Military Review

BRICS Bank: Goals, Means and Strategy

26
At the recently held G20 summit, the BRICS countries agreed on joint financial support. The five participants approved the creation of a development bank with an authorized capital of 50 billion dollars. In addition, there is a pool of foreign reserves in the amount of 100 billion dollars. The purpose of the bank is to take preventive measures against overseas partners intending to curtail the quantitative easing program (QE). Western investors have been withdrawing funds from developing countries for half a year, which affects the rates of national currencies. Some economists and analysts believe the decision of the BRICS dwarf, in terms of its scale within the framework of the modern global economy, does not promise anything serious. As for Mr. O'Neill, who once invented the acronym "BRIC", he is generally ready to leave a single letter from his "brainchild". Which one? Read the article.


Patrick Bond ("Daily Maverick") asked the question: can the BRICS countries in any way contribute to the restoration of the collapsing global financial architecture? How much does the BRICS development bank, which was announced at the G20 summit, differ from its Western counterparts? Will this infant be able to challenge the Bretton Woods institutions in the chaotic financial world in the coming years?

Indeed, for nearly seven decades, the expert notes, the World Bank and the International Monetary Fund have been operating, created to restore Western banking systems after the Great Depression and World War II. Surely the BRICS countries set out to replace Washington and its neoliberal ideology?

The author considers this to be nothing more than rhetoric.

50 billions of BRICS share capital will not be able to argue with the World Bank’s treasury. Yes, and 100 billions of dollars in the currency pool will be quickly exhausted - in the event of a serious financial crisis. True, these amounts may be increased in the coming years. And yet, they are microscopic in the face of the needs of emerging markets. Since the middle of the 1990, many countries have needed multibillion-dollar recharge.

But the blame for the announcement of policy changes from the US Federal Reserve. It is expected that the Fed will be less artificially stimulate the economy, i.e., carry out "quantitative easing". A statement about this has already led to a “dramatic” outflow of capital from emerging markets, as well as to the fall of the South African, as well as the Brazilian and Russian currency, and especially the Indian currency.

Goldman Sachs banker Jim O'Neill, who asked Wall Street Journal last month about an acronym ten years ago, answered the question: “If I had to change it, I would just leave the letter“ K ” .

As China Daily wrote recently (a newspaper reflecting official sentiment), local experts predict: BRICS is pushing China forward. Economist Lee Dokui of Tsinghua University commented that the end of quantitative easing by the Fed is “a good news for the yuan, ”and“ the BRICS concept could disappear, leaving only China next to other developing economies. ” According to Lu Dean, economist at Merrill Lynch, the author further notes that China will be largely insured against harmful external economic effects due to "a steady current account surplus, low external debt, huge reserves, high savings and capital flow control."

Thus, the analyst concludes, it would be wise to adhere to skepticism regarding the new BRICS bank. And if the “experiment” of the BRICS takes into account geopolitical factors, the world economy is currently working against the initiatives of the BRICS. Syria, an interception of the NSA, including the president of Brazil, and so on, is one thing, but the economic strategy, which, according to the author, is absent in the BRICS countries, is quite another ...

As transmits "Business TASS", at the G20 summit, special attention was paid to the problem of curtailing the quantitative easing program of the US Federal Reserve. A statement on the possible completion of this program this year, made in May by Ben Bernanke, caused an outflow of capital from emerging markets and a weakening of the currencies of many countries.

“Now our partners are beginning to emerge from non-standard measures of financial and economic policy, and this may affect the state of key global risks, affect the economies of other countries,” said Vladimir Putin, stressing the need for “timely adoption of additional preventive measures both at the national and global level. "

It was with these measures that the decisions on the creation of the Development Bank of BRICS and the Pool of currency reserves of BRICS were created. The size of the initial capital of the bank - 50 billion dollars, the size of the pool - 100 billion dollars (41 billion will make China, Russia, Brazil and India will throw off 18 billion dollars, 5 billion more dollars will give South Africa).

The head of the People’s Bank of China, Zhou Xiaochuan, said: “Creating a pool will help stimulate the economic growth of the BRICS countries and stabilize the global financial system.”

What will the money be spent on?

As noted by Tatyana Golovanova ("Voice of Russia"), funds will be invested in infrastructure projects of developing countries. A pool of foreign exchange reserves is created to improve the macroeconomic performance of the BRICS countries. In fact, the currency pool will become an alternative to the World Bank and the IMF and should reduce the impact of the dollar on the BRICS economies, the journalist said. Indeed, since May 2013, the gold reserves of developing countries have declined by more than 80 billions of dollars. Russian Finance Minister Anton Siluanov believes that creating a currency pool will help prepare for the consequences of the new Fed policy.

Other countries and international financial organizations can then join the bank. The bank will lend to the BRICS countries and invest in the real sector of the economy: infrastructure construction and industrial projects. No, not necessarily within the boundaries of the BRICS, but in other developing countries. It is believed that the available money will give impetus to the innovation sector.

