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It substitutes debt peonage for freedom. A race to the bottom follows. An elite few benefit at the expense of most others. It sacrifices economic growth for private gain. It's the worst of all possible worlds. Nations are transformed into dystopian backwaters.
BRICS have other ideas in mind. They seek a multipolar world. Much work remains to be done. Agreement on details must be finalized. It'll take time to begin operations.
It'll be a second alternative to Western debt bondage. In December 2006, Hugo Chavez proposed a Bank of the South (Banco del Sur).
A November 2007 summit launched it. In September 2009, it was established. Its members include Venezuela, Brazil, Argentina, Ecuador, Bolivia, Uruguay and Paraguay. Plans are to increase initial capitalization.
Member countries pledge to contribute. Full operations are expected to begin later this year. At issue is representing the needs of the South. It'll contribute to its development. It'll do so free from debt bondage.
BRICS Development Bank intends no one country to dominate. Voting rights will reflect equality. Economic growth matters most.
India's Minister of Commerce, Industry and Textiles, Anand Sharma, said:
"Our counties are making their own statement that we are proactively engaged in balancing the global economy.""We are creating new axis of global development. The global economic order created several decades ago is now undergoing change and we believe for the better to make it more representative."
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