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Thread: BRICS nations to form new bank to match World Bank

  1. #1
    DSP
    Heri DSP's Avatar DSP is offline
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    BRICS nations to form new bank to match World Bank

    Long overdue.... it's about time




    http://www.voanews.com/english/news/...144890255.html

    Leaders from some of the world's largest developing economies -- Brazil, Russia, India, China, and South Africa, the so-called BRICS -- called Thursday for a more representative international financial structure.

    Wrapping up a summit Thursday in New Delhi, the five-nation bloc proposed the formation of a shared development bank. The "BRICS bank” would help shield the developing world from financial crises emanating from richer nations.

    "It will support our priority infrastructure projects as well as trade and investment opportunities with our BRICS partners," said South African President Jacob Zuma, explaining that African leaders welcome the proposal. "Such a bank has great potential to help us create good jobs in developing countries."

    Indian Prime Minister Manmohan Singh, who hosted the summit, said the countries are moving closer to a key step in promoting mutual investment.

    "We have agreed to examine in greater detail a proposal to set up a BRICS-led South-South development bank funded and managed by the BRICS and other developing countries," he said.

    A quarter of world trade

    BRICS nations have nearly half the world's population and account for more than a quarter of world trade.

    Export-import banks from the five nations signed a separate deal Thursday making it easier for the countries to trade with each other in their own local currencies.

    Russian President Dmitry Medvedev said the BRICS nations will play a key role in reforming global governance in coming years.

    "The world financial system is outdated and needs to be reformed," he said. "It does not take into account the significant role played by BRICS countries."

    BRICS leaders spoke in one voice on Syria Thursday, saying the crisis there should be resolved through “broad national dialogues” and with respect for the country's independence and sovereignty.

    On Iran, the group said it recognizes Teheran's right to peaceful use of nuclear energy and warned “disastrous consequences” would result if the dispute about alleged nuclear weapons programs escalates into violence.

    The one-day summit here in the Indian capital took place under extraordinary security, following the self-immolation protest of a Tibetan exile earlier in the week. The protester died of his burns Wednesday

    Indian police have taken dozens of Tibetan exiles into protective custody in the city, declared many areas off limits, and set up numerous checkpoints along roads near the summit venues.

    One small group of Tibetan exiles did manage briefly to unfurl a Tibetan flag Thursday near the hotel where Chinese President Hu Jintao is staying. They were arrested.
    Last edited by DSP; 03-29-2012 at 11:22 AM.
    EloquenceInc likes this.

  2. #2
    where de crix Oneshot's Avatar Oneshot is offline
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    i wanna see how Amerikkka gonna invade the BRICS
    sharkie and DSP like this.

  3. #3
    DSP
    Heri DSP's Avatar DSP is offline
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    Quote Originally Posted by Oneshot View Post
    i wanna see how Amerikkka gonna invade the BRICS

    LOL imagine that


    some new economic powerhouses emerging

    Population

    Brazil 194,946,470

    China 1,338,299,512

    India 1,170,938,000

    Russia 141,750,000

    South Africa 49,991,300

  4. #4
    sharkie
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    Good for fockin them!!!

    I need to find a Brazilian man yes.

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    Registered Member VINCYPOWA's Avatar VINCYPOWA is offline
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    Quote Originally Posted by sharkie View Post
    Good for fockin them!!!

    I need to find a Brazilian man yes.

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by DSP View Post
    LOL imagine that


    some new economic powerhouses emerging

    Population

    Brazil 194,946,470

    China 1,338,299,512

    India 1,170,938,000

    Russia 141,750,000

    South Africa 49,991,300


    i wonder where she will go..

    i suspect Obama was playing a political game by putting a weak American nominee

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    DSP
    Heri DSP's Avatar DSP is offline
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    Quote Originally Posted by Oneshot View Post


    i wonder where she will go..

    i suspect Obama was playing a political game by putting a weak American nominee
    Isn't she the Nigerian nominee?

    I thought Obama's nominee was an Asian american?

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by DSP View Post
    Isn't she the Nigerian nominee?

    I thought Obama's nominee was an Asian american?
    yeh you correct.. but i'm saying the Asian nominee was probably nominated so that the Nigerian nominee would be selected without fuss. She is the new head of the World Bank, this would throw a towel on the BRICs plans.

  9. #9
    DSP
    Heri DSP's Avatar DSP is offline
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    Quote Originally Posted by Oneshot View Post
    yeh you correct.. but i'm saying the Asian nominee was probably nominated so that the Nigerian nominee would be selected without fuss. She is the new head of the World Bank, this would throw a towel on the BRICs plans.
    good point.. or it could make it easier for the 2 banks to work together

  10. #10
    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by DSP View Post
    good point.. or it could make it easier for the 2 banks to work together
    i hate collusion, I was hoping for an alternative

  11. #11
    DSP
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    Quote Originally Posted by Oneshot View Post
    i hate collusion, I was hoping for an alternative
    lets hope so

    a 3rd bank wouldn't hurt either

  12. #12
    Get your passport & come ! EloquenceInc is offline
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    Quote Originally Posted by sharkie View Post
    Good for fockin them!!!

    I need to find a Brazilian man yes.
    But si ya...


    DSP NICE post! I hope it goes well, everything does better with a little competition!
    Who has eyes to see, let them see...

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