The BRICS Development Bank will be funded by member countries from taxpayers' funds, Deputy Finance Minister Sergei Storchak told 6 on September 10 at a briefing.

“The agreements that exist today stipulate that the finance ministries form the capital of the BRICS bank. These are means of the budget, means of taxpayers ", - quotes him RBC.

However, a pool of reserve BRICS currencies will be formed differently. According to the Deputy Minister of Finance, the pool is designed to quickly respond to sharp fluctuations in foreign exchange markets. “Participation in the currency pool is carried out at the expense of international reserves, which are managed by national banks or a state bank,” he explained. To this Storchak added: “No wonder this pool is called“ virtual. ” We are talking about the achievement by central banks of an agreement that a legal environment is being formed that will allow, if necessary, to conduct swap operations promptly. According to the deputy minister, against the national currency in this case, the delivery of dollars by members of the pool to the interested party will be made.

As for the fall of the nationalities of the BRICS countries, the Roman Markelov ("Russian newspaper") recalled, referring to the words of Finance Minister Anton Siluanov, that the ruble has weakened by 7-8% since the beginning of the year, the Indian rupee by 20%, and the Brazilian real by 16%.

Now let's take a look at the question from China, based on the opinion of Shi Jianxun, director of the Research Institute of Economics and Management of Tongji University, published not so long ago in "People's Daily".

The author calls the very foundation of the BRICS Bank not only an economic event, but also a decision that demonstrates the political position of the member countries of the group in the international arena. The bank is a symbol of the union of the most dynamically developing economies of the world and a sign of the rise of countries with emerging markets in the 21st century, the expert said.

The author is sure that the BRICS Bank will turn into a platform for the further promotion of the reform of the international financial system by the five countries: after all, the BRICS countries are the main borrowers of the World Bank and at the same time they increase investments in the IMF. At the same time, in the two international financial organizations mentioned above, the West plays a leading role.

So, the geopolitical goal of BRICS Bank is clear: the opposition to the global financial system, controlled by the West, primarily the United States. The economic goals are also understandable: mutual support of the bloc countries, generous lending to developing economies and “preventive measures” against the global risks associated with changes in the US Federal Reserve policy. The financial resources at the first stage are far from as much as those of the IMF or the World Bank, but the first step is the hardest. As for the strategy, here it is, as they say, “I would like more detail” ...

Observed and translated by Oleg Chuvakin
- especially for topwar.ru
26 comments
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  1. MIKHAN
    MIKHAN 26 September 2013 07: 37 New
    +3
    Information flashed recently that on October 17, the United States could go bankrupt if once again they do not raise the bar of their huge public debt .. Khan to the dollar .. you need to leave it (we have obviously lost our reserves in US securities ..)
    1. Orel
      Orel 26 September 2013 08: 34 New
      +7
      Information flashed recently that on October 17, the United States could go bankrupt if once again they do not raise the bar of their huge public debt .. Khan to the dollar .. you need to leave it (we have obviously lost our reserves in US securities ..)


      Come on) This news is repeated from year to year. The Americans have this "public debt ceiling" on jacks. They can lift it as much as they want, so nothing will happen ... They will print more greenery ...
      1. Refund_SSSR
        Refund_SSSR 26 September 2013 08: 47 New
        12
        Quote: Orel
        The Americans have this "public debt ceiling" on jacks.

        That's exactly why, from this dirty green paper and we must leave.
        There was nothing good in the world of the kingdom of buck and was not expected. Only global financial crises ... imposed by the US’s power.
        At the same time, the world is moaning from the United States which he himself feeds.
        Where is the logic? Why feed your oppressor? To your enemy - to put it bluntly ...
        1. Yarosvet
          Yarosvet 26 September 2013 15: 23 New
          0
          Quote: We refund_SSSR
          That is why, it’s dirty green paper and we have to leave
          Who will leave it if the bulk of the savings of states and the so-called "elites" have been converted into dollars.

          Only global financial crises ...
          The cause of the crises is not the dollar, but the model of the economy of loan interest.

          At the same time, the world is groaning from the USA which he himself feeds
          Here at point blank range I do not understand how the world feeds mattresses.

          The fact that the mattress periodically robs some Arabs, introducing troops into their territory and thereby knocking out preferences for their oil companies, is understandable, but I don’t understand how the world of mattresses correlates with this. request
          1. aksakal
            aksakal 26 September 2013 20: 01 New
            +3
            Quote: Yarosvet
            The fact that the mattress periodically robs some Arabs, introducing troops into their territory and thereby knocking out preferences for its oil companies is understandable, but I don’t understand how this correlates with the top of the mattress’s world.

