BRICS Solidifying Support With South American Nations

No surprise for us that the Americas (UNASUR) and most of the international community is looking forward to the day when the U.S. Dollar is not the international reserve currency, the phrase they often use is “multipolarity”.
However, it is both unfortunate and unsurprising that all nations are silent about abandoning fractional reserve banking.
Speaking about abandoning fractional reserve banking, tune in to the coverage of British Parliament will debate how money is created 20th November 2014 starting between 12:30 and 1 pm GMT, or 07:30 EST on the Parliament channel: ~Ron

New International Economic Order

In a Nov. 10 conference at the University of Buenos Aires, speaking on a panel entitled “Argentina + BRICS,” Argentina’s Defense Minister and Presidential pre-candidate Agustin Rossi stated that Argentina has decided to deepen its relationship with the BRICS nations, as the only way to guarantee real development, also pointing to the importance of the relationship between the BRICS and the Union of South American Nations (Unasur), whose leaders met at the July 15-16 BRICS summit in Fortaleza, Brazil.

The Defense Minister, who is a close ally of President Cristina Fernández de Kirchner, said that “Brazil, Russia, India, China and South Africa pose inclusive models of government and an alternative system of financing,” {Sinmordaza} reported Nov. 11. “Argentina has made the political decision to deepen these relations, leaving behind the IMF’s and World Bank’s measures which continue to promote austerity, as in the 1990s, leading to over-indebtedness of nations, and financing that arrives in dribs and drabs.”

Rossi emphasized that Argentina has developed a strong regional policy, through the strengthening of Unasur, “and we need financing to continue growing,” underscoring that “our nation and the region need a multiplication of investments.”

Argentina’s focus on, and alliance with, the BRICS nations is increasingly evident. On Nov. 17, the Argentine Senate will host a seminar, “The BRICS in the New World Order,” whose guest speakers will be the ambassadors of India, China and Brazil, and an official from the Russian Embassy as well. Vice President Amado Boudou will open the conference.

Note, too, that on Nov. 14, Russia’s Justice Minister Alexander Konovalov was Argentina’s invited guest at the 41st Mercosur Justice Ministers conference in Buenos Aires. In his speech, Konovalov called for replacing the model based on “the law of the strongest” to avoid “the anachronism of the war of each against all.” Argentine Justice Minister Julio Alak stressed the need to create a new international juridical order based on multipolarity and cooperation, “rather than domination.”

In an opinion piece today, the daily {Tiempo Argentino} notes that the BRICS, in alliance with other emerging nations, represent a “gigantic group of producers and consumers” which is displacing the increasingly irrelevant EU and U.S., taking special note of the fact that the Obama Administration “has so little credibility, even internally, that Obama’s graying hair, rather than wisdom, reflects his decline.” With the BRICS, it concludes, Unasur “has the opportunity to build a world model to establish a new order, this time based on the development of nations and peoples, with justice and solidarity, not on the previous [model], based on the exploitation of humanity…”


China’s President Xi Calls for the Creation of a New Financial Order

Chinese President Xi Jinping met with leaders of the BRICS nations prior to giving a speech to the G20. At the BRICS meeting, Xi said that the cooperation, which the BRICS countries have manifested should not ignore the deteriorating political conditions in the world as there can be no successful economic development without peace and political stability. The BRICS countries have the need to pursue economic restructuring and innovative development, he said. “The cooperation between the BRICS countries should be driven by the two ‘wheels’ of economy and politics so that the BRICS can act as not only the world’s economic engine, but also a shield for world peace,” Xi said. We also share the desire to safeguard international justice and equity and uphold the common interests of emerging markets and developing countries, Xi said. As long as the BRICS countries continue to build political mutual trust and strategic consensus making our voice heard and proposing more solutions, we will contribute more positive energy to world economic growth, better global economic governance, and world peace and development.

