Equedia Letter

When Nations Unite Against the West: The BRICS Development Bank14 min read

Comments (22)
  1. mike J says:

    It is great to see the creation of this bank by the BRICS nations. World will be a better place when it gets rid of dollar and reliance on western governments. Need to have balance of powers and not the monopoly of power..

  2. Zoltan Hartai says:

    It’s high time that Putin was put-in his place (some remote pasture in Siberia), or we’re back to the cold war of the 60’s, which no sane person wants.

  3. Cavan says:

    I believ that any of the countries in the BRICS do not offer the stability that the “west” has to offer and they will eventually allow countries highly influenced by religion and 6th century politics and therefore become un attractive to borrower nations

    1. jt says:

      “the BRICS do not offer the stability that the “west” has to offer”–

      Wow…that sounds about as brainwashed as one can get!! Ok, well, I guess that depends on how one (you) defines “stability.” Sure, a prison can offer “stability”–three meals a day, a bed, and a routine. Be my guest. But most of thinking humanity that is NOT brainwashed nor has its head stuck in the sand or up its nether pore wants FREEDOM much more than so-called stability…that is, a stability that is chosen for them, the “freedom” of serfdom.

      Unfortunately, most Westerners, esp. Americans, have no clue that they are and have been trading in their freedom(s) for the stability of economic emprisonment. Much of the rest of the world sees and understands. Best of luck to the BRICS, who, though not “perfect” people or govts or rulers, know who the bully is…and it’s not Putin or Russia or China or anyone else “out there”…it’s the USGovt, which is no longer WeThePeople, in cahoots with an oligarchy of a few rich and powerful Westerners (mainly those who control the central banks and its central bank (the BIS) who control much of the wealth of the world through their counterfeiting scheme and want to maintain that control for as long as possible, ie, through ongoing and nearly infinite creation out of nothing of the petrodollar, aka the Federal Reserve Note, aka the USDollar.

  4. rico says:

    Interesting details ……. but no surprise ….. it’s time for the “world government” to ease it’s grip on Obama’s Government, the US economy and the EU.…………. It’s all to obvious what the real plan is and the BRICS with about 40% of the world population will soon convince enough countries to follow their directions – representing eventually soon the majority of the world population.

    Perhaps Putin can soon be called the saviour of the world.

    1. Klaus Schonfeld says:

      Putin the savior of the world? What are you smoking?

  5. Myron Martin says:

    First of all there is no logical reason why any nations currency requirements should need to be borrowed into existence as debt. Every nations natural resources can serve as collateral for its government to create the currency necessary to finance needed infrastructure construction thereby employing and creating jobs for its citizens while utilizing its natural resources productively for the benefit of its citizens. By employing a CREDIT instead of debt based system a country would only need to “tax back” the actual cost of all needed infrastructure over its anticipated useful life while totalling avoiding the middle man cost of debt financing.

    1. Eric says:

      I read your stuff on Gumshoe, totally agree with you. Wish more people knew this.

  6. Klaus Schonfeld says:

    Re harsh terms by Western banks

    I note that you did not specify to wht harsh applies. I assume that you at least include social and environmental safeguards that are usual prerequistes of loans and covenants. I further note that these loan covenants are routinely contravened and such, not enforced. Or did you refer to the financial terms that often include long periods of forgiveness and terms others can only dream about.

    It will be interesting to see how poor nations with lots of potential resource wealth will fare under BRIC conditions. Given the partners in the group, one thing is for certain: the environment and social safeguards will suffer.

  7. jill phillips says:

    ‘Lender to Women Leads Push to Get Poor to Banks in India’
    What role will microbanks play in the BRICS countries other than India, where the ratio of poor people – ESPECIALLY THE MORE RELIABLE WOMEN – to rich is so much higher? I doubt very much that there will be any difference to the same old story of a Few getting obscenely rich while the millions of Poor just get more hungry.

