Aug 062015
The “Old Monies” group follows news, announcements, and press releases on these websites along with central banker speeches. If you really want to know what is going on become a member of this Markethive group.   Not a member – follow this link to have your own account and be a part of this group. The key elements of focus with these institutions are the Global Reserve Currency and the status of Global Trade and Commerce. The Bank for International Settlements – The Bank for International Settlements (BIS) is the world’s oldest international financial organisation. The BIS has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP. The International Monetary Fund – The IMF’s primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability. The World Bank – Five Institutions, One Group The World Bank Group consists of five organizations: The International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and credit worthy low-income countries. The International Development Association The International Development Association (IDA) provides interest-free loans — called credits — and grants to governments of the poorest countries. Together, IBRD and IDA make up the World Bank. The International Finance Corporation The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. The Multilateral Investment Guarantee Agency The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders. The International Centre for Settlement of Investment Disputes The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes. The BRICS Post – The BRICS Post is an international news and views website with writers, analysts, and experts in over a dozen countries. It is published by BRICS Media (more…)
Jul 222015
The New Development Bank, which opened today in Shanghai, has been overshadowed recently by the AIIB. The BRICS grouping opened its new bank, the New Development Bank (NDB), at a ceremony in Shanghai on Tuesday. The ceremony was attended by China’s finance minister, Lou Jiwei, NDB president K.V. Kamath, and Shanghai Mayor Yang Xiong. The bank is expected to start operations in late 2015 or early 2016, according to Xinhua. The creation of the NDB was announced at the BRICS summit in Brazil in July 2014. The bank was – and is – envisioned as an answer to the current international financial system, which is dominated by the West. Xinhua’s article on the NDB explained that the BRICS countries “have been marginalized in the global financial landscape,” especially at the World Bank and International Monetary Fund (IMF). The NDB is clearly intended as a solution to that problem. As the bank’s website puts it, the NDB is “operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing U.S.-dominated World Bank and International Monetary Fund.” Still, despite the NDB being depicted as an alternative to existing institutions, officials have been adamant that the bank is designed to “supplement” rather than supplant the current system. Finance Minister Lou told a seminar that “the NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models,”according to Times of India. Bank president Kamath insisted that “our objective is not to challenge the existing system as it is but to improve and complement the system in our own way.” Jim Yong Kim, president of the World Bank, was similarly upbeat about cooperation in a congratulatory statement on the bank’s opening. “We are committed to working closely with the New Development Bank and other multilateral institutions, offering to share our knowledge and to co-finance infrastructure projects,” Kim said in a statement. “These types of partnerships will be essential to reach our common goals to end extreme poverty by 2030, boost shared prosperity, and to reduce inequalities.” The BRICS bank, like much of the BRICS interactions, is devoted to the idea of equality. “In the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power,” the NDB website explains. The initial capital of $50 billion in the bank will also be “equally shared” among the five founding nations,Xinhua reported, meaning each country (more…)
Jul 162015
This is how. Over the past few days and (to a lesser extent) past few months, we have witnessed a remarkable series of events. First, we had a member (i.e. victim) of the corrupt European Union stand up to the bullies of the Troika, and say “no.” No, to more extortion. No, to more economic rape (via enslavement to debt). No, to the continuing/worsening infringement on its sovereignty. Obviously that nation was Greece, a nation which everyone, including the new government of Greece, agrees is bankrupt. In the world of commerce, there is only one “solution” to bankruptcy: reduce the debt, if not eliminate it, completely. The corrupt EU, European Central Bank, and the International Monetary Fund have absolutely refused to consider any reduction in Greece’s debt-load. In other words, they have absolutely refused to consider helping Greece. Instead, this diabolical political/economic cabal dictated an ultimatum. It demanded that Greece take on more debt, harming that economy even further under the weight of the additional interest payments on that debt, when it is already impossible for Greece to pay the interest on its current debt. And, as a “condition” for burying Greece under more, punitive debt, these economic sadists were also demanding that Greece implement more (suicidal) Austerity policies. As previous commentaries have pointed out, Austerity kills. Every Eurozone nation which has engaged in this seemingly neo-Nazi, economic suicide has seen its economy get sicker, and its deficit problems get worse, not better. Thus every Eurozone nation – except Greece – has been allowed to back-off on this economic suicide, in order to prevent the total collapse of those economies, as well. In simplest terms, for every 1 euro in “Austerity” cuts, the government loses 2 euros in revenues. It is not a path to economic salvation. Rather, it is the surest and most rapid means to complete the destruction of these already insolvent economies. Thus when Greece said “no” to more debt and more Austerity, it was doing nothing more than saying “yes” to common sense. However, the tyrannical Troika would not accept “no” as an answer to their ultimatum. The Eurozone thugs tightened their choke-hold on Greece’s economy, trying to throttle it into submission. Simultaneously, they attacked the Greek people with their propaganda: any and every form of fear-mongering of which these tyrants could conceive. As a response to the increasing lies, political pressure, and economic blackmail, Greece’s (more…)
