The creation of the BRICS reserve currencies pool worth $100 billion will allow member states to depend less on negative processes in the world economy and bypass market volatility, said Russian Prime Minister Dmitry Medvedev.
The US may no longer be in control of the global economy, warned former Treasury Secretary Lawrence Summers, urging Washington to regain dominance by honoring commitments and stopping its own hypocrisy.
Russia aims to become the first country in the BRICS group of leading emerging economies to ratify an agreement on the foreign currency reserve pool, according to Russian Foreign Ministry Ambassador-at-Large Vadim Lukov.
As Russia assumes the chairmanship of the BRICS business council, the launch of the New Development Bank for its members will begin as an alternative to the US-dominated International Monetary Fund (IMF).
There is media confusion about what is going on in Yemen and the broader Middle East. Pundits are pointing out that the US is looking schizophrenic with policies that back opposite sides of the fight against al-Qaeda-style extremism in Iraq and in Yemen.
The US doesn’t see Russia as a real threat, but political and economic rivalry is behind its narrative as Moscow and Beijing are forming alternate poles of global power and finance, says Dr. Conn Hallinan, a columnist at Foreign Policy In Focus.
The US has created a belief that money would leave Russia, but money doesn’t flow out of countries that have extremely low debt and strong export earnings, Paul Craig Roberts, former US Assistant Secretary of the Treasury, told RT.
For every dollar the US spends in the IMF, four dollars are leveraged from other members, the Treasury secretary told Congress, urging lawmakers to approve a reform bill or risk losing “international credibility and influence.”
US Secretary of State John Kerry may be starting to enjoy the brinkmanship, as he says it’s “unclear” whether the US and Iran would reach a political framework nuclear deal before the end of this month.
Dominant neo-conservatives in the US are pursuing a very anti-Russian policy and seem to be hysterical and delusional in it, Dr. Clifford A. Kiracofe, Jr., former Senior Professional Staff Member of the US Senate Committee on Foreign Relations, told RT.
Winston Churchill once said, “I feel lonely without a war.” He also badly missed the loss of empire. Churchill’s successor – the ‘Empire of Chaos’ – now faces the same quandary. Some wars – as in Ukraine, by proxy – are not going so well.