The BRICS summits to all intent and purpose come across as meetings of grownups in an otherwise juvenile and insane world. With two commie countries as the two most prominent members of the 5-nation gang, we are inclined to discard this group in our traditional "hate communists" spit out. Then on second thoughts many of us are looking at what the other side has to offer and going "hmmmmmmmm". I, for one, am liking the stance the BRICS are purposing to take. It's high time the USA and the Rothchilds and their manipulation and plotting to keep the US Dollar as the only trading currency, if you want oil for your nation's engine, is given a rude awakening. They have brought it on themselves by signing all those agreements with Saudi Arabia and OPEC. IMO, the BRICS's ultimate goal is to have a petro currency of their own. That's what is scaring the US$ lovers more than anything else the BRICS might purpose.
Although the media in the West is undermining the BRICS and their efforts, we can't get away from the fact that there will be increasingly important roles these members will be playing in the financial future of our planet and by extension to the downgrading of the American dollar. The US $ is gonna fall folks. Maybe not this year, maybe not next year, maybe not for the next few years, but the fall is inevitable. I hope our Canadian dollar can withstand that storm.
The first vid below is from the BRICS #4 summit in India.
"It's done," declared South African finance minister, Pravin Gordhan, even before the official opening of the summit on Tuesday. Later, Gordhan and his counterparts from Brazil, Russia, India and China scaled back their plans. The final communiqué mentions the bank, but details such as capitalization, scope of the bank's activities, how projects would be distributed and where the bank would be based are left unresolved. So the club of five has once again missed an opportunity to dispatch a clear signal to the World Bank and the International Monetary Fund.
Before the summit, Oliver Stuenkel, professor of international relations in Sao Paulo, had described the successful founding of the new bank as a "litmus test" for the BRICS states.
South Africa had applied to be the seat of the new bank, which would have $50 billion (39 billion euros) in starting capital and would make funds available for infrastructure projects within BRICS countries. There will be a fresh attempt to get the bank off the ground at the 2014 BRICS summit in Brazil............
From The Economist:
.....In contrast, the tentative step taken towards pooling the BRICS foreign-currency reserves came with a figure. A safety net with an initial size of $100 billion would be “feasible and desirable”, said the communiqué—as long as there were the right “legal frameworks and appropriate safeguards.” At least four of the five BRICS countries have ample currency reserves; the issue was whether and how to lend them to other, cash-strapped emerging economies. The frameworks and safeguards to make this work might not be all that feasible or desirable. On this evidence the IMF is likely to remain the world’s lender-of-last-resort for a while.
There will be an interim BRICS meeting when the G20 group of rich and soon-to-be-rich countries gathers in Russia in September. The next full BRICS summit will be held in Brazil in 2014, the year in which the country hosts the FIFA World Cup, the granddaddy of all football tournaments. Perhaps Rio or Sao Paulo will see the full graduation of the BRICS as a global force. The Durban summit did not quite make that mark...
At a summit in South Africa on Wednesday, Vladimir Putin likened the BRICS nations - Brazil, Russia, India, China and South Africa - to Africa's "Big Five" game beasts of trophy hunting lore - the lion, elephant, buffalo, leopard and rhinoceros.
The Russian president's comparison captures the dilemma of these muscular emerging global powers, which together present a formidable potential economic and political counterweight to the developed West, but individually could hardly be more different.
The question is whether the BRICS five can run as a herd or hunt as a pack on the global stage, transforming their diverse but collective strength into real institutions and coordinating structures to project their voice in the world.
At a two-day summit in Durban, South Africa, the leaders of countries that make up more than 40 percent of the world's population and a fifth of global GDP seemed to have little concrete to show from their mostly closed-door deliberations......