            - yes dial the same "advantages of the emission center" and read a little materiel. At least because the States themselves buy a whole barrel of real, quite material oil for a beautiful green paper with a face value of $ 100, but a couple of cents were spent on this piece of paper in the form of a piece of cellulose and special printing ink. This is how much the purchased oil costs the Americans. The Americans are breaking into Iraq and other countries with a completely different purpose - now I will try to convey why.
            In addition to these advantages, the US, thanks to the dollar as the world currency, simply exports inflation to the world. How? They issue the dollar, in addition to the usual planned emission, which is used to replace decayed currencies, according to the results of monitoring their own economy and other reasons, they simply issue a still stupidly unsecured batch of greens, throw this batch into their own population, stimulating demand from the population. And demand revives the American (well, until the moment when the entire industry was transported to China) industry, and in the second round, this dishonestly printed party will give a surge in inflation. Here, before the second turnover, this "dishonest", unsecured batch of the FRS banks are collected and thrown into the world. This is a "rotten" dollar infected with a terrible monetary disease - inflation. In politically correct economic language, this is called "inflation export".
            Quote: Yarosvet
            the mattress periodically robs some Arabs, introducing troops into their territory and thereby knocking out preferences for its oil companies
            - Not certainly in that way. Guess three times, after the complete occupation of Iraq, what exactly did the Americans bring to Iraq first thing? What airplanes and tons?
            Hint - "how do you understand the term" dollarization of the economy "?
            Another aspect is the binding of the National Banks of developing countries, to which Russia and Kazakhstan belong (I have a different gradation according to the term "developed" and "developing", according to them Russia, the first space power and the power with the most advanced nuclear technologies, can hardly be attributed to " developing ", but oh well, as long as we use this" Western "terminology) do not obey their own Governments, but, as it were, are independent. These National Banks are obliged to issue their national currencies in exactly the same quantities as the gold and foreign exchange reserves of these National Banks (the so-called gold and foreign exchange reserves - for brevity, we will call it further). Gold is always scarce, much more than dollars. Your developing economy needs more of your money, and the gold reserves are not enough? Apply to the USA, they will lend, replenishing the stamps of your National Bank, thereby your National Bank will have the right to print as much as you need! And you just pay interest to the States. Nothing personal just business.
            In short, a great post is obtained. But here you can already imagine yourself a tycoon and figure out how to use the possibilities already described by me to extract another gesheft in any form - even in the form of dependence on you.
            1. Yarosvet
              Yarosvet 26 September 2013 21: 02 New
              0
              Quote: aksakal
              If only because the States themselves buy a whole barrel of real, quite tangible oil for a beautiful green piece of paper with a face value of $ 100, but for this piece of paper
              Yes, but you forget that you sold oil for paper, then 80% of the goods sold in the Russian Federation or Kazakhstan are bought on this paper - starting with cars and electronics, and ending with clothes and food.
              The dollar is nothing more than the equivalent of value (like gold, which by the way is not provided with anything and is a value in itself. The same value - and the equivalent is not rational, but psychological value - is now the dollar)

              In addition to these advantages, the US, thanks to the dollar as a world currency, simply exports inflation to the world
              Inflation is generated by the economic model: if there is no inflation, then it is impossible to take or return a loan. In the absence of inflation, the loan will have to turn into an interest-free loan, and as a result, any meaning in banking and credit activity will disappear.
              The initial dollar inflation is at 3% per annum - exchange rate fluctuations are caused by central bank games to dump prices on goods that their countries produce for export.

              Hint - "how do you understand the term" dollarization of the economy "?
              Of course, they focus on the markets, since everyone using the dollar will be forced to support the mattress if it has economic problems.

              but as if independent
              The Central Bank of the Russian Federation is independent only in terms of ensuring the stability (prevention of hyperinflation) of the ruble, development of the banking system and ensuring the functioning of the payment system, but even here its activity is regulated by legislation that is adopted or blocked by the Duma and signed or blocked by the president.

              These National Banks are obliged to issue their national currencies in exactly the quantities that have gold and currency reserves in the deposit boxes of these National Banks
              Not certainly in that way:
              1 national currency pegged to the dollar according to the indicated principle is secured (dollar / gold - it doesn’t matter)
              2 The Central Bank can lower the national currency rate against the dollar (the dollar against the ruble is overstated by 65-70%, that is, in the Russian Federation 70% of excess money supply).

              Gold is always small, much more dollars
              Gold reserves are virtual, %% is also paid in virtual dollars.

              The problem is not in dollars, but in the leaders of countries that, under specious pretexts for personal preferences, sharpen the work of their own economies for the interests of the USA / global world.
              1. aksakal
                aksakal 27 September 2013 00: 05 New
                +3
                Quote: Yarosvet
                Of course, they focus on the markets, since everyone using the dollar will be forced to support the mattress if it has economic problems.
                - Do you understand what you were pretending to be? Checked for lice?
                Quote: Yarosvet
                national currency pegged to the dollar according to the aforementioned principle is secured (dollar / gold is not important)
                - I prefer that the national currency of my country be provided with the goods of my country and gold, and not at the expense of the security of the dollar. And here, in general, is the currency of an overseas power? Do not need our product? - Do not take our currency. In all other cases, gold will cope.


