BRICS Establish New Development Bank to Rival the IMF and World Bank

Authored or posted by | July 16, 2014
Share Button
Brazil BRICS Summit July

Screenshot from RT.com

The representatives of the BRICS nations, which consist of five countries (Brazil, Russia, India, China, and South Africa) came together at a summit in Brazil on July 14-16 and agreed to establish a new development bank to compete with the IMF and World Bank. This is very interesting news because it is a sign that the Banksters of the New World Order (NWO) are losing control of the world financial system. Since the early 1900s, the NWO has been in control of the world financial system and using it to enslave the people of the world.

With the BRICS opening a new development bank to rival the International Money Fund (IMF) and World Bank, countries will have another option to find funds to finance their economic development projects. Hopefully, the leaders of this new development bank are responsible enough to keep it from becoming corrupt like the IMF and World Bank.

(RT.com) The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.

The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size.

“BRICS Bank will be one of the major multilateral development finance institutions in this world,” Russian President Vladimir Putin said on Tuesday at the 6th BRICS summit in Fortaleza, Brazil.

The big launch of the BRICS bank is seen as a first step to break the dominance of the US dollar in global trade, as well as dollar-backed institutions such as the International Monetary Fund (IMF) and the World Bank, both US-based institutions BRICS countries have little influence within.

“In terms of escalating international competition the task of activating the trade and investment cooperation between BRICS member states becomes important,” Putin said.

Russia, Brazil, India, China and South Africa account for 11 percent of global capital investment, and trade turnover almost doubled in the last 5 years, the president reminded.

Each BRICS member is expected to put an equal share into establishing the startup capital of $50 billion with a goal to reach $100 billion. The BRICS bank will be headquartered in Shanghai, India will preside as president the first year, and Russia will be the chairman of the representatives. Each country will send either their finance minister or Central Bank chair to the bank’s representative board.

Membership may not just be limited to just BRICS nations, either. Future members could include countries in other emerging markets blocs, such as Mexico, Indonesia, or Argentina, once it sorts out its debt burden.

Read full article

Share Button

Donate to Help Make a Difference

OmniThought.org is a true independent blog and is free of third-party ads. If you like reading the articles on this site, please take action now by clicking the "Donate" button below to send a donation to the author/editor. Your generous support will help fund his research and expenses, allowing him to continue his quest to educate and teach people to create a better world for everyone.


Tags: , ,

Category: Breaking or Interesting News/Info, Economy & Finance, New World Order

Comments (2)

Trackback URL | Comments RSS Feed

  1. JoeyJ says:

    This is pure deception. Its a Bait and Switch tactic. Its blatantly obvious that Putin is in bed with the biggest criminal US has ever known. Henry Kissinger. And China’s leader is an illuminati insider. The World banking system and BRICS are just two sides of the same coin. Its all part of a global economic crash HOAX that will take place to get the masses to move over the the global currency, which is what BRICS was created for. All the same rich asshole bankers like Rockefeller and Rothschild are right inside Russia and China. The supposed tensions between all these countries are a big HOAX brought on by the same media that is owned by all these jerks. Even the propaganda that was used against Putin was all faked. Putin is not who you think he is.

    YOU ARE BEING TAKEN FOR A VERY BIG RIDE PEOPLE!!

    The best thing you can do is take action!! This will all be implemented over the course of the next 50 years. OR LESS. They are working the public like a bunch of dumbass cattle. And the mainstream has a room full of trolls who go online all day and write articles. Disinformation articles. To confuse the Truth. Be careful what you read!! Because you might get 90% truth in order to get fed 10% LIES!!

    Just like GOD told us. PROVE ALL THINGS. Be diligent in your efforts.

    • PL Chang says:

      Since I published this article nearly over a year ago, I have discovered some information that correlates to what you are saying. My intuition is telling me that the NWO is playing a major role for developing the BRICS bank.