  8. Roger says:

    Dear Equedia

    regarding BRICS banking vs IMF and WB – there is but one flaw –
    The IMF – the G7 – Nato – OAS – and other such organizations have one thing in common – that is they are in common ideologically – they are not the east – hey are not the middle east – they are not asia or south asia – but they are in turn those who at one time or another have ruled these other entities – either by force or by colonization – or by trade – each country is for the most part content at home with in its own borders – yes yes UK has Scotland and North Ireland Canada has Quebec and Spain has the Basque and USA has 50 such separate republics recognized right in the constitution – but for the most part there is a chicken in every pot and a beer in the hands of those who desire one – and more importantly – there is the possibility of reading as many books as one wants – the possibility of owning as much property as one desires and the possibility of gathering in and saving as much money as you can grasp in any combined or single sitting – civil war is very infrequent – debate and disagreement is encouraged and fostered (if not festered by the press) and generally people have the freedom to move about from area to area with in the confines of any given country, with nothing more than the shirt on their back and with in a brief period of time commence to enjoying a lifestyle very similar to the one just abandoned in the previous area. further to that – in nearly every $ country there is a notion that if you are trod upon by bullies from state or family you can have access to the “king” through the courts and may even find an empathetic jury or judge – even if you have committed the most heinous of crimes
    BRICS on the other hand are traditionally isolationist – anti-trade – factional at home and abroad – often practice suppression of debate and do nothing to foster or fester differences of opinion – where there are any signs of nationalism or regional pride there is an almost palpable tension between any party who does not wear the proper t-shirt or sweater, or show from the caste whose territory one finds themselves in – Stories of justice being meted out to victims of the crime in such barbaric fashion that the victims are not only blamed for the consequence of the crime but the circumstances of it as well – sentenced to repeated blows from the jury of peers often made up of family members guided by a sense of justice and honour that would make The Good The Bad and The Ugly look like nursery rhyme fodder – and we expect these countries to get long in a financial structure – no wonder the HQ will be in China – where else – Russia – on the brink of civil war – almost daily on so many fronts it is hard to keep track -Brazil – surrounded by a curry of governments that make any warlord pale in comparison – South Africa – indeed how quickly Pretoria forgot the days of embargo when policy was to remain in a state of isolated feudalistic slavery ahhh the newly enlightened – how quickly they seize the potential reigns of power – believing that if they ally themselves with such giants – they too will be perceived as giants – missing the point that size does not a giant make –

    I recall an editorial back in the 80’s when the usa was looking at Afghanistan and it pointed to how highly disciplined Russian soldiers had failed once they arrived at the gates of free heroin and hash and the editorial begged the question – how then would American soldiers fair- they who already dabbled in the “dark” arts of the countries offerings –

    which brings us to the real crux of the story – WWI was an Opium war – and the rest of the world is seeking a place to stash $ now that USA has such stringent rules regarding transactions over 10,000$ not to mention FICA and Canada Revenue seeking hidden $ in off shore accounts – – so traditional economists will dress up the shenanigans as 1st 2end and 3rd world lenders and borrowers – the real movers of money around the world know it is all about financing arms and moving drug money from place to place – not so much the Dogs of War as it is the Poppy Seeds of Hope

  9. Blair says:

    The World Bank and IMF was set up knowing perfectly well that it was nothing more than an organised crime syndicate and the US as the Don. Perhaps this will free the oppressed countries from the bonds of their exploitation. I hope the BRICS nations have the strength to handle the sanctions, pushback and dirty tricks that will be used to counter their efforts.

    1. Klaus Schonfeld says:

      Hey Blair
      First off, WB and IMF are completely different entities. You might want to check the progress achieved in less-developed nations before you spew out such rubbish. Secondly, do you really believe that development aid from a BRICS bank will be anything but exploitation? I don’t know why China would participate anyway since it does a great job on its own, neglecting all sorts of safeguards under the guise of not wishing to interfere in domestic procedures and leaving behind boatloads of plastic goods.

  10. J. S. says:

    It’s about time.

  11. B.N.Lakshmikanth says:

    It’s about time.There are going to be problems,these countries are not friendly,if they stick together,it will be competition,Us also will correct its behavior hopefully print less dollars.

  12. N. Jasmin says:

    The problem is European have a very short memory. Stalin collaborated with the German and the French stayed on the fence when the AXIS started their effort to control their neighbors and the WORLD. They paid a very high price. I just hope we will not see french planes or ships destroyed by the MISTRAL THEY SOLD TO RUSSIA. Thank GOD we live on big island (self-sufficient) called NORTH AMERICA.