May 082015
The Next Empire – :Part Four A New Central Bank From Doug Casey’s Editor’s Note: Russia has ratified an agreement on the New Bank for Development set up by BRICS and has ratified the equivalent of1$00B solidifying it role in the China formed Asian Infrastructure Investment Bank (AIIB) at the beginning of this month. Here is an April 15th article about AIIB in the ‘South China Seas’. Click Here In recent decades, China and Russia have been expanding their economic powers dramatically and have periodically complained that their seats at the IMF table are unrealistically low, considering their importance to world trade. In 2014, China officially replaced the US as the world’s largest economy, yet the IMF has consistently sought to minimise China’s place at the table. It would seem that the West believes that it’s holding all the cards and that the Chinese and other powers must accept a poor-sister position, if they are to be allowed to sit at the IMF table at all. The West somehow does not seem to recognise that, if frozen out, the other powers have the ability to create alternatives. As with the SWIFT system, the Asian powers have reacted to US overreach, not by going away licking their wounds, but by creating a second IMF. The Russian State Duma (the lower house of the Russian legislature) have now created the New Development Bank. It will have a $100 billion pool, to be used for the BRICS countries. Its five members will contribute equally to its funding. It will be centered in Shanghai, India will serve as the first five-year rotating president, and the first chairman of the board of directors will come from Brazil. The first chairman of the board of governors is likely to be Russian Finance Minister Anton Siluanov. It’s therefore structured to be truly multinational. In creating all of the above entities, the BRICS will, in effect, have created a complete second economic world. In the latter days of the British Empire, we Brits seemed to be under the illusion that, even as our power base crumbled, we might somehow retain control by threats and bluster. The UK was utterly wrong in this and only succeeded in alienating trading partners, colonies, and allies by doing so. The same is happening again today. China, Russia, and the rest of the world, when faced with American threats and bluster, (more…)
Mar 302015
  March 29, 2015 12:00 am JST MASAHIRO OKOSHI and SHOGO AKAGAWA, Nikkei staff writers for Asian Review Chinese President Xi Jinping delivers a speech at the Boao Forum, in Boao, Hainan Province, on Saturday. © Kyodo BOAO, China/BERLIN — More than 40 countries are likely to become founding members of the China-led Asian Infrastructure Investment Bank.      Russia is the latest to announce that it will participate in the AIIB. It did so Saturday when Igor Shuvalov, first deputy prime minister, expressed the intention during the Boao Forum in China’s southern Hainan Province.      The announcement came a day after Brazil’s decision to join the bank. The office of Brazil’s president issued a statement Friday that Brazil had accepted China’s invitation. This means four of the five BRICS will join; only South Africa has not committed.      Meanwhile, Australian finance minister Mathias Cormann said at the Boao Forum that Canberra will officially announce on Sunday morning.      China’s finance ministry has said the Netherlands and other countries will follow suit.      Denmark also announced Saturday that it will join. Northern European countries are getting ready to jump in. A Swedish finance ministry official told the Nikkei that Sweden is mulling founding-member status. The Finnish government is said to be deliberating the matter as well.        Speaking at the Boao Forum on Saturday, Chinese President Xi Jinping expressed confidence about Beijing’s steady progress toward establishing the AIIB. “We will welcome with open arms moves to finish the important job in partnership with our friends around the world,” he said.      While Xi is calling for international relations to be based on cooperation and mutual benefit, he is moving to strengthen China’s international ties via the country’s economic clout. He also wants China to play a central role in Asian diplomacy.      In October, 21 countries reached a basic agreement to establish the AIIB. More have since expressed their intention to be a part of the institution. The deadline to sign on is Tuesday.      Japan and the U.S. remain wary of China’s intentions with the bank.      Separately, Brazil, Russia, India, China and South Africa have agreed to establish a new BRICS development bank to support economic development in Africa as well as in Central and South America. Original article Here Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
May 172011
The United States dollar status as the world’s single reserve currency will end by 2025, according to a new report by the World Bank. “By 2025, six major emerging economies—Brazil, China, India, Indonesia, South Korea, and Russia—will account for more than half of all global growth, and the international monetary system will likely no longer be dominated by a single currency. As economic power shifts, these successful economies will help drive growth in lower income countries through cross-border commercial and financial transactions.” the report noted. Mansoor Dailami, lead author of the report and manager of emerging trends at the World Bank, commented that “Over the next decade or so, China’s size and the rapid globalization of its corporations and banks will likely mean a more important role for the Yuan. The most likely global currency scenario in 2025 will be a multi-currency one centered round the dollar, the euro, and the Yuan.” The report “Global Development Horizons 2011” states that global growth over the next 15 years is likely to mirror the current recovery, with emerging and developing countries growing faster than more advanced counterparts. The bank projects emerging economies to grow an average of 4.7% a year through 2025, more than double the 2.3% forecast for advanced economies. “The distribution of global growth will become more diffuse, with no single country dominating the global economic scene,” the report said. By 2025, the economies of Brazil, China, India, Indonesia, South