Posts Tagged ‘China’

BRICS Nations Seek To Unseat Western-dominated World Bank

Vladmir Putin

Newscast Media MOSCOW—Russian President Vladimir Putin plans to visit Cuba,
Argentina and Brazil later this month, the Kremlin press service said in a statement
Friday. The president is to visit Latin America and attend a summit of the BRICS
group of five major emerging economies (Brazil, Russia, India, China, and South
Africa) on July 11-16.

“On the sidelines of the BRICS summit, Putin is scheduled to meet with leaders of
China, India and South Africa, as well as with a number of Latin American leaders,”
the Kremlin said.

The sixth BRICS summit is due to be held in northeastern Brazil’s Fortaleza on July 15.
Argentina is to participate in the summit at Russia’s invitation. At the meeting, the
BRICS countries plan to discuss the possible admission of Argentina as the sixth
member country.

Brazil, Russia, India, China and South Africa are currently working on setting up a
BRICS development bank as an alternative to the Western-dominated World Bank and
the International Monetary Fund. The idea was proposed by India at a 2012 meeting
of the organization’s finance ministers in Mexico.

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.

Source: Ria Novosti


Be the first to comment - What do you think?  Posted by Joseph Earnest - July 4, 2014 at 8:48 pm

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US vs. China: The battle for supremacy over the world’s economy is on

U.S Vice President Joe Biden strikes a pose. —Photo by Joseph Earnest

Newscast Media BEIJING—China has spread its tentacles into Africa. The U.S. is
extremely nervous…and rightfully so. U.S. Vice President Joe Biden is currently in
China trying to slow the Chinese down. Yet Africans have openly embraced the
Chinese due to their “hands off” approach on Africa’s domestic affairs.

The no-strings-attached loans being extended to the Continent by their newly-found
Asian friends are a lot more appealing than the U.S. dollars that the West dangles like
a carrot in the faces of Africans, with pre-conditions attached.

Africa is rising. The economies are booming. Even the native African doomsday sayers
who are paid to paint a negative picture about the Motherland have run out of dismal
articles to write about the Continent, because the transformation is self-evident.


Be the first to comment - What do you think?  Posted by Joseph Earnest - December 4, 2013 at 11:27 pm

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