#AceFinanceNews – #BRICS According to a member of the Indian delegation at the BRICS Civic Forum in Moscow, a common market between BRICS member states would ensure the countries’ economic independence from the West.
MOSCOW (Sputnik), Yulia Shamporova – A common market between BRICS member states would ensure the countries’ economic independence from the West, a member of the Indian delegation at the BRICS Civic Forum in Moscow told Sputnik on Thursday.
#AceFinanceNews – Featured Report:June.06: I have posted on here about the changes in currency – related to BRICS and two major players Russia-China, for a while. My time-line of collapse is at the bottom with all my posts on the link, for anyone. This post is my featured one today:
Blind adherence to US policies and the introduction of anti-Russian sanctions have turned fatal for Europe; the axis of Russia-China-BRICS is set to overturn the global economic system and to prevail over the hegemony of the US, according to the chief economist of the German Bremer Landesbank.
The real damage to the EU countries caused by the launch of anti-Russian sanctions is much more comprehensive than that estimated by the statistics, Folker Hellmeyer, chief economist of the German Bremer Landesbank told in an interview with Deutsche Wirtschafts Nachrichten.
“The slump in German export volume by 18 percent in 2014 and by 34 percent for the first two months of 2015 is just the tip of the iceberg,” he said. “There are much more of the side-effects.”
“European countries, like Finland and Austria, who have strong developing businesses in Russia, place fewer orders within Germany. Moreover, the European corporations evade sanctions and create high-efficient production facilities in Russia.
We, therefore, lose this potential capital stock, which is the basis of our prosperity, and Russia wins.”
Ace Related News:
#AceFinanceNews – The five countries known as the BRICS have 43 percent of the world’s population, $4.4 trillion in currency reserves, and generally healthier economic growth than Europe and the U.S.
Yet to their frustration, Americans and Europeans still dominate policy-making at the World Bank and the International Monetary Fund.
Should the five—Brazil, Russia, India, China, and South Africa—create their own development bank and crisis fund?
BRICS leaders, concluding a summit meeting in Durban, South Africa, today pronounced the idea “feasible and viable.”
They also made clear, however, that it won’t happen soon, as they failed to reach agreement on how such institutions would be financed and governed.
#AceFinanceNews – BRICS leaders will sign a framework agreement to establish a pool of reserve currencies at the upcoming summit in the Brazilian resort city Fortaleza on July 15-16, Russian Finance Minister Anton Siluanov told journalists.
“We have agreed that amid the current capital volatility, it is important for our countries to have a kind of mini-IMF,” Siluanov said.
The $100 billion pool would be able to swiftly react to capital flight by providing liquidity in the freely convertible currency through dollar swaps, the Minister added.
#AceFinanceNews – Worldwide News – April 04 – (INS) – The existence of “petrodollars” is one of the pillars of America’s economic might because it creates a significant external demand for American currency, allowing the US to accumulate enormous debts without defaulting.
If a Japanese buyer want to buy a barrel of Saudi oil, he has to pay in dollars even if no American oil company ever touches the said barrel. Dollar has held a dominant position in global trading for such a long time that even Gazprom’s natural gas contracts for Europe are priced and paid for in US dollars.
Until recently, a significant part of EU-China trade had been priced in dollars.
Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency .
The main supporters of this plan are Sergey Glaziev, the economic aide of the Russian President and Igor Sechin, the CEO of Rosneft, the biggest Russian oil company and a close ally of Vladimir Putin. Both have been very vocal in their quest to replace the dollar with the Russian ruble.
First, it was the Minister of Economy, Alexei Ulyukaev who told Russia 24 news channel that the Russian energy companies must should ditch the dollar. “ They must be braver in signing contracts in rubles and the currencies of partner-countries, ” he said.
Reuters reports, that Russia is close to entering a goods-for-oil swap transaction with Iran that will give Rosneft around 500,000 barrels of Iranian oil per day to sell in the global market. The White House and the russophobes in the Senate are livid and are trying to block the transaction because it opens up some very serious and nasty scenarios for the petrodollar. If Sechin decides to sell this Iranian oil for rubles, through a Russian exchange, such move will boost the chances of the “petroruble” and will hurt the petrodollar.
VOR – Russian and Serbian News – INS