Over Easy: You deserve a BRICS today.
While Germany and France and all are trying to destroy Greece with their TROIKA demands. Not mentioned in the western MSM, the BRICS [Brazil, Russia, India, China, South Africa] nations held their current summit in Ufa, Russia. As Mike Whitney puts it in Counterpunch;
Let’s cut to the chase: Leaders of the BRICS (Brazil, Russia, India, China and South Africa) realize that global security cannot be entrusted to a country that sees war as a acceptable means for achieving its geopolitical objectives. They also realize that they won’t be able to achieve financial stability as long as Washington dictates the rules, issues the de facto “international” currency, and controls the main levers of global financial power. This is why the BRICS have decided to chart a different course, to gradually break free from the existing Bretton Woods system, and to create parallel system that better serves their own interests. Logically, they have focused on the foundation blocks which support the current US-led system, that is, the institutions from which the United States derives its extraordinary power; the dollar, the US Treasury market, and the IMF. Replace these, the thinking goes, and the indispensable nation becomes just another country struggling to get by.
In other words they simply do not want to play the west’s silly assed game any more. As stated in Asia Times.
It launched the BRICS New Development Bank, which has taken three years of negotiations to bring to fruition. With about $50 billion in starting capital, the bank is expected to start issuing debt to fund infrastructure projects next year. They also launched a foreign-exchange currency fund of $100 billion.
The two new endeavors are statements that the five largest emerging markets are both looking out for each other and, simultaneously, moving away from the western financing institutions of the World Bank and International Monetary Fund.
“The BRICS states intend to actively use their own resources and internal resources for development,” Putin said, according to Reuters. “The New (Development) Bank will help finance joint, large-scale projects in transport and energy infrastructure, industrial development.”
So Obummer’s pivot toward Asia is becoming increasingly more irreverent, which suits Russia and China just fine. All while he blindly supports Nazis and Fascists in Kiev and Tel Aviv.
Can you see what’s going on? Putin has figured out the empire’s vulnerabilities and he’s going straight for the jugular. He’s saying: ‘We’re going to issue our own debt, we’re going to run our own system, we’re going to fund our own projects, and we’re going to do it all in our own currency. Kaboom. The only thing you’re going to be doing, is managing your own accelerating economic decline. Have a good day.’ Isn’t that the gist of what he’s saying?
So can you see, dear reader, why none of this is appearing on the pages of US newspapers or on US television. Washington would rather you didn’t know how they’ve bungled everything by alienating the fastest growing countries in the world.
China and Russia have described BRICS, the Shanghai Cooperation Organisation (SCO) and the Eurasian Economic Union (EAEU) as the core of a new international order.
Russian President Vladimir Putin said,“There is no doubt — we have all necessary premises to expand the horizons of mutually beneficial cooperation, to join together our raw material resources, human capital and huge consumer markets for a powerful economic spurt.”
What does this all mean ? Well, Mike sums it up nicely.
The dollar is toast. The IMF is toast. The US debt market (US Treasuries) is toast. The institutions that support US power are crumbling before our very eyes. The BRICS have had enough; enough war, enough Wall Street, enough meddling and hypocrisy and austerity and lecturing. This is farewell. Sure, it will take time, but Ufa marks a fundamental change in thinking, a fundamental change in approach, and a fundamental change in strategic orientation.
The BRICS are not coming back, they’re gone for good, just as Washington’s “pivot to Asia” is gone for good. There’s just too much resistance. Washington has simply overplayed its hand, worn out its welcome. People are sick of us.
Have a nice day, America.