BRICS creating parallel Monetary Fund disillusioned with IMF and World Bank - expert

This will be a major game changer and before it comes to pass we will likely see the announcements of a Gold backed Ruble and Yuan.

It is hard to imagine that the BRICS do not have a schedule which the US is relating and reacting to with stirring up trouble. The difference is the BRICS have the hard assets to backup their play. And the world is sick of Hegemony and Agency malpractice.

The greatest real victims soon will be the American people, if it all collapses. Be very afraid.

© Collage: Voice of Russia

The Voice of Russia
1 May 2014

Frustrated by the IMF and World Bank controversial policy, the BRICS nations go on creating the alternative financial supranational institutions for emerging economies. In recent years the IMF has discredited itself, becoming a completely politicized and "odd" structure, which supports interventionist "super state" ambitions of the EU and the US, stresses Patrick L Young, an expert in global financial markets, referring to the ongoing events in Ukraine.

Brazil, Russia, India, China and South Africa are fed up with the US failure to ratify a four-year-old agreement aimed at reforming the IMF system. Thus the post war consensus on financing bodies appears to be breaking down, writes the expert in his RT Op-Ed ‘BRICS building parallel IMF.’

"The US and Europe have maintained a stranglehold on the IMF/World Bank C-suite not only in the face of a massive eastern renaissance but also with a certain degree of abject hypocrisy given the abysmal financial management of spendthrift US governments for decades let alone the travesty of recent European economic governance," he notes.

According to Patrick Young the IMF is gradually losing its significance as an international financial arbiter. First Dominique Strauss-Kahn and then Christine Lagarde have been entrapped by the "flawed policies of big debt and big government," utterly ruinous for the European economy.

read more

No comments:

Post a Comment