Cabal already has 2 Financial systems, one for us Slaves and one for the "Elite"... what will the BRICS Alliance Financial System bring to the "Game"?
People are people, corruptible and easy to threaten and control through fear and greed. What if any back stops would they have in place to prevent this from becoming a multiple headed beast? Will this help the people of the world or more likely give reason for the Western coveted WWIII?

What say You?

BRICS Nations Plan New Bank to Bypass World Bank, IMF
http://www.bloomberg.com/news/2013-0...-bank-imf.html

By Mike Cohen and Ilya Arkhipov - Mar 26, 2013
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 began 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.

“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,” Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. “There’s a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the western world.”

The BRICS nations, which have combined foreign-currency reserves of $4.4 trillion and account for 43 percent of the world’s population, are seeking greater sway in global finance to match their rising economic power. They have called for an overhaul of management of the World Bank and IMF, which were created in Bretton Woods, New Hampshire, in 1944, and oppose the practice of their respective presidents being drawn from the U.S. and Europe.

Reform Needed

“We need to change the way business is conducted in the international financial institutions,” South African International Relations Minister Maite Nkoana-Mashabane said in a March 15 speech in Johannesburg. “They need to be reformed.”

The U.S. has failed to ratify a 2010 agreement to give more sway to emerging markets at the IMF, while it secured Jim Yong Kim, an American, as head of the World Bank last year over candidates from Nigeria and Colombia.

Finance ministers and central bank governors from the BRICS nations, who met in Durban today, agreed to set up currency crisis fund of about $100 billion, Brazilian Finance Minister Guido Mantega told reporters today. He didn’t give details of proposed funding for the new bank, which Brazil wants established by 2014. The nation’s leaders are due to sign a final accord tomorrow.

FDI Inflows

Goldman Sachs Asset Management Chairman Jim O’Neill coined the BRIC term in 2001 to describe the four emerging powers he estimated would equal the U.S. in joint economic output by 2020. Brazil, Russia, India and China held their first summit four years ago and invited South Africa to join their ranks in December 2010.

Trade within the group surged to $282 billion last year from $27 billion in 2002 and may reach $500 billion by 2015, according to data from Brazil’s government. Foreign direct invesment into BRICS nations reached $263 billion last year, accounting for 20 percent of global FDI flows, up from 6 percent in 2000, the United Nations Conference on Trade and Development said on its website yesterday.

“If they announce a BRICS bank it will be quite something,” O’Neill said in an e-mailed reply to questions on March 15. “At a minimum it symbolizes they can achieve something as political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank, which may aid infrastructure and trade projects.”

Currency Pool

While BRICS leaders may approve the creation of a development bank in principle at the summit, details on funding and operations may take longer to finalize.

Russia favors capping each side’s initial contribution at $10 billion, Mikhail Margelov, President Vladimir Putin’s envoy to Africa he said in a March 15 interview in Moscow.

“It will be some time before it will be feasible for this bank to start financing say, a railway project,” Simon Freemantle, an analyst at Standard Bank Group Ltd., Africa’s biggest lender, told reporters in Durban yesterday. “That is some way out.”

Interest rates near zero in the U.S., Japan and Europe have fueled foreign investors’ appetite for higher-yielding assets, driving up currencies from Brazil to Turkey. Brazil has warned of a global currency war as nations take reciprocal action to weaken their currencies and protect export industries.

African Leaders

Brazil’s real has gained 1.9 percent against the dollar since the beginning of the year, while South Africa’s rand has dropped 8.7 percent in the period.

For South Africa, which makes up just 2.5 percent of total gross domestic product in BRICS, the summit is a way to showcase its role as an investment gateway to Africa. President Jacob Zuma has invited 15 African heads of state, including Egypt’s Mohamed Mursi and Ethiopia’s Hailemariam Desalegn, for talks with the BRICS leaders at the summit. For most of the BRICS leaders, it’s also the first opportunity to meet Chinese President Xi Jinping after his appointment on March 17.

“We will discuss ways to revive global growth and ensure macroeconomic stability, as well as mechanisms and measures to promote investment in infrastructure and sustainable development,” Indian Prime Minister Manmohan Singh said in a statement yesterday.

To contact the reporters on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net; Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

**GoodETxSG** · 27th March 2013 14:01

Reasons for close BRICS "Ties"... For Military Balance of Power and Financial Balance of Power... once the "R" and the "C" are allied the rest of the "BRICS" will snap in quite quickly. China has the $ and assets to get it rolling so the others are waiting for the signs to join in fully...

Source: https://youtube.com/watch?v=q49fooCy9Tg

Source: https://youtube.com/watch?v=JhFBk1giasE

Source: https://youtube.com/watch?v=aHSXQN9BZN4

Source: https://youtube.com/watch?v=mb8RUJ7bQJ0

**GoodETxSG** · 27th March 2013 14:17

So,
Deep in the dark caverns of the evil cabal what horrible false flag operations are they cooking up to keep this from happening? They cannot allow this to succeed unless they want it to for a WWIII to finally be feasible. But you KNOW their black minds are racing right now...