A new monetary organization that aims to be a rival to the World Bank and the IMF was launched today by leaders of the BRICS group at their annual summit. Leaders of Brazil, Russia, India, China, and South Africa, banded together as a set of emerging nations, announced the long-awaited bank and contingency fund, a clear move away from the dominance of the West in global economics and the dire consequences of an unstable dollar.
Speaking in Fortaleza, Brazil, Brazilian President Dilma Rousseff said the $100 billion contingency fund would be available as a “safety net” to prevent “volatility faced by …read more
Source: Newsweek
