BRIC Nations Continue Plans For A Post-Dollar World

[Editor's Note: The following post is by TDV Editor-in-Chief, Jeff Berwick]

We don’t know how the dollar collapse or The End Of The Monetary System As We Know It (TEOTMSAWKI) will play out but numerous criminal actors, specifically the governments of what is known as BRIC are making their own plans.  The  criminal BRIC nation-states have become a de-dollarization vehicle. Further, this road towards a de-dollarized world appears clearer-and-clearer in the offing daily. Earlier this week it was reported that the BRICS are in the process of forming an international development bank – a so-called “mini-IMF” – with the aim of challenging the international dominance of the World Bank and the International Monetary Fund, heinous cells of the largest terrorist organization on Earth, the government of the United States. 

Brazil, Russia, India, China and South Africa said Tuesday that the New Development Bank will start out with $50 billion in capital and $100 billion as a currency reserve fund in the case of liquidity crises which could help to pull much of the world away from the District of Criminal’s (DC) influence. The BRICS bank could add more member nations while it seeks to expand the influence of the BRICS markets and acting as a counterbalance to institutions controlled by the US and other western nations.  Or, in layman’s terms, create a centralized criminal organization to compete with the current centralized criminal organization.

“This is about the consolidation of BRICS 2.0,” said Marcos Troyjo, professor of international and public affairs at Columbia University and co-director of the BRICLab Center. “If BRICS 1.0 was about capturing investor attention to the scale of their economic relevance, BRICS 2.0 is about embarking on institution building.” In the official statement BRIC leaders highlighted the importance of this new institution.

“International governance structures designed within a different power configuration show increasingly evident signs of losing legitimacy and effectiveness,” said the official statement signed by the BRICS leaders, who met in Fortaleza, Brazil, on Tuesday. “We believe the BRICS are an important force for incremental change and reform of current institutions toward more representative and equitable governance.”

The bank will be located in Shanghai, its first president will be from India, and the first chair of the board of directors will hail from Brazil. Putin explains that this is part of “a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies.”

What the BRICS are in effect doing is disintermediating themselves from the US government/Federal Reserve controlled economic world. The group made a full statement:

We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF’s legitimacy, credibility and effectiveness. The IMF reform process is based on high-level commitments, which already strengthened the Fund’s resources and must also lead to the modernization of its governance structure so as to better reflect the increasing weight of EMDCs in the world economy. 

Here is a little reminder  just who the BRICS are:

De-dollarization is now a fact of the mainstream world. The steps away from the unilateral American world are clear and many nations are taking steps towards integrating into the post-dollar world. A couple of weeks ago we wrote about how even France and South Korea are onboard with making moves to undermine the “exorbitant privilege” the US enjoys of printing the world’s reserve currency. Unfortunately for the US it seems, in all corners of the world, people and institutions are looking to free themselves from the dollar. In this pursuit they are finding allies.

The rats are scrambling.  Own bullion, bitcoin and bullets.

We cover the end of the US dollar and the hopeful end of all fiat communist (government) scrip consistently in our TDV Newsletter, including myriad ways to protect yourself from the fallout.  Or just sit there and do nothing.

Questions or comments? Join us at The Dollar Vigilante.