The BRICS Bank: A First Look

DoChenRollingBearing

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I have seen a lot of attention directed recently at this "BRICS Bank" just founded there in Brazil. What is it? What are they up to? Is it the death-bell for the dollar?

Ah, no. The BRICS Bank is really an agreement to found two institutions: the "New Development Bank" ("NDB") and the Contingent Reserve Arrangement ("CRA").

The NDB looks an awful like the World Bank...

The CRA looks an awful like the IMF... (Except the CRA NEVER mentions gold, which was considered important in the founding of the IMF, way back in 1944...)

See my take (and links to the original texts of the Agreements in Brazil as well as links to two other "digestible" articles (hey, international treaties are not easy reading) by The Washington Post and The Daily Bell:

"The BRICS Bank: A First Look"

http://goo.gl/R9NO40
 

ancona

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This is the end run brother DC. The end run will finalize the dollar demise, since others will see that dollars are not a requirement to do business and will copy this model. Once the dollar is gone, it's lights out for us.
 

DoChenRollingBearing

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ancona and rblong2us!

Hey, my blog piece is JUST limited to the public documents put out by the five members (BRICS) re their two new organizations (misnamed the "BRICS Bank"), as well as two articles analyzing the treaties.

My guess (guess!) is that our US$ will fail not because of BRICS, but because of our internal rot.

P.C.R. more-or-less argues the same in his piece.

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And yet, I wonder... How are these BRICS any better off than we are (re strength of their economies and their own internal problems)? Russia and China have grave demographic and environmental problems. Russia and China will eventually become hostile to each other... INDIA will (likely) have issues with China too.

I am not saying that we will be all OK!!! I just think that the Free Stuff Army and all of the "Undocumented Democrat Voters" (illegals along our southern border) will more probably be our downfall than the BRICS.
 
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