Fuming at Korea, Sputtering at BRICS: US Hegemony Hitting the Wall

[Purveyor]

First, who or what is BRICS?

BRICS stands for an association of trade agreements and mutual aid between Brazil, Russia, India, China and South Africa. The BRICS association is causing major fits in the US. In fact, the Obama administration is choking with rage. But why, one may inquire. Countries form trade and mutual aid agreements all the time. The US has such associations with many countries, including some of the above. But this particular association between Brazil, Russia, India, China and South Africa is an association like no other. It could conceivably change the entire economic map of the world.

Bloomburg .com News (03/25/13)in bold headlines reads “BRICS NATIONS PLAN NEW BANK TO BYPASS WORLD BANK, IMF”. How about them apples? BRICS will not use the US dollar as their currency, but their own currencies. Let’s see…what might this do to the World Bank, International Monetary Fund, UN Security Council and major global international US backed banks? Consider for a moment: BRICS compose 25 per cent of global GDP and 40 per cent of the world’s population.

Might the people of these countries prefer to deposit whatever money they have with their own banks? Borrow from their own banks? Might they prefer not to be bullied or threatened or overcharged by the power of the US banks in conjunction with the IMF and World Bank? What would this mean on the global stage?


I think it would mean that the back of Western economic hegemony would be broken. Not all at once, of course, but gradually. With time there would no longer be unlimited amounts of money sucked out of poor people the world over that has enabled the US to crush other countries with death dealing “shock and awe”, or drone attacks. No more “austerity” imposed by IMF and the World Bank. No more deliberately creating recessions by The Federal Bank in the US in order to make money scarce so the wealth the banks and Wall Street hold becomes more valuable. This is why the Obama administration and military is choking with rage.

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http://www.pacificfreepress.com/opinion/12465-fuming-at-korea,-sputtering-at-brics-us-hegemony-hitting-the-wall.html

[dipsydoodle]

1. I think they are currently discussing in which country the bank should be based.

Start up fund looks to the equivalent of US$ 50 billion rising to US$ 4.5 trillion over 5 years. Most loans are expected to be directed toward improved infrastructures. Wonder who'll get the contracts.

Looking at it another way there will be a lot of US Bonds not bought. Its also an intelligent use of their massive foreign reserves.