Wednesday, April 24, 2013

Video: BRICS Development Bank vs IMF

The picture of the five presidents holding hands is a powerful one which might send tremors in Washington, Paris, and London.

It was intended to show that the fifth summit between Brazil, Russia, India, China and South Africa, wasn't just a poor man's G8 - it's actually a serious international body with the power to change things.

The five countries announced they're going to creating a Development Bank focused on infrastructure, with a common currency pool to assist with development and loans as an alternative to the IMF and other international financial institutions; it will have $100 billion in capitalization, with China also pledging $20 to Africa over the next few years.

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