"At the final stage of realization -- the initiative to
create a BRICS forex reserve pool -- the size of its capital has been agreed at
$100 billion," Russian President Vladimir Putin said while opening the G20
Summit in St. Petersburg.
Russia, Brazil and India will contribute $18 billion to the
BRICS currency reserve pool, while China $41 billion and South Africa $5
billion, according to a press release issued by the BRICS on Thursday. Earlier
this week Russia's Finance Minister Sergei Storchak said that there were still
a lot of "difficult details" to sort out.
"These are systematic themes, complicated [and]
negotiationsare difficult. We must assume the bank will not start functioning
as fast as one could imagine. It will take months, maybe a year,"
The creation of the reserves pool may help the BRICS nations
in their drive to reform votes and quotas in the International Monetary Fund
(IMF).
The Almighty Dollar Is In Peril As The Global
'De-Dollarization' Trend Accelerates
Prominent international voices are starting to question why
the U.S. dollar should be so overwhelmingly dominant. As the Obama
administration continues to alienate almost everyone else around the entire
planet, an increasing number of prominent international voices are starting to
question why the U.S. dollar should be so overwhelmingly dominant in global
trade. In previous articles, I have discussed Russia's "de-dollarization
strategy" and the fact that Gazprom is now asking their large customers to
start paying in currencies other than the dollar. But this is not just a story
about Russia any longer. China and South Korea have just signed a major
agreement to facilitate trade with one another using their own national
currencies, and even prominent French officials use the dollar less and the
euro more. John Williams of shadowstats.com recently said that things have
never "been more negative" for the U.S. dollar, and he was right on
the mark. The power of the almighty dollar has allowed all of us living in the
United the U.S. economy. In future years the value of the dollar will go down
substantially, all of the imported goods filling our stores will become much
more expensive, and it is going to cost the federal government a lot more to
borrow money. Unfortunately, with the stock market hitting all-time record
highs and with the mainstream media endlessly touting an "economic
recovery", most Americans are not paying any attention to these things.
French oil giant Total is one of the largest energy
companies in the entire world. On Saturday, Total's CEO made an absolutely
stunning statement. According to Reuters, he told reporters that there "is
no reason to pay for oil in dollars"...
The BRICs Are Morphing Into An Anti-Dollar Alliance
increasingly more countries are setting the stage for the
final currency war, we go again to Russia where VOR's Valentin Mândr??escu
explains that slowly but surely the BRICS -- that proud Goldman acronym which
was conceived to perpetuate the great American way of life by releasing
trillions in US-denominated debt in heretofore untapped markets -- are morphing
into an anti-dollar alliance.
BRICS is morphing into an anti-dollar alliance, From VOR
Before the crucial visit to Beijing next week, the governor
of the Russian Central Bank, Elvira Nabiullina met Vladimir Putin to report on
the progress of the upcoming ruble-yuan swap deal with the People's Bank of
China and Kremlin used the meeting to let the world know about the technical
details of its international anti-dollar alliance."
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