He also said that the BRICS countries should play a more important role in the multilateral economic institutions. While China has played a major role in keeping the world economy on track, the promise to give them a greater say in the world economy had not been met. He pointed to the positive developments at the recent APEC meeting and said that they must move forward in opening up trade and in establishing the New Development Bank. He also encouraged the BRICS countries to work together with China in carrying out a reform of the International Monetary Fund and to coordinate their policies so that this meeting of the G20 will end up a success.

Not long after this, President Xi gave his speech at the G20 meeting. There he urged the world’s major economies to jointly promote reforms, implement comprehensive growth strategies and advance the transition of the world economy from cyclical recovery to sustainable growth. Noting that the world economy has gradually moved out of the bottom in the past years but the overall recovery remained lackluster, he said the top priority for G20 members now is to coordinate macroeconomic policy, mitigate economic risks, create more jobs and improve people’s livelihood. He added that the just-concluded Asia-Pacific Economic Cooperation (APEC) meetings in Beijing formulated plans for promoting the development of the Asia-Pacific region, and that G20 members have also worked out comprehensive growth strategies.

In order to realize comprehensive growth, he said, G20 members should seek and boost driving forces for sustained growth and open up a new situation that features innovative development, integrated interests and interconnected growth. Firstly, G20 economies should innovate in their economic development patterns, adding that more vitality should be brought into the economy through structural reforms in finance, investment, trade and other fields.

Stressing the important role of infrastructure construction in generating economic growth, he said China supports the G20 in setting up a global infrastructure center and supports the World Bank in establishing a global infrastructure fund. Xi supported the call for a Global Infrastructure Fund within the IMF (begun as a U.S. attempt to undercut China’s launch of the AIIB) and said that China would make its contributions through such initiatives as the Silk Road Economic Belt, the 21st Century Maritime Silk Road, the Asian Infrastructure Investment Bank and the Silk Road Fund. Secondly, Xi said, G20 members should build an open global economy and called for concerted efforts in resisting trade and investment protectionism and safeguarding multilateral trade systems. Thirdly, G20 members should improve global economic governance, Referring to the Bretton Woods system which is celebrating its 70th anniversary this year, he called for major change:

“We want to make this a turning point, making the system just and impartial, providing an orderly financial system, increasing the representation and the right to speak by the developing sector countries, and ensuring that each country in the international scheme of cooperation has the same rights, the same opportunities, and the same rules.” Xi had earlier described this as a system in which, “each nation would shine much brighter when in the company of others.” He also asserted that each country has a right to development, as well as an obligation to allow others that right as well.

In conclusion, President Xi again announced that the BRICS had committed to the building of a New Development Bank and that over 20 countries in Asia had agreed to established an Infrastructure Investment Bank, which he felt would make a valuable contribution to this endeavor.

What the Chinese President is putting forward is indeed a New Paradigm in relations between nations, and this, more than any of the individual items as such, is what strikes fear in the hearts of the international financial oligarchy.



Want Worldwide PEACE and Prosperity. We are the solution we have been searching for... Free People on Earth will solve our crisis and create an era of Creativity. Be Aware; Be Creative; Be Active; Be Free; and then Share it. LOVE & Wholeness AMOR y Paz

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3 comments on “BRICS Solidifying Support With South American Nations
  1. RonMamita says:

    Brits Debate Money

    Published on Nov 14, 2014

    For the first time in 170 years the British Parliament is going to debate how money is created. Amazing! Debate will be broadcast live on Thursday, Nov. 20, starting between 12:30 and 1 pm GMT, or 07:30 EST on the Parliament channel:


  2. Thanks for the link to Parliament TV. There’s a strong Positive Money group in the NZ Green Party and we’re trying to pressure the GP to adopt the same policy plank as the UK and US Greens about ending the right of private banks to create money.


    • RonMamita says:

      Fantastic effort, and you know the monetary policy is a main artery for the monstrous ruling elite with military/police/security being another artery.
      Beware of their nuanced tactics of deception, fractional reserve must be abandoned by all institutions, including government treasuries.


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