Korea and Russia will represent more than half of all global growth, the bank forecasts. The growing clout of emerging economies could foster significant changes to the international monetary system, the report said, most notably in which currency nations and multinational corporations use to do business. The bank noted that currency use remains dominated by the US dollar despite the growing importance of emerging markets, a situation that could begin to see change over the next 15 years. “The dollar now faces several potential rivals for the role of international currency,” the report said. In the near term, the bank said the euro remains the biggest challenger to the dollar. The single currency of a host of European countries is “poised to expand” its status as a currency of choice, though the appetite for the euro will depend in large part on whether officials can successfully navigate the sovereign debt and banking crises the region currently faces. Longer term, the (more…)
May 042011
[Editor’s Note:  It never hurts to have another perspective the one is frpo May 05, 2011   2:15:47 AM G Parthasarathy Despite talks of a multipolar world, China clearly wants a bipolar one that it will share with the US. India must cautiously engage with both powers. Never before had a new global grouping emerged from the research of an American Investment Banking and Securities Company. But this is what happened when a 2001 Goldman Sachs paper entitled ‘Building Better Global Economic BRICs’ signalled the forthcoming shift of global power away from the G7-led developed world, to the emerging, fast growing economies of Brazil, Russia, India and China, with the acronym BRIC. On June 16, 2009, the leaders of the BRIC countries held their first Summit in Yekaterinburg and issued a declaration calling for the establishment of an equitable, democratic and multipolar world order. As it would have been imprudent to exclude the entire African continent from what is a global grouping, BRIC became BRICS with the participation of South Africa at the April 14 Sanya Summit. China’s decision to hold the BRICS Summit at Sanya, located on the Southern tip of the Hainan Island was obviously not accidental. Beijing’s Mandarins are meticulous in their planning and decision making for such international events. The visiting delegates were no doubt thrilled by the sumptuous Chinese cuisine, the gracious hospitality of their Chinese hosts and the picturesque tourist attractions like the 108-metre-high Guanyin Statue and the Buddhist Nanshan Temple. But, what precisely is the strategic symbolism of Sanya and the Hainan Island? Sanya is located close to the disputed Xisha (Paracel) and Nansha (Spratly) Islands in the South China Sea, which China has recently declared as an area of “core interest,” like Tibet and Taiwan. The Hainan submarine base, where five nuclear submarines, each armed 12 nuclear tipped with ICBMs are deployed in underground caves and will also be the home of China’s first aircraft carrier, is located adjacent to Sanya. Chinese naval power concentrated in Sanya has evoked serious concern in both ASEAN and India. Hosting the BRICS Summit in Sanya was evidently a not too subtle message to the world about China’s growing military muscle. Our worthy leaders and Mandarins have few equals in giving a spin to whatever emerges from Summit meetings with China or Pakistan. Our scribes, therefore, breathlessly reported after Prime Minister Manmohan Singh met President (more…)
Apr 292011
[Editor: Why aren’t we hearing about this instead of the clap trap pitched on the so called “news” channels? These guys are going to surface as a very powerful force int the Global Reserve Currency discussion.] The leaders of China, Brazil, Russia, India and now, South Africa wrap up a one-day summit with repeated calls for reforming the global monetary and financial system and more promises of cooperation among themselves. httpv:// Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Apr 232011
By PATRICK SMITH, The Fiscal Times April 20, 2011 New eras do not announce themselves with billboards or welcoming brochures. They arrive by way of many disparate events. Last week we witnessed one: the gathering in southern China of leaders from the world’s most dynamic emerging economies –the nations we now call the BRICS (Brazil, Russia, India, China, and South Africa). The summit in Hainan most persuasively is a determination to use the BRICS’ global clout to take some of the intellectual initiative away from the advanced industrial nations. There is a long history behind such ambitions, beginning with the Non–Aligned Movement in the mid–1950s. More recently, after the Asian financial crisis in the late–1990s, the region was alive with ideas intended to make room for an alternative to the neoliberal economic strategy the West was urging: an Asian monetary fund, a regional central bank, bilateral currency swaps, an “Asian Davos.” Some of these concepts have taken root, notably swap agreements intended to protect local currencies from a sudden rush (or departure) of speculators. There are now half a dozen of these pacts in effect around East Asia. As a circle of power such as the European Union, the BRICS bloc is a work in progress, to be sure. But their summit was a loud, clanging bell telling the rest of the planet that their increasing sway in global affairs is not to be underestimated. BRICS wants a more diversified international reserve system, less centered on the dollar. A decade ago, there was not even a thought of the BRICS as a group of nations with shared interests. But the past 10 years of historically unprecedented economic expansion has changed the BRICS status, as their leaders plainly recognize. Together they now represent 40 percent of the world’s people, 18 percent of world trade, and not quite half of global economic growth. The BRICS remain a varied lot, but if the summit is any guide, their intent is to challenge the U.S. and other advanced industrial nations as leading the global economy. The direction of the one-day summit could hardly be clearer. BRICS expects a more prominent role in multilateral institutions such as the IMF and the World Bank, a stronger presence in the U.N. Security Council, coordinated regulation of the financial markets, and—note this well—a more diversified international reserve system less centered on the dollar. Any successful effort to develop an (more…)