The „World as we Know It” [continues] to come to an end… 7-5-14, „BRICS Bank to start lending soon: Brazil”

Kauilapele's Blog

brics_2013_leadersMy sense is that this is quite BIG… Here’s a couple points that hit me.

Developing nations have long complained that the World Bank and International Monetary Fund are failing to address underdevelopment and Western nations have too much say over the management of these institutions

„The influence of these emerging economies in the global financial architecture as well as global politics is growing. The five BRICS countries represent almost three billion people, with a combined nominal GDP of $16 trillion and an estimated $4 trillion in combined foreign reserves. “We had a big jump in participation of BRICS in global exports, currently reaches more than 17%,” Damico told TV Nacional Brasil.

Chinese Foreign Minister Wang Yi said the BRICS summit in Brazil should focus on promoting two major projects — the development bank and an emergency reserve — and sending out signals of confidence, unity and cooperation.

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