…a brick at brics bank…Posted: 2014-07-17
…no, not (dissolved) Riggs Bank of Pinochet fame…
Here we have a report from Bloomberg on the recent meeting in Fortaleza, Brazil of the members of BRICS. One result of the meeting was a creation of a development bank for the group to minimise reliance on the IMF and the World Bank, unpleasant experiences for so many countries. Now how does Bloomberg’s Leonid Bershidsky report on this?
We take a look at his, The End of the World Bank?. One excerpt,
The reasons for building up alternatives to the IMF and the World Bank are in part political. Ukraine, for example, is now the IMF’s fourth-largest debtor…
Utter rubbish. This has nothing to do with Russian President Vladmir Putin. This has nothing to do with the Ukraine, and its discredited oligarchs, some of whom are robustly supported by the US. Indeed, this is the 6th BRICS meeting.
In addition, very well known is that for at least two decades countries, non-Western, have been complaining of the disproportionate influence of only Western countries wielded at the World Bank and the International Monetary Fund (IMF). The fact of the matter is the Director of the World Bank has always been of the US, and at the Fund, of Europe. Approval of policies and loans has often been influenced by narrow Western interests rather than by the merits of policy or loan. The likes of France or the UK wielding more power than China or India or Brazil?
The writer continues boldly and contradictorily with,
The IMF is promising to reform itself, giving more power to the large developing nations: By January, China should have the third biggest quota, and Brazil, India and Russia should all be in the top 10. Putin, however, thinks changes to the system are being “unreasonably delayed.” The U.S. Congress is in no rush to approve the changes, and the year-end deadline might be moved again.
There he goes again. He tells us that President Putin, yes, Putin again, complains about ‘unreasonably delayed’ changes, yet the author then mentions the continuing stalling tactics of the US Congress? It has been blindingly obvious that once the US puts out the word, ‘Putin is the new villain, the new Hitler’, the media responds with dutiful and hysterical stenography. Ever predictable, for an almost totally discredited bunch – the attempt to discredit the BRICS bank initiative and vilify, by association, the other members, truly risible.
By way of contrast, we go to RT famously vilified by the urbane, eloquent US Secretary of State. RT reports, BRICS establish $100bn bank and currency pool to cut out Western dominance. We then have, and to the point,
The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size.
The report then continues with an economic profile of the BRICs group within the world economy. Straightforward.
Any wonder at the increasing move far away from the ‘conventional media’ (NYT, WaPo, US cable ‘news’) inflicted on the world to the blogs and alternative media for news and analysis, instead of obvious propaganda?