New BRICS Development Bank Announced
by Stephen Lendman
Challenging Western predatory banking.
In September 2006, four original BRIC nations met in New York. On May 16, 2008, Yekaterinburg, Russia hosted a full-scale diplomatic meeting.
In June 2009, Brazil, Russia, India and China again met in Yekaterinburg.
Early steps were taken to end dollar supremacy. Eventual plans may replace it with a global currency or basket of major ones.
In 2010, South Africa joined the BRIC alliance. It was formally invited to do so. The group was renamed BRICS. Annual summits are held.
On March 26 and 27, Durban, South Africa hosted the group's fifth one. More on that below.
Their "mechanism aims to achieve peace, security, development and cooperation. It also seeks to contribute significantly to the development of humanity and establish a more equitable and fair world."
America's economic supremacy is declining. BRICS countries are some of the world's fastest growing.
They comprise a significant economic and political block. They account for over 20% of world GDP.
They're on three continents. They cover more than one-fourth of the world's land mass.
Their population exceeds 2.8 billion. It's 40% of the world total. By 2020 or earlier, China may become the world's largest economy.
By mid-century or sooner, India's predicted to be number three, Brazil number five and Russia number six.
Between 2000 and 2008, BRICS contributed about half of global growth. In the late 1990s, Russia's debt default and Brazil's currency crisis rocked world economies. Today they have vast foreign exchange reserves.
BRICS have more global trade than America. China's the world's largest exporter. India's an information technology powerhouse.