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Page added on May 2, 2015
Russia signs up to $100 bn BRICS fund to rival IMF
Russian President Vladimir Putin ratified an accord Saturday to set up a $100-billion reserve fund for the so-called BRICS — the five leading emerging economies that include Russia, China, Brazil, India and South Africa.
Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund that was set up after an agreement signed in July 2014 in Brazil.
The emerging economies also plan to form their own international bank based in Shanghai to challenge western dominance over international money markets.
“The accord on the creation of a common reserve fund for BRICS countries has been ratified,” a document from the Kremlin quoted by RIA Novosti news agency said.
The fund is meant to shield the BRICS against “short-term liquidity pressures” and promote greater cooperation between the five member countries.
Russia — which has suffered huge currency fluctuations since the outbreak of the crisis in Ukraine — sees the fund as an alternative to international financial institutions like the IMF and World Bank that are dominated by the United States.
The BRICS countries between them account for 40 percent of the world’s population, and a fifth of the planet’s GDP.
6 Comments on "Russia signs up to $100 bn BRICS fund to rival IMF"
Davy on Sun, 3rd May 2015 6:32 am
I highly recommend reading this insightful article. It is per a Russo viewpoint and should be balanced with an equally insightful American response which of course is not present these days:
http://www.zerohedge.com/news/2015-05-02/what-does-putin-want
Russia is not growing stronger nor is China per this article except in a general global decline and American power vacuum. All countries are in decline and this decline is the real Politik not the Russo American conflict. The Russo American conflict is just a subset of a global conflict and decline economic, political, and systematic.
The opinion of this article on Europe is suspect also. I agree the Americans are exploiting Europe for their own goals but Russia is not alternative for Europe. Russia would likewise exploit a weakened divided Europe as it has and as it has been exploited by Europe. Europe does not trust Russia nor Russia Europe. There will likely never be such an alliance. Russia is too large and too close to be a trust worthy partner.
The Brics are nothing more than an arrangement of countries seek mutually beneficial opportunities. These countries are too dispersed, too involved in the global, and too beset with problems to become an alternative to the current global system. IOW there is no decouple from the global for the Brics except around the edges. This Bric arrangement is significant but not a game changer.
We are now in a broad based decline that will see this negative momentum strengthened by cold, proxy and god forbid hot war. Russia, US, EU, and China are critical nodes in the global and any conflict among these entities will disrupt and decay an already decaying system.
We are in inevitable global decline and conflicts at these levels will move this along quicker. These conflicts are inevitable considering the developing multi-polar world, American power vacuum, and global resource depletion. The outlook is bad with little hope for constructive change.
Rodster on Sun, 3rd May 2015 6:41 am
The BRICS and AIIB are all in cahoots with the IMF/WB/BIS cabal. It’s kind of laughable they want to disassociate from the West but price the investments in $USD. If they were real serious it should be priced in Yuan as the East keeps threatening to implement the Yuan as the world’s reserve currency.
It’s all a con job for a Global IMF/WB/BIS takeover of EVERYTHING !
joe on Sun, 3rd May 2015 10:39 am
Agreed, it’s clear that any bank set up now to act as a ‘reserve’ must be integrated into the global banking system, otherwise it will be made a pariah just like bitcoins. The name/type of currency is irrelevent so long as the those controlling it’s supply are private bankers. Let’s talk revolution if they announced that the government’s on their own would issue their own currencies and supply each other debt free in abundance. That would scare Wall St, anything else is just one more place for the corrupt hide their hard-dollar currencies.
Davy on Sun, 3rd May 2015 10:46 am
True Joe, The Street Psychos are salivating at a new location to infiltrate with their corruption and manipulation for ill gotten gains. Current money center sources are mature and increasingly exposed by halfhearted honesty making legalized robbery less profitable.
JuanP on Sun, 3rd May 2015 12:20 pm
Joe has a very valid point, but I welcome any alternatives to the IMF and World Bank anyway. I rate the IMF as one of the most evil and damaging institutions created in human history. As far as I am concerned, it is right up there on the top of the list along with the Roman Catholic Church. But, as Joe pointed out, no private bank can be part of the solution.
JuanP on Sun, 3rd May 2015 1:26 pm
Davy, thanks for that link. http://www.zerohedge.com/news/2015-05-02/what-does-putin-want
I found the article extremely interesting. I almost completely agree with the author’s analysis of the present and past events. I just disagreed with his conclusions of what my happen in the future, but none of us are clairvoyant and we are all just guessing.
I highly recommend the link provided by Davy to those who want to better understand the ongoing Russian-American War. It contains an excellent analysis of the present situation.