An idea whose time has come: Let’s get these facts straight first. The World Bank is not really a world bank; it’s an American bank. Similarly, the IMF is its evil twin sister. Both institutions were established to further western control of the world. But the times, they are a-changin’. The centre of gravity of the global economy has moved from the West to the East. Plus, the emerging economies are mostly net creditors to developed nations, as they account for 75 percent of the world’s total currency reserves. And yet the power of wealth distribution remains in the hands of western countries. This dichotomy exists because those who control money also control the flow of wealth. As per the Bretton Woods Agreement, 44 countries agreed to fix their exchange rates by tying their currencies to the US dollar. American leaders assured the rest of the world the dollar was dependable by linking the US dollar to gold. In a 2008 column, MJ Stephey wrote in Time: “Nations also agreed to buy and sell US dollars to keep their currencies within 1 percent of the fixed rate. And thus the golden age of the US dollar began.” The BRICS are now in a position to undo this fraud and divert the flow of wealth in a more equitable direction. tehelka/five-reasons-why-the-world-needs-the-brics-bank/
Posted on: Thu, 17 Jul 2014 06:43:24 +0000
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