The BRICS Bank marks a major step to de-dollarization, and a new monetary system. It should replace the Western-dominated “predatory casino scheme” that has contributed to world wars and “economic terrorism,” says former World Bank economist Peter Koenig.
BRICS countries’ leaders are disappointed by the US block on IMF reforms to help developing countries have more influence internationally. They called for the G20 to ratchet up pressure if America doesn’t ratify the 2010 IMF reform by the end of the year.
India will be glistening with gold in the next few days, as millions celebrate Diwali, the festival of lights. The holiday has pushed up demand for gold. In September the country imported $3.75 billion worth of gold jewelry in preparation.
Washington’s hegemonic position is being threatened by a new global movement that is fast becoming reality, with the BRICS group being a very important component of creating a truly multipolar world, Don DeBar, of CPR News, told RT.
Europeans’ anger with their governments over US-led sanctions against Russia can go “quite far” as they are fed up with US business influence helping arms exporters and NATO, but not average Europeans, former British diplomat William Mallinson told RT.
As smaller economies rejoice in the forming of the New Development Bank (NDB) led by Brazil, Russia, India, China and South Africa (BRICS), down in South Asia Bangladesh seems to be already ramping up to join the bank.