1)Why we want BRICS bank? Ans)it is high time that a new monetary and economic system replaces the current FED-BIS (Bank for International Settlement)-Wall Street dollar denominated predatory casino scheme that has in the last 100 years alone largely contributed to – and benefitted from – two world wars, impoverished our planet, socially and environmentally. This system is at the verge of a larger abyss than the depression of the 1930s. The global amount of outstanding derivatives is estimated way above 700 trillion dollars – global GDP is about US$ 72.6 trillion (est. 2014). Five of the largest US banks alone have each more than 40 trillion in derivative exposure. If they decide to call in their debt at one or in part, it would for sure create a worldwide tsunami with a resulting collapse of our western monetary system. Today 6 US banks control two thirds of all banking assets (in 2008 the figure was just over 40%). Add to this calamity that in 2008 the too-big-to-fail banks were ‘bailed out’ by public money, according to the new Todd-Frank banking Act, future insolvent banks have to rescue themselves by ‘bail-ins’ – confiscating money from depositors and shareholders. A similar law has recently been approved by the European Commission (EC). – The world at large can only hope that a new monetary system will emerge soon to reign in the atrocities of our western greed economy. 2)What is the potential for a BRICS currency to replace the U.S. dollar? Ans) The chances are good that a BRICS currency, or let’s call it a solid alternative currency based on the combined economy of sound nations will eventually displace the dollar as ‘world currency’ – in other words as currency of reference and major reserve currency. Once the new money is established with a secure exchange and transaction system, replacing SWIFT, it is very likely that many countries that so far do not dare abandoning the dollar – for fear of sanctions – might join the new money pool, thereby strengthening it. As I said before, it is high time that the currency of worldwide theft, abuse and exploitation – the US dollar – financial instrument for endless wars and economic terrorism, be replaced with a currency of peaceful endeavors that respects national sovereignty – a currency that works for the people, not for the elite of a few. 3)What is the significance of the $100 billion development bank set up by BRICS? Can it replace the World Bank? How will it be better for the Global South than the World Bank? Ans) For now it is a symbolic step away from the Washington Consensus of the WB and IMF neoliberal approach to development financing – away from privatizing of public goods and services, like water supply and health and education services – I would hope. Whether the new BRICS development bank will eventually replace the WB and maybe the IMF depends largely on the way the new bank sees economic development, whether their policies and fields of action are attractive to borrowers and address their people’s demands. – That means that people clearly do not like to see their corrupt leaders becoming richer, while their water and sanitation services are being privatized, their natural resources being exploited by foreign corporations for a pittance and their government operations being ‘structurally adjusted’, leaving masses of people jobless, their social safety nets being abolished or stolen, with reduced wages and pensions. These neoliberal pro-cyclical policies should definitely not be part of the new BRICS economic development bank. 4)What about Mass Media? Ans) People beware of the Mass Media and their outrageous lies! The Mainstream Media, or commonly called MSM, is a weapon as criminal and killing as the US / NATO war machine with its European puppets. The MSM are in the hands of 6 giant Judo-Anglo-Saxon media corporations. They literally control 90% of the information officially dished out to the common citizen. Their news are copied and replicated throughout the world, translated into whatever language is suitable and needed. They work and are paid for the financial and corporate elite, especially the military / security and financial complex. – They dupe people into believing that they are in pursuit of peace, protecting you from terror, preventing villains like Russia and China from taking over the world, when in reality it is thanks to Russian and Chinese diplomacy and economic pressures that the world has so far escaped WWIII. Already Goebbels, Hitler’s Propaganda Minister, said – A lie repeated often enough becomes the truth. That’s the level of lying we are exposed at today – far surpassing Orwell’s 1984 doomsday scenario. Our thinking has been brainwashed and manipulated to the point where a lie is more comfortable and easier to believe than the truth. There are few media that are worth watching or listening to. One of them is TeleSur of South America, with home in Venezuela. It broadcasts around the world, has top reporters and journalists stationed and reporting directly from the hotspots, with in-depth analyses, connecting the dots and areas of interest – something that is hard to find these days. TeleSur can be seen in most of the Southern Hemisphere, including in parts of the US, and everywhere on internet. We have to wake up – awaken to a consciousness of peace and solidarity – seeking the truth from uncommon sources, like the present one, TeleSur and others on internet, rather than submitting to the steady drip of indoctrination by the mainstream media. Becoming conscious of people, societies, the environment – the truth around us – that’s my wish for humanity. Source:- globalresearch.ca/is-brics-a-viable-alternative-to-the-u-s-dominated-world-economic-system/5415375
Posted on: Sun, 23 Nov 2014 06:54:03 +0000
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