Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging U.S.-Dominated World Bank & IMF
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http://www.democracynow.org - A group of five countries have launched their own development bank to challenge the U.S.-dominated World Bank and International Monetary Fund. Leaders from the so-called BRICS countries -- Brazil, Russia, India, China and South Africa -- unveiled the New Development Bank at a summit in the Brazilian city of Fortaleza. The bank will be headquartered in Shanghai. Together, BRICS countries account for 25 percent of global GDP and 40 percent of the world's population. To discuss this development, we are joined by Nobel Prize-winning economist Joseph Stiglitz, a professor at Columbia University and the World Bank's former chief economist. "It's very important in many ways," Stiglitz says of the New Development Bank's founding. "This is adding to the flow of money that will go to finance infrastructure, adaptation to climate change -- all the needs that are so evident in the poorest countries. It [also] reflects a fundamental change in global economic and political power. The BRICS countries today are richer than the advanced countries were when the World Bank and the IMF were founded. We're in a different world -- but the old institutions haven't kept up." This video is an excerpt from the Democracy Now! interview. Watch the full segment here: http://www.democracynow.org/2014/7/17/nobel_economist_joseph_stiglitz_hails_new Democracy Now!, is an independent global news hour that airs weekdays on 1,200+ TV and radio stations Monday through Friday. Watch our livestream 8-9am ET at http://www.democracynow.org. Please consider supporting independent media by making a donation to Democracy Now! today, visit http://owl.li/ruJ5Q. FOLLOW DEMOCRACY NOW! ONLINE: Facebook: http://www.facebook.com/democracynow Twitter: https://twitter.com/democracynow YouTube: http://www.youtube.com/democracynow SoundCloud: http://www.soundcloud.com/democracynow Daily Email: http://www.democracynow.org/subscribe Google+: https://plus.google.com/+DemocracyNow Instagram: http://instagram.com/democracynow Tumblr: http://democracynow.tumblr Pinterest: http://www.pinterest.com/democracynow
Comments
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Us dollar is going to collapse in the near future and Usa has unprecented debt which will fail usa economy.
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Brazil!
we together, can do everything!
God bless this partnership -
What could be the most interesting scenario is, Chinese government dumped most of the US treasuries and held USD cash instead, after a financial market crash in the US, China proceeded to buy up preferred shares from companies in the US, then used dividends from those companies to fund infrastructures in the future. That would be interesting, not just that the capital from annual trade surplus with United States would be much more efficiently used but owning stakes in Fortune 500 means those US companies would pay lobbyists out of their own managements' coffer to visit Washington. That would be interesting diplomacy indeed, whether it is plausible is another question, but it could be more sustainable a strategy than dumping US treasuries when US submarines sail through South China Sea.
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The West will try to destabilize BRICS. Even Panama papers leak is a strategy by america to create political problems
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There is an ongoing attempted coup in Brazil, the plot search allegedly prove Lula and Dilma corruption but it is actually a struggle for oil in deep waters of Brazil. We need help all over the world. Share this information as much as you can, so we can receive help of world's leaders.
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their in cahoots, with the rothschild. has to be, that bank is going to pay off all the debt owed to the federal reserve from all the other country's. then everybody will switch to that currency, totally collapsing the dollar , the dollar will stay a float for a why'all. because, the bricks will pay off the old debt, of the federal reserve. keeping the dollar afloat long enough to get their rothschild scheme, I mean banks up an open, in many country's or all the country's. ."REMEMBER" no debt base currency ever works, with out in slaving you and, or your country. the rothschild are the champs at monetary games, one other thing not sure, but is the B,I.C.K.S.going to be a 10 percent fractional reserve lending sty'll bank..
I have to Google my own question about the fractional reserve part, know?.. .
that is my spin on the situation, still confuss ...
P.S. if only the Americans could obey article 1 section 8 of the constitution. . they them self, could be! the federal reserve... -
putin right now is rebelling against the bankers like hitler and napoleon did before them. he can try but he'll eventually be put down unfortunately. napoleon had an alliance with russia before the jews soured the relationship. i fear they'll do the same between russia and china. china will backstab russia to become the host of the new top world currency, overriding usa
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*jewish dominated world bank
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I feel like brics is either going to merge with the western one.. or when the western one collapsed we will be engulfed lol
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Be very careful of jonkey government from nz, he has affiliations with builderberg the federal reserve, Rothchilds etc etc.
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I hope the BRICS development funding does not turn out to be like the World Bank or IMF who do investments by economic blackmail and extortion. If they actually invest in countries without exploiting them then this could be decent. And if they start using currency backed by gold or silver then that's even better. Get us off this useless fiat currency. How ironic would that be if it turns out that these developing nations ended up being the ones to help destroy the central banks instead of the U.S.
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its good that within our lifetime we will see US fall from the sky trying to act like gods.now no more american will argue that their country is the best and if they wanted they can destroy us or threaten us and that they are untouchable. no more countries like israel will have free protection . next time an american comes to your country and acts like they are the boss of everyone and tell u " our military can destroy ur country in one day.." bullshit u can slap that bitch back to the gutter and tell them to kiss our asses now cuz we asians will rule the coming centuries.
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Every time people say "economist" or "columnist", I thought it was "communist". LOL
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"Brazilian own Development Bank BNDES is bigger than World Bank."
How can you stop these countries in 2 or 3 decades? -
stig is a known zionist old fart..fuck these zionists.I hope putin kicks ass.
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israel wants to stop iran cus they know US will reject israel and hail iran then both israel and US can benefit from iran OIL..but its fish story now LOL
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ww3 getting closer......
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in less time the "New Development Bank" will surpass and prevail its dominance over IMF, World Bank and other banks controlled by Zionists. As long as BRICS (and future BRICS) members will make it as a guarantee and ensures everyone that they won't make a big mistake to what most American & European banking systems did (by letting the Zionists control/own most of their banks).
As for now, BRICS (and future BRICS) members just work hard, stand tall & don't fall for any Zionist deceptions starting with BYPASSING THE U.S. DOLLAR EXCHANGE in world trade. Perhaps thereafter, bypassing the EURO dollar and eventually dragging the Zionist-controlled banking systems on their knees, as well as their one-sided (pro-Zionist) medias filled with hypocrites. -
Money has to have the backing of a true economy and not an imaginary one like the Western banking system has. The US dollar should be rated to junk. It has lost it's real value the day A. Lincoln was killed by the Bank of England.
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Watch this.
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