The riason d'etre for creating this BRICS Bank is the Mandarins grand scheme manipulating these other nations into using the Yuan as an alternative currency for international trade and financing.
Re: BRICS Bank effects
by Praveen Lakhotia on Aug 04, 2014 02:59 PM
Here is a pseudo side kick of America, posing as a loyal Indian. You foot licker,why don't you go your heaven -US, and leave us in peace.
Re: BRICS Bank effects
by Indra Kumar on Jul 19, 2014 10:14 AM
Such apprehensions are not called for, particularly at this nascent stage. Even if it is true, i.e. yuan as an alternate to dollar, it will be more beneficial to countries like India. Actually there can be a freely exchangeable basket of currencies like rupee, yuan & rouble, without linking to dollar, euro or pound. Long back there was talk of Asian Currency Unit (ACU), may be something like that in modified form can come into being. Ne need to be apprehensive, let's make the best use of the opportunities offered to us. That's pragmatic optimism.
It is the best thing that has happened in the last 70 years, after the Bretton Woods System, which presupposed the US Dollar as the sole stable currency in the world. May be that was true in 1944 when Europe, Russia & Japan were devastated by war, with India, China and other countries still to emerge. The IMF & the World Bank were the products of this system, which inherently establishes supremacy of the currencies of the US & its allies. The world economy has changed a lot in last 70 years, which is not always correctly reflected in the financial statements of developing countries like India, because these statements are designed to suit the interests of the so-called first-world countries. Now the BRICS bank & financial institutions can be a strong alternative to the existing system, ushering into true global economic development, at the same time preserving the socio-cultural values of member countries, and contributing to a healthy global New Economic Order for the benefit of all, including that of even the first-world countries. No more donor-donee relationship, no more hedgemony, only equal partnership with equal rights and responsibilities at both national and global level.
