Russia signs up to $100 bn BRICS fund to rival IMF

[Little Tich]

Source: Yahoo! News / AFP

Moscow (AFP) - Russian President Vladimir Putin ratified an accord Saturday to set up a $100-billion reserve fund for the so-called BRICS -- the five leading emerging economies that include Russia, China, Brazil, India and South Africa.

Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund that was set up after an agreement signed in July 2014 in Brazil.

The emerging economies also plan to form their own international bank based in Shanghai to challenge western dominance over international money markets.

"The accord on the creation of a common reserve fund for BRICS countries has been ratified," a document from the Kremlin quoted by RIA Novosti news agency said

Read more: http://news.yahoo.com/russia-signs-100-bn-brics-fund-rival-imf-201016980.html

[jwirr]

1. Oh, no. Russia has found a way to really spin the heads. Rivaling the IMF? The poorer countries have

a champion. And we are in another war to help out our banksters and corporations out of the problems they made themselves.

[JDPriestly]

2. Time for Bernie. The TPP is a waste of American energy and resources.

We have a huge trade deficit but we act like we are the richest nation. Doesn't work that way. We have wasted the great wealth that our ancestors left to us.

[jwirr]

7. Absolutely. Just because we have a few rich families does not make us rich. We were truely rich

when we had good jobs and almost everyone shared in some way.

[jamzrockz]

4. Yea, cos poor countries would definietly

prefer a monopoly in banking. as a better option to competition

[jwirr]

8. Have you watched the history of poor countries that are now socialist? I mean the ones that are

not ruled by the IMF and our CIA? We don't offer them a democracy either.

[hedda_foil]

3. That's what happens when a country thinks it's the only kid on the block.

That's what happens when a country thinks it's the only kid on the block.

Our neocon foreign policy and neoliberal economics are at the heart of the dysfunction between government and the people, and between our government and the rest of the world.

Of course the Russians and Chinese are becoming more influential by the day. We have squandered our patrimony for the proverbial mess of pottage. I didn't think I'd ever say this, but I doubt if Washington can be restored to sanity much less to functioning as it once did. It would be like cleaning the shit out of nthe Augean stables.

[bemildred]

5. +1. nt

[riverbendviewgal]

6. what would happen if the gold standard was brought back?

What countries would thrive and what countries suffer?

[jwirr]

9. The articles says they are also going to set up their own banking system and create their own money.

And as long as we keep importing from some of these countries at the rate we are we will be paying into that new system. That alone is going to help them a lot. We as another poster said yesterday have a resource utilization problem. We are avid consumers.

I honestly do not know how this is going to effect us but I think it will change the balance of power. Russia and China are huge and there a lot of poor countries who have been screwed over by the IMF. Together they are powerful.

And we are already overstretched with some kind of war in too many countries and not enough attention paid to the domestic needs at home. I was sarcastic in my original post but I recognize this as a real problem.