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BRICS demand global monetary shake-up, greater influence

Posted By admin On April 14, 2011 @ 9:24 am In Money Watch | Comments Disabled

Abhijit Neogy and Alexei Anishchuk
Reuters [1]
April 14, 2011

The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.

The leaders of Brazil, Russia, India, China and South Africa also called for stronger regulation of commodity derivatives to dampen excessive volatility in food and energy prices, which they said posed new risks for the recovery of the world economy.

Meeting on the southern Chinese island of Hainan, they said the recent financial crisis had exposed the inadequacies of the current monetary order, which has the dollar as its linchpin.

What was needed, they said in a statement, was “a broad-based international reserve currency system providing stability and certainty” — thinly veiled criticism of what the BRICS see as Washington’s neglect of its global monetary responsibilities.

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[1] Reuters: http://finance.yahoo.com/news/BRICS-demand-global-monetary-rb-217782600.html?x=0&.v=3

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://prisonplanet.tv/

[4] BRICS Regimes Forge New World Bank, Call for Global Currency: http://www.prisonplanet.com/brics-regimes-forge-new-world-bank-call-for-global-currency.html

[5] International Monetary Fund Slowly Taking Over as Global Economic Regulator and Banker: http://www.prisonplanet.com/international-monetary-fund-slowly-taking-over-as-global-economic-regulator-and-banker.html

[6] BRICS Nations Plan New Bank to Bypass World Bank, IMF: http://www.prisonplanet.com/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html

[7] Former Kissinger Policy Planner, CFR Member Calls For New Global Monetary Authority: http://www.prisonplanet.com/former-kissinger-policy-planner-cfr-member-calls-for-new-global-monetary-authority.html

[8] Brave New Bank? BRICS moot dropping dollar, IMF: http://www.prisonplanet.com/brave-new-bank-brics-moot-dropping-dollar-imf.html

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