TV News LIES

Wednesday, Oct 01st

Last update06:10:04 AM GMT

You are here News International Emerging nations plan their own World Bank, IMF

Emerging nations plan their own World Bank, IMF

E-mail Print PDF

emerging nations Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.

Brazil, Russia, India, China and South Africa —the so-called BRICS countries — are "seeking "alternatives to the existing world order," said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.

At a summit Tuesday through Thursday in Brazil, the five countries will unveil a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world.

The five countries will invest equally in the lender, tentatively called the New Development Bank. Other countries may join later.

The BRICS powers are still jousting over the location of the bank's headquarters — Shanghai, Moscow, New Delhi or Johannesburg. The headquarters skirmish is part of a larger struggle to keep China, the world's second-biggest economy, from dominating the new bank the way the United States has dominated the World Bank.

The bloc comprises countries with vastly different economies, foreign policy aims and political systems — from India's raucous democracy to China's one-party state.

More....


Most Recent Related Stories...


History’s largest trade agreements are being negotiated in secret

Secret trade agreementsIn August 2007, then–presidential candidate Barack Obama vowed that, if elected, he would “immediately” amend the...

Ashraf Ghani sworn in as Afghanistan's new president

Ashraf GhaniAfter an exhausting and contentious election process, Ashraf Ghani, a US-educated anthropologist turned reformist politician, has...

Hong Kong pro-democracy protests expand in defiance of government

Hong Kong protestsAs Hong Kong opened for business Monday, pro-democracy protesters wearing masks and wielding umbrellas to protect...

Trial of 46 alleged jihadists begins in Belgium

Jhadist trial in BelgiumThe Antwerp, Belgium, trial of 46 alleged jihadists who traveled to Syria to fight for the...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!