Russia, Brazil and India will contribute $18 billion to the BRICS
currency reserve pool, while China $41 billion and South Africa $5
billion, according to a press release issued by the BRICS on Thursday.
Earlier this week Russia's Finance Minister Sergei Storchak said that
there were still a lot of "difficult details" to sort out."These are systematic themes, complicated [and] negotiationsare difficult. We must assume the bank will not start functioning as fast as one could imagine. It will take months, maybe a year,"
The creation of the reserves pool may help the BRICS nations in their drive to reform votes and quotas in the International Monetary Fund (IMF).
The Almighty Dollar Is In Peril As The Global 'De-Dollarization' Trend Accelerates
Prominent international voices are starting to question why the U.S. dollar should be so overwhelmingly dominant. As the Obama administration continues to alienate almost everyone else around the entire planet, an increasing number of prominent international voices are starting to question why the U.S. dollar should be so overwhelmingly dominant in global trade. In previous articles, I have discussed Russia's "de-dollarization strategy" and the fact that Gazprom is now asking their large customers to start paying in currencies other than the dollar. But this is not just a story about Russia any longer. China and South Korea have just signed a major agreement to facilitate trade with one another using their own national currencies, and even prominent French officials use the dollar less and the euro more. John Williams of shadowstats.com recently said that things have never "been more negative" for the U.S. dollar, and he was right on the mark. The power of the almighty dollar has allowed all of us living in the United the U.S. economy. In future years the value of the dollar will go down substantially, all of the imported goods filling our stores will become much more expensive, and it is going to cost the federal government a lot more to borrow money. Unfortunately, with the stock market hitting all-time record highs and with the mainstream media endlessly touting an "economic recovery", most Americans are not paying any attention to these things.
French oil giant Total is one of the largest energy companies in the entire world. On Saturday, Total's CEO made an absolutely stunning statement. According to Reuters, he told reporters that there "is no reason to pay for oil in dollars"...
The BRICs Are Morphing Into An Anti-Dollar Alliance
increasingly more countries are setting the stage for the final currency war, we go again to Russia where VOR's Valentin Mândr??escu explains that slowly but surely the BRICS -- that proud Goldman acronym which was conceived to perpetuate the great American way of life by releasing trillions in US-denominated debt in heretofore untapped markets -- are morphing into an anti-dollar alliance.
BRICS is morphing into an anti-dollar alliance, From VOR
Before the crucial visit to Beijing next week, the governor of the Russian Central Bank, Elvira Nabiullina met Vladimir Putin to report on the progress of the upcoming ruble-yuan swap deal with the People's Bank of China and Kremlin used the meeting to let the world know about the technical details of its international anti-dollar alliance
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