                Quote: Yarosvet
                The Central Bank of the Russian Federation is independent only in terms of ensuring stability (preventing hyperinflation) of the ruble
                - the devil is in the details. It seems that an important function is to prevent hyperinflation. Well, under this pretext, you can create a "money hunger" for the local industry, if the Americans are interested. And the Americans are interested. For at the moment, apart from Europe, only Russia for them poses a serious competitive threat in scientific and technical terms. Keeping Russian industry half-alive is the most important task for the Americans. Otherwise, their Boeing will very quickly fly off the dominants in the field of aviation, dependence on the Russians in space will become completely critical, and the Russians will also begin to catch up in the field of information technology. As a matter of fact, this is exactly what happens - such decisions are dragged through the curls, from which then that Glazyev obscenities, through the comrades-in-arms of the curl, sticks in the wheels of the Ministry of Defense are put in the form of relentless circumcisions, and so on. There is a link with your last point -
                Quote: Yarosvet
                and in the leaders of countries that, under specious pretexts for the personal preferences provided, sharpen the work of their own economies for the interests of the USA / global world.
                - but Putin is hard to suspect of this, that's for sure. The Americans still have some kind of lever; I want to understand it. Why did both Kazakhstan and Russia together send their considerable sums of money to America at 0,4%, while they themselves accumulated state debts for their development (in any case, Kazakhstan) for the same amount but already at full-fledged 5-6% per annum? And Russia takes handouts from all sorts of UAE on its own roads despite the fact that its dough is rampant. It’s just that, Yarosvet, it’s not necessary here that both Nazarbayev and Putin did it in a trite way for a reward of 10 lem or something — such a simplified explanation, leave it to someone in an alcoholic T-shirt, it's just politicians of a different scale. I can believe in such a thing for Yanukovych, he really dances to the tune of his own oligarchs.
                By the way, your explanations in the style of "Captain Obvious" do not in the least negate the fact that the US is dabbling in exporting inflation, and is doing it seriously.
                1. Yarosvet
                  Yarosvet 27 September 2013 10: 28 New
                  0
                  Quote: aksakal
                  Checked for lice?
                  We have a different vision of the causes and components of the issue - the essence and form are not the same thing.

                  I prefer that the national currency of my country be provided with the goods of my country and gold
                  It would be good if it were not for the conditions of the global peace, into which the Russian Federation and Kazakhstan are clinging together, and which is trading in dollars. The availability of goods and physical gold (but without a dollar) in this paradigm greatly undermines the country's competitiveness, as it excludes the financial markets sector from the economy. Also, do not forget that the commodity turnover now (both within the country and between countries) is provided by 90 percent of private owners who want to have an unsecured ruble, and the dollar is irrational, but this fact is what we are dancing from.

                  And here, in general, is the currency of an overseas power?
                  The dollar is a RECOGNIZED EQUIVALENT, it is like a city in the middle of the silk road through which all cities that do not trade directly with each other trade.
                  You can trade directly, but at the same time, the interests of the nomenclature of the trading countries (having converted their savings into dollars) will suffer and not every country will be ready to accept a different currency.
                  The bottom line is that the dollar is not imposed politically, but economically - its use, in the existing paradigm of globalization, is more profitable than abandoning it.

                  money hunger for local industry
                  The reason for the high refinancing rate is high inflation. To reduce the rate, it is necessary not to transfer the Central Bank under the direct control of the government or the president (as the Fedorov-old people suggest), but either remove the third part from Article 2 of the Federal Law on the Central Bank and start financing the Central Bank from the budget, or reduce inflation (which will have to freeze tariffs - growth of 3% of housing and communal services and 1500% of electricity over 1000 years [giving an average of 12% per year for this period] - which in turn will lead to a significant deterioration in GDP)

                  and this is what happens - through decisions made by kudrin, through decisions made by Kudrin’s associates ... but it’s hard to suspect Putin of this, that's for sure
                  Who?! Who puts Kudrin and Kudrin in these positions? Who appoints the prime minister, his deputies and ministers? Who determines the main directions of policy? Who signs the relevant laws adopted by the party nominating him for election?

                  The Americans still have some kind of lever; I want to understand it. Why both Kazakhstan and Russia together sent their considerable money to America at 0,4%
                  This leverage is self-interest. I have already written above that the dollar will be supported, since its fall will lead to the burning up not only of the savings of countries, but also of the savings of "elites" / nomenklatura.
                  The US and the dollar are the center of the global economy.

                  Nazarbayev and Putin did it corny for a reward of 10 limas or something
                  No, of course, the bottom line is that these guys represent the interests of financial groups, their job is to provide benefits for these groups and reward them for much more than 10 lyam, despite the fact that they themselves are part of these groups through relatives and friends who run their own business.

