Tweet
Business Day
WASHINGTON — Brazil warned bluntly at this weekend’s annual meeting of the International Monetary Fund (IMF) and World Bank that emerging countries were likely to abandon the fund unless they were given a greater stake in its decision- making process.
“Developing countries, or many among them, would go their own way, were the perception to arise that reform will not happen or that we will be left with a purely cosmetic form,” Brazilian Finance Minister Guido Mantega said.
Earlier this month Brazil, Argentina, Uruguay, Bolivia, Ecuador, Venezuela and Paraguay agreed to establish Banco del Sur, an independent development bank.
Venezuelan Finance Minister Rodrigo Cabezas said at the time that the institution, which opens next month, would not impose the same restrictions the IMF did.
Global finance chiefs at the weekend made little progress on fundamental reforms that would give emerging economies a greater say in the IMF.
The closing statement from the IMF committee said fast-growing emerging market states would get more voting power in the global lender, which has long been dominated by rich developed countries — a source of dissatisfaction for many member states.
However, European states would continue to decide who would govern the IMF and its decision-making committee, leaving crucial leadership issues unresolved. It said the new formula for voting shares at the IMF would be linked to a country’s economic weight and reflect members’ purchasing power, a reform developing states had sought.
Brazilian President Luiz Inacio Lula da Silva, during a visit to several African countries including SA this month, urged developing countries to “wake up” and find other sources of finance than the IMF and the World Bank, which he branded “institutions of the rich countries”. Bloomberg
http://www.businessday.co.za/article...?ID=BD4A592623
Why Brazil? Nobody takes on the banks, how possibly can Lula think this is going to lead to anything other than a bullet in his head at the next parade or play he goes to? Nixon and Carter were the last Presidents to take on the banks and look what happened to them, Nixon disgraced and Carter allowed just one term.
How possibly does Lula think he's going to get away with this? Why would South America wait until this year to come up with the Bank del Sur? What did South America need that they didn't have enough of until recently? Been a long time since anyone said don't crucify me on your cross of gold and had anyone understand what was meant by that. Maybe this has something to do with Brazil enriching uranium for the last three years, maybe Brazil finally got enough nuclear warheads and enough rockets to tell the IMF/World Bank to piss off. Now we start to understand why South Africa had the bomb and why maybe Iran now wants one as well, being turned into ash is the only thing these banksters understand.
Needless to say, nobody except Turkey and the Ukraine is borrowing from these bloodsuckers and it would appear Turkey is getting ready to pay off their IMF debts which could explain why they're being demonized right now. Free Markets, Ayn Randian bullshit, these are good things until which time people are free to borrow from whomever they please and pay back in whichever currency they feel like paying in, then it's quite a different story. Maybe we finally come up with a final solution to the world's problems and put all these bloodsuckers in Madagascar where they can't hurt anyone.
WASHINGTON — Brazil warned bluntly at this weekend’s annual meeting of the International Monetary Fund (IMF) and World Bank that emerging countries were likely to abandon the fund unless they were given a greater stake in its decision- making process.
“Developing countries, or many among them, would go their own way, were the perception to arise that reform will not happen or that we will be left with a purely cosmetic form,” Brazilian Finance Minister Guido Mantega said.
Earlier this month Brazil, Argentina, Uruguay, Bolivia, Ecuador, Venezuela and Paraguay agreed to establish Banco del Sur, an independent development bank.
Venezuelan Finance Minister Rodrigo Cabezas said at the time that the institution, which opens next month, would not impose the same restrictions the IMF did.
Global finance chiefs at the weekend made little progress on fundamental reforms that would give emerging economies a greater say in the IMF.
The closing statement from the IMF committee said fast-growing emerging market states would get more voting power in the global lender, which has long been dominated by rich developed countries — a source of dissatisfaction for many member states.
However, European states would continue to decide who would govern the IMF and its decision-making committee, leaving crucial leadership issues unresolved. It said the new formula for voting shares at the IMF would be linked to a country’s economic weight and reflect members’ purchasing power, a reform developing states had sought.
Brazilian President Luiz Inacio Lula da Silva