BRICS Regimes Forge New World Bank, Call for Global Currency

By:  Alex Newman
04/03/2013
       
BRICS Regimes Forge New World Bank, Call for Global Currency

An oligarchy ruling over the BRICS countries — Brazil, Russia, India, China, and South Africa — agreed to set up a new world bank that analysts say could further marginalize the increasingly unstable U.S. dollar.

The governments and dictatorships ruling over the so-called BRICS countries — Brazil, Russia, India, China, and South Africa — agreed to set up a new world bank that analysts say could further marginalize the increasingly unstable U.S. dollar, possibly helping to eventually dethrone it as the global reserve currency. Meeting in Durban, South Africa, last week at their fifth annual summit, the socialist and communist-minded BRICS regimes also announced their support for creating a new world currency and full-fledged global governance.

Other top priorities outlined in the final agreement, dubbed the “eThekwini Declaration,” include promoting global so-called “sustainable development,” which according to the United Nations entails a radical restructuring of human civilization. Also key on the list of BRICS rulers’ demands: further centralization of power in the hands of the UN, more government meddling in the economy, ramped up attacks on national sovereignty, increased power for Third World dictators on the global stage, and much more.

In February, the premier alliance of socialist political parties, known as the Socialist International, gathered in Portugal for its “Council meeting.” Following the recent Congress held in South Africa amid reports that the ruling communist-oriented regime is involved in genocide, the SI meeting adopted a declaration calling for “a new internationalism, proposing the creation of a new global set of agreements, the restructuring of the WTO to recycle trading profits from severe wage differentials toward authentic global income security, and a new IMF and global currency regime built on the multilateral synthetic ‘bancor’ system conceived by Keynes himself.”    

As The New American has been reporting for years, the push for a planetary fiat currency is gaining traction as the privately owned Federal Reserve continues to destroy the dollar. Unsurprisingly, the BRICS regimes agreed with the Socialist International and other powerful forces seeking to build a global central bank with a new world currency. In the final BRICS Durban declaration, signed by all five rulers on March 27, the totalitarian-minded alliance openly called for expanding the role of the International Monetary Fund’s proto-global currency known as Special Drawing Rights.

“We support the reform and improvement of the international monetary system, with a broad based international reserve currency system providing stability and certainty,” the five regimes said in the declaration, calling for Third World dictators to have a greater say in the IMF and the emerging global monetary regime. “We welcome the discussion about the role of the [IMF’s] SDR in the existing international monetary system including the composition of SDR’s basket of currencies."

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