                  US indulges in export inflation
                  In the paradigm of the economy of loan interest, any currency is inflationary.
                  1. aksakal
                    aksakal 27 September 2013 11: 35 New
                    +1
                    Quote: Yarosvet
                    It would be good if it were not for the conditions of the global peace, into which the Russian Federation and Kazakhstan are clinging together, and which is trading in dollars. The availability of goods and physical gold (but without a dollar) in this paradigm greatly undermines the country's competitiveness, as it excludes the financial markets sector from the economy. Also, do not forget that the commodity turnover now (both within the country and between countries) is provided by 90 percent of private owners who want to have an unsecured ruble, and the dollar is irrational, but this fact is what we are dancing from.
                    - More details here. It would be okay to hell with him that the States somehow managed to get into each of us's skull with their dollar, into our "personal irrational" and thus make us love this piece of paper. All this, even with many (up to certain limits, of course) abuses of the Americans in the form of "inflation export" can be survived - and we didn’t experience such difficulties, certainly we experienced much more. The problem is that both Russia and Kazakhstan are really forced to go to the global world on its terms. globalization is an objective and inevitable reality. Look, the renewal of Intel's microprocessor line is possible only when the entire globe is a sales market. The same thing happens in aircraft construction - R&D is becoming prohibitively expensive for one state, and the possibility of recoupment is only provided if the buyers are again the entire globe. In energy and others - the same thing. Many tasks facing mankind, well, that flight to Mars, also requires worldwide consolidation. In short, the World Government, delegation of some part of sovereignty to this Government is an urgent necessity and even inevitability. The question is - who will be in this World Government, on what principle will we unite, what is the architecture of the unification, under what ideological basis are we uniting? A lot of questions, and the answer from the United States is already visible in the deeds. And the obstinate Russians are not satisfied with the form offered by the States. That is why the Russians cling to the Potsdam-Yalitin affairs. I, a Kazakh, am also alarmed by the candidacy of the Anglo-Saxons as "unifiers", for I am not far away, even genetically, from the Northern Indians and the Maori tribe, and I know their fate. I have experienced the "yoke" of the Russians, there are no big complaints. Probably, the Russians have some kind of alternative formation of a planetary unification based on the "unifying" technologies they have already tested, but they somehow did not voice this, but they are significantly resisting globalization efforts on the part of the United States.
                    I think the root of all this is here, and currency and other fights are forms of manifestation of this "root".
                    If this is so, then I would not cling to the form of globalization proposed by Amers, no matter how attractive it looks - democracy is there, a high standard of living, minimum wages in a furious percentage of GDP at PPP and other things. Need to look into the story.
                    1. Yarosvet
                      Yarosvet 27 September 2013 21: 13 New
                      -1
                      Quote: aksakal
                      Just the problem is that both Russia and Kazakhstan are really forced to go into the global world on its terms
                      Not forced.

                      and the possibility of payback - only on condition that, if the buyers again, the whole globe
                      This is where the devil lies: any state can cooperate with others, but for this it is not necessary to integrate the domestic market into the global system.
                      This is already a war of ideologies: only state-owned business (USSR) can exist, or partly state-owned (when the state is engaged in self-sufficiency in strategic sectors and sells resources derived from resources, weapons, etc. to the outside, leaving private areas at the mercy of private owners). And you can give everything to private owners and exist on tax rents (as is now happening in the Russian Federation).

                      The latter option is inefficient and dangerous, but they spit on it, since capitalism and the market have been declared a sacred cow despite all the shoals of this paradigm. And they did it because the participants in the Government themselves, directly or indirectly, are simultaneously participants in the market and have a very good gesheft from the existence of this paradigm.

                      A bunch of questions, and the answer from the United States is already visible in business
                      Yes, the fact of the matter is that not the States, but those whose "aircraft carrier" the States are - TNK.

                      but the US is significantly resisting globalization efforts
                      Or, more likely, the nomenclature simply bargains for itself preferences.
                      A possible Russian project is obvious - a return to the Stalinist-Communist model without repeating previously perfect shoals - this model is much more rational than the current one. But this will never be done with the current leadership of the Russian Federation.

                      If this is so, then I would not cling to the form of globalization proposed by Amers, no matter how attractive it looks - democracy is there, a high standard of living, minimum wages in percentage terms of PPP GDP and other things
                      All of the above was a consequence of the socialist system and was made to counterbalance it; all of the above should have been realized and was mainly realized in the USSR.

                      The West was not at war with the USSR, but with socialism / communism, which blocked the current global paradigm, was an attractive example and could potentially destroy the power of multinational corporations and world nomenclatures.
                      If it is not possible to break the current version of globalism, then an analogue of the feudal system on a global scale awaits everyone.
              2. Antas
                Antas 27 September 2013 00: 54 New
                +1
                [quote = Yarosvet] [quote = aksakal] At least because the States themselves buy a whole barrel of real, quite tangible oil for a beautiful green piece of paper with a face value of $ 100, but for that piece of paper [/ quote] Yes, but you forget that selling oil for paper, then 80% of goods sold in the Russian Federation or Kazakhstan are bought on this paper - starting with cars and electronics, and ending with clothes and food.
                The dollar is nothing more than the equivalent of value (like gold, which by the way is not provided with anything and is a value in itself. The same value - and the equivalent is not rational, but psychological value - is now the dollar)

