BRICs SEEK IMF, WORLD BANK ALTERNATIVE

BRICS summit heralds the end of western financial dominance?

I notice that western news broadcasts have provided little information about this meeting in South Africa. Just how controlled is the media? Under the title BRICS and Africa:Partnership for development, integration and industrialisation the participants met for the fifth time.

The closing statement included mention of International Legislation, multilateral affairs and UNO and increasing solidarity amongst the BRICS (Brazil, Russia, India,and China). No further militarisation of the conflict in Syria and a desire to see the international dispute over Iran’s atomic programme resolved through negotations are further topics which were under discussion.

Although no agreement was reached on founding a BRICs Development Bank, BRICs currency reserve funds and the laying of a maritime internet cable to connect all BRICs states, these topics are open to further discussion.

However, many points were agreed including oil and gas deals between Russia and China, as well as broadband and telecom projects. China is to purchase fighter jets and submarines from Russia and future a desire to acquire Russian aerial defence systems in the future.

Within five years the members have made huge strides, it seems. The plans to set up financial systems which are not dependent on the World Bank and the IMF must surely cause the west some headaches. Things could become very interesting. But the media prefers to pretend that this isn’t happening, it seems.

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