- The IMF and World Bank are largely tools of the Anglo-American western Illuminati. This move by the BRICS is a very clear warning to them. Russia and China are saying: “If you don’t change and give us more say, more voting rights; if you don’t enforce reforms on America: we will breakaway!” Implied in this move is the end of the global monetary, economic and financial hegemony of the western Illuminati. Historically, the Anglo-American western Illuminati will launch wars to annihilate any nation who threatens their Babylonian usury based Mammon power! The drums of WW3 will beat louder and louder!
- BRICS countries to set up their own IMF!
by Olga Samofalova, Vzglyad , http://rbth.com/
Very soon, the IMF will cease to be the world’s only organization capable of rendering international financial assistance. The BRICS countries are setting up alternative institutions, including a currency reserve pool and a development bank.
The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the International Monetary Fund and the World Bank, which are dominated by the U.S. and the EU. A currency reserve pool, as a replacement for the IMF, and a BRICS development bank, as a replacement for the World Bank, will begin operating as soon as in 2015, Russian Ambassador at Large Vadim Lukov has said.
Brazil has already drafted a charter for the BRICS Development Bank, while Russia is drawing up intergovernmental agreements on setting the bank up, he added.
In addition, the BRICS countries have already agreed on the amount of authorized capital for the new institutions: $100 billion each. “Talks are under way on the distribution of the initial capital of $50 billion between the partners and on the location for the headquarters of the bank. Each of the BRICS countries has expressed a considerable interest in having the headquarters on its territory,” Lukov said.
It is expected that contributions to the currency reserve pool will be as follows: China, $41 billion; Brazil, India, and Russia, $18 billion each; and South Africa, $5 billion. The amount of the contributions reflects the size of the countries’ economies.