                Nothing is bought on this piece of paper! It goes into the fray on the account in the form of US debt, at a symbolic percentage, and the Central Bank prints its equivalent in rubles for its own economy. It turns out that to buy, for example, a car from Japan, you must first buy money from the United States (Having paid with something valuable, such as oil) Without the US dollar, you will not buy anything from anyone.
                1. aksakal
                  aksakal 27 September 2013 02: 14 New
                  +3
                  Quote: Antas
                  you must first buy money from the United States (Having paid with something valuable, such as oil) Without the US dollar, you will not buy anything from anyone

                  Well, this is logical, because on that piece of paper it is clearly written whose property this piece of paper is, and if you don’t unfasten it for using someone else’s property, you won’t buy what you need. But there is a currency of its own, there is a currency of the one whose goods you are buying, you can agree on a mutually beneficial exchange-trade, but why does it have to be done through the dollar, for the use of which you either need to give something to the States or simply pay a percentage? Given the scale of world trade - it’s not a bad idea, from the heart. Yarosvet, you here admired how Americans live well in a dispute with me. Would you like to arrange the same for the Russians? So at someone else’s expense? And the Russians were asked? Maybe the Russians want their work? Well, like, we don’t need someone else’s, but we won’t give our own. But in any case, such a standard of living as that of the Americans cannot be achieved! This can only be achieved as a parasite. Do you like parasites? Let us recall the recent debate - you so enthusiastically admired the West and so hated Russia for a not so high standard of living. laughing Do you seriously consider leading a parasitic way of life worthy of a person or even a whole nation, but anyone else?
                  1. Yarosvet
                    Yarosvet 27 September 2013 10: 44 New
                    0
                    Quote: aksakal
                    Yarosvet, you here admired how Americans live well in a dispute with me. Would you like to arrange the same for the Russians? So at someone else’s expense?

                    Once again: I'm talking about the MINIMUM SALARY SHARE in the country's GDP.

                    In the US, the minimum wage is 32% of GDP per capita.

                    Cyprus robbing? And the minimum wage there is 50% of GDP per capita PPP.

                    Australia robbing? Minimum wage - 50%.

                    Greece robbing? Minimum wage 40%.

                    Spain who is robbing? Minimum wage 32%.

                    Brazil who is robbing? Minimum wage 32%.

                    Who is robbing Belarus? Minimum wage 25% plus social guarantees in the same amount (Soviet system)

                    At the same time, everywhere (except Belarus, if I am not mistaken) with a minimum wage tax is not levied.

                    And in the social state of the Russian Federation, the minimum wage in the 10th year was 12% of GDP per capita, and in the 12th it was already 8% minus 13 percent tax.

                    The subsistence minimum and the minimum wage in the Russian Federation not reaching it is genocide, since not a single one does not fully ensure even the biological needs of a person.
    2. ben gun
      ben gun 26 September 2013 08: 58 New
      +2
      And why is Khan ??? They will raise the bar again and have a whale with the song, as usual. for a change, they can repeat something else somewhere to drop something like 12 years ago in September, and to create anything under that noise.
      1. Ascetic
        Ascetic 26 September 2013 11: 42 New
        +2
        Quote: ben gun
        And why is Khan ??? They will raise the bar again and have a whale with the song, as usual. for a change, they can repeat something else somewhere to drop something like 12 years ago in September, and to create anything under that noise.


        The essence of this horror story is this. Obama demands congressional increase in public debt ceiling
        “If Congress does not increase the limit on public debt, a new financial crisis may come in the country,” the head of the White House said. According to him, if parliamentarians do not accept the budget for the new 2014 fiscal year, which will begin on October 1, the work of the government will be stopped.

        And his opponents, the Republicans do not agree to raise the ceiling, but offer to reduce the bloated social programs, in particular the Obama program of health care reform, one of the main initiatives of President Barack Obama, which helped him win the election.
        Some American cities are already bankrupt. Now a third of Detroit's people live in poverty and about one fifth are unemployed. California can also take the Detroit route. The unofficial capital of Silicon Valley, San Jose, may become bankrupt. Now the city spends about 20% of the main budget for the payment of pensions and insurance. The anti-crisis plan developed by the authorities to reduce the budget deficit does not solve the main problem - the drop in revenue in the treasury.
        According to experts, US government debt will continue to increase due to payments on government bonds and an increase in social security spending. As indicated in the report, if legislative changes are not adopted, by 2038 debt can reach 100% of GDP.

        Now the public debt is 75% of GDP.
        According to Minister of Finance Lew
        the ministry has been taking “extraordinary measures” to keep the budget afloat without exceeding the ceiling since May of this year. Among these measures is a delay in payments to the pension fund. Congress had previously cut back on the Americans' free food plan. Out of the program were 3,8 million people. Congressmen estimate that such a measure would save the budget $ 4 billion a year. If the federal government is officially declared bankrupt, the National Park Service, the Bureau of Tobacco and Ammunition Control, the post office and some utilities will suspend their activities. In this case, the military and police will be paid with debt receipts. An equally serious problem is the threat of a government shutdown if the budget is not drawn up and approved by October. And this is already fraught with grave not only economic, but also political consequences.