  13. Phang-Lut Yong says:

    With the new “Bank” created by the BRICS, will the transactions be in USD or in their currencies. Would the funding of the “Bank” be in USD?? I had read that they will continue to use USD, if so how would it impact on the dedollarization of the USD??

  14. J.R. says:

    Bla Bla Bla. What are you so worried about??? The French are selling American technology to Russia. The Germans are dealing with the Iranians. They should be sanctioned/monitored for being untrustworthy. And Russia forgave Cuba 90% of its debt. So what? There’s more money in Bangor ME than Cuba. The Americans can devalue their money by 50% tomorrow. The stock market can drop 70%. We’ll still be better off than everyone else. You can’t eat gold or currency. North America has half the world’s food. It leads the world in fresh water,plenty of timber and assorted minerals. Hundreds of years worth of energy (oil, natural gas, coal…) Alberta sends oil to U.S., but they don’t need it all so they’re trying to send it out through B.C. and Texas. Saskatchewan and Newfoundland haven’t started pumping yet. Never mind what’s north of Canada/Alaska. Leaders in renewable resources (For example, Province of Newfoundland in Canada will soon be 97% powered by water… will soon be selling extra hydro power to New England across the border… drive into Nova Scotia and enjoy the windmill farms… California leads in solar power and battery operated cars when they’re needed in the year 2200.) A fleet of American nuclear submarines are prepared to defend this position. If the Russians and Chinese want to take a turn policing the world (and paying billions to states in Pakistan, Egypt…) let them. Until Canada and Australia turn on the U.S., there is no problem.

  15. Paul says:

    The problem with developing nations are not lack of availability of funds but responsible borrowing and policies by their governments. Does it now mean that developing countries can borrow at relaxed repayment terms? Or if they get into financial trouble they can just walk away from their debts without consequences? 5 of the BRICS can hardly afford to lose the capital they put into the new bank. This new bank seems to me to be a way for China to gain influence in lucrative markets. Will they be more willing to forgive debt or will developing nations just swop one financial master for another? It seems to me a world currency is the answer where all countries subscribe to upholding its value. This will take currency manipulations for short term financial gain out of the equation. But the world is far away from doing this because it is far to easy to devalue your own currency to gain favorable trade terms. The Americans tried devalueing the dollar and then other nations just devalued their currencies with it. The Europeans tried and failed with the Euro. The Japanese is busy trying with the Yen and they too will fail. The strong dollar has not brought the USA prosperity only financial hardship and huge debt loads.

  16. for too long now the U.S. has dominated the world with power, money and predominately LIES. they have to be the most arrogant nation on the planet. they have robbed so many other countries of resources, money, etc. it is time the world starts paying them back in kind. the fed reserve bank just prints money and does not have anything to back it up. now, they are so deep in debt, they cannot pay back what they owe and now a few countries have decided enough is enough and will bankrupt the U.S. by starting up their own bank. koodoos to them. the u.s. is under the false impression that the world is afraid of their power but this is not true any longer. there are leaders out there who do not give a damn about the U.S. l don’t think too much of Russia , Chinese, etc, but at least there are other powers who have the balls to tell the U.S. they have had enough and if they have their choice, the U.S. will rot in hell. hopefully the U.S. public will wake up and see this in time before the fed reserve and U.S. gov. totally takes away all their rights. l hope for the best for the U.S. citizens but it may already be too late for them.

  17. Anne says:

    I’ve been waiting for this to happen. Its about time that countries had the courage to stand up to the controlling banks!
    Sometimes its embarrassing to be a citizen here in the U.S.

    I would like to put money into the Brics Bank. Does anyone know how to
    get an account, or is it possible?

  18. Mia says:

    At last!
    The US has dominated the world without mercy for so long now. I just hope Canada doesn’t go down with the USA ship. They are not our friends. Bullies don’t have friends, just those who act like buddies so as to avoid being beaten up. We need to make this work for Canada, and ignore the posturing of the States.
    It’s time that this merciless grip on the throats of the nations of the world is released. At long last. Thank you Mr. Putin.

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