Is the New BRICS Bank a Challenge to US Global Financial Power?

[jakeXT]

Last edited Wed Jul 23, 2014, 11:21 AM - Edit history (1)

Michael Hudson and Leo Panitch discuss and debate the significance of the new international development bank created by Brazil, Russia, India, China and South Africa

Transcript

PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Baltimore.

Will a new international bank challenge American global financial hegemony? Well, at recent meetings in Brazil, the five BRICS countries–that’s Brazil, Russia,India, China, and South Africa–have created a new international bank called the NDB or New Development Bank, and it’s been given $50 billion in initialcapital. The BRICS bank works on an equal-share voting basis, with each of the five signatories contributing $10 billion. The capital base is used to finance infrastructure and, quote, sustainable development projects in BRICS countries initially, but other low- and middle-income countries will be able to buy in and apply for funding.

..
http://michael-hudson.com/2014/07/escaping-the-dollar/

[dipsydoodle]

1. Just a nail in the coffin for now.

Good feature.