        link
    3. Sadikoff
      Sadikoff 26 September 2013 10: 26 New
      +6
      The dollar will go bankrupt only after the Brix Bank has worked out stable mechanisms for replacing the dollar system. The powers that be know that the dollar must change (along with the printing appendage) and do not want chaos on this occasion. green paper. I think they will receive an order to print a local currency, such as Amero.
      1. CTEPX
        CTEPX 26 September 2013 20: 31 New
        0
        Quote: Sadykoff
        dollar exchange mechanisms

        And just this agreement
        Quote: Sadykoff
        the initial capital of the bank - 50 billion dollars, the size of the pool - 100 billion dollars
        , I draw the attention of dollars, not rubles or RMB, to stop the aggression against Syria by ... However, no matter how much time could be fished out, this is a plus for us)).
        1. 755962
          755962 26 September 2013 22: 07 New
          +1
          A person who correctly predicted the Fed’s refusal to curtail stimulus advises to wait for hyperinflation

          Today, a veteran of trade in global markets with 42 years of experience, who correctly predicted on Tuesday that the Fed will not curtail stimulus, warned that chaos should be expected in connection with the consequences of the historical events of the (last) week. He also said what all this means for gold and silver. Below is an interview with Swiss-based founder of Matterhorn Asset Management, Egon von Greyerz.

          “Egon, surprisingly, you correctly predicted that the Federal Reserve would not collapse. The Fed's decision definitely shocked the world and financial markets. What shall we wait next? ”


          Read more http://mixednews.ru/archives/42135
  2. MIKK1972
    MIKK1972 26 September 2013 07: 54 New
    0
    Brix Bank for Russia is a pure policy. There are full financial institutions, but there is no financial culture. Yes, and I do not have faith in at least the cleanliness of financiers, tax specialists, and insurers.
    1. Refund_SSSR
      Refund_SSSR 26 September 2013 08: 53 New
      +3
      Quote: MIKK1972
      no financial culture

      Uh ... what? Can I decipher where or who does not have it?
      Every third person lives in an apartment bought on a mortgage and you want to say these people may not be financially literate? wassat Everyone who has a contribution to the bank knows what trust management is.
      A colossal number of citizens have their own history in "pyramid schemes" and "vouchers". Stories of loss of deposits in one bank due to the fact that they put all their eggs in one basket in 98.
      So who is literate is the Russians who have learned from their mistakes the past 20-30 years.
      So the allegation of lack of financial literacy is outdated by at least 10 years.
      Now even teenagers can consider a profitable contribution or not. Compare risks and decide on the distribution of the contribution. Most of the population is familiar with the system of managing their pension and managing the housing and communal services.
      Few people now refuse to issue an employment contract, even if they promised a large salary.
      All this is the financial literacy of the population.
      Of course, grandparents don’t count .. this is always a very poorly informed group of people (at least by virtue of respectful age).
      1. Vrungel78
        Vrungel78 26 September 2013 12: 54 New
        +4
        Something you idealize fin too. literacy of Russian people. Or consider your neighbors (acquaintances). I assure you that every third does not live in an apartment purchased on a mortgage. And this one in three lives in the apartment of his parents, which was issued under the Soviet Union.
        As for the pensions, that is also enough.
  3. Ihrek
    Ihrek 26 September 2013 08: 07 New
    +2
    It is high time to leave the dollar. I think the process has already begun. Otherwise, it is impossible to end the hegemony of the United States - "Empire of Lies". The whole world works hard and most of the profits are made by the United States.
  4. Sterlya
    Sterlya 26 September 2013 08: 08 New
    0
    more than half of the world's population. outsmarting homosexual Europe and "exceptional" America is not so difficult. there would be unity and desire
  5. slacker
    slacker 26 September 2013 08: 32 New
    +2
    The dollar is in the pit, the ruble is uphill!
  6. 787nkx
    787nkx 26 September 2013 08: 55 New
    -3
    “No wonder this pool is called" virtual. " It is a matter of reaching agreements by central banks that a legal environment is being formed that will allow swap operations to be carried out promptly if necessary. According to the deputy minister, in this case, dollars will be delivered by members of the pool to the interested party against the national currency.


    There is a bank, no money, only agreements.

    The bank will lend to the BRICS countries and invest in the real sector of the economy: infrastructure construction and industrial projects. No, not necessarily within the BRICS, but also in other developing countries. It is believed that affordable money will give an impetus to the innovative sector.


    What investments if virtual money?

    In my opinion, the Brix bank project is still in the status of "Mouse Fuss".
    In addition to political declarations, nothing can be done with virtual money
    1. No_more
      No_more 26 September 2013 18: 24 New
      +1
      Even the moment of replacing gold with debt receipts, which can be any number (unlike gold), money has become a fairly virtual substance. Moreover, if we talk about the modern US dollar.
      And the fact that while there is no money, no one will make billions in contributions until there is no agreement on who will have the right to dispose of them and where to spend them.
      The creation of this bank is logical, because loans at the international level need to be taken, but the IMF, which puts forward suicidal conditions for the economy to issue a loan, has not been happy with anyone for a long time. So they decided, dissatisfied with creating their own international credit institution, and at the same time getting rid of the currency they were forced to support in order to be able to take on many international operations.
  7. user
    user 26 September 2013 10: 08 New
    +1
    All the same, I think that these are the first steps to exit the Bretton Woods agreements and the transition in payments to national currencies. By and large, an attempt to abandon dollar dependence.
  8. Boris55
    Boris55 26 September 2013 10: 27 New
    +1
    Here's another replacement for green: "Bitcoin is a virtual replacement for the dollar"

    http://213.141.140.103/page.php?id=303



    1. 787nkx
      787nkx 26 September 2013 16: 34 New
      0
      Something is not clear, what kind of coin is this?
      1. No_more
        No_more 27 September 2013 14: 00 New
        0
        This is a free cryptocurrency, which (unlike modern money) cannot just be printed by someone's whim on a whim.
        In short, to get one unit of currency you need a computer connected to the Internet, and the more powerful it is, the faster you will get a unit of this currency. But, the more of all these units are already in everything, the longer it takes to get a new unit of this currency. Thus, a mechanism similar to gold mining was simulated - the more gold is mined, the less likely it is to mine more.
        This is very superficial, but in general terms something like this.
  9. 222222
    222222 26 September 2013 10: 27 New
    +1
    "stop feeding the usa !!!"
  10. dzvero
    dzvero 26 September 2013 10: 29 New
    +2
    In my opinion, a new world center like the US / FRS / IMF is being created. The political and military components are there - the SCO. The financial component has now been created. Maybe the next step will be to give the BRICS bank similar rights to the Fed and the IMF. As a result, a new 'currency' is supported by production capacities, resources and sales markets.
  11. Ascetic
    Ascetic 26 September 2013 11: 18 New
    +5
    So, the geopolitical goal of BRICS Bank is clear: the opposition to the global financial system, controlled by the West, primarily the United States. The economic goals are also understandable: mutual support of the bloc countries, generous lending to developing economies and “preventive measures” against the global risks associated with changes in the US Federal Reserve policy. The financial resources at the first stage are far from as much as those of the IMF or the World Bank, but the first step is the hardest. As for the strategy, here it is, as they say, “I would like more detail” ...


    Oleg! Thanks for the review. It is clear that Americans will in every possible way belittle the significance of any financial and economic system created without the participation of their own beloved ones. I did not even doubt that the foreign media assessments would be negative and I was convinced of this by reading the review. BRICS Bank does not threaten the dollar as a world currency but seriously shaken the position of the IMF and the WB where the countries of the "golden billion" rule at the expense of higher quotas and carry out a predatory policy towards the developing countries of the third world.
    Now these countries will have an alternative to the IMF in the form of the BRICS Bank.
    The quota in the IMF is the amount of a country's contribution to the total capital of the Fund and at the same time the country's share in the total number of votes taken into account when the Fund makes decisions. The size of the quota determines the possible amount of loans that a country can count on. The United States has the largest -17%. All countries of the "golden billion" (29 countries that are members of the Organization for Economic Cooperation and Development) - 60,35%.
    The remaining countries, accounting for 85% of the total number of member countries, have quotas of 39,65%. It is quite obvious that such a layout of quotas makes the Fund an instrument acting in the interests of the “golden billion” countries. In Russia, the quota in the IMF is 2.745, and in China - 2.79%.
    The discrepancy between the existing alignment of forces in the global economy and the long-established principle of distribution of quotas in the Fund has become too obvious. Therefore, first of all, the BRICS countries require changes in quotas and their more equitable distribution. Naturally, the EU countries, Japan and the USA are not interested in this. The West does not want to revise quotas, therefore, the BRICS countries are forced to seek new lending instruments by creating their own BRICS Bank.
  12. WIN969
    WIN969 26 September 2013 11: 44 New
    -1
    If we end dependence on the dollar, then we become dependent on the renminbi, not very tempting, but better.
  13. Gur
    Gur 26 September 2013 14: 24 New
    +1
    Gaddafi wanted to make a gold currency, I didn’t understand that it’s time to leave virtual money for a long time, it’s time to equalize and evaluate the currency not in dollars but, for example, in gold, platinum, etc. Note that we see our exchange rate not how much gold can be bought for it but how many dollars it costs put themselves in a famous pose
    1. chushoj
      chushoj 26 September 2013 15: 05 New
      +1
      We have been standing in a pose for a long time, and we wish it ourselves. In the near future, the state will have a bright desire to have more of those who are educated (truly), have experience, and can lead to a business (meaning not a soap sales manager). At the moment, there is a fierce struggle against such people in order to destroy them. And they have been doing this since school and college. What characteristically destroys the people like themselves, and does it with pleasure. If gold is now introduced as the equivalent of the value of the goods, Russia may be left without gold.
  14. Ruslan_F38
    Ruslan_F38 26 September 2013 22: 08 New
    -1
    BRICS needs to spend this money on "promotion" of a military-political bloc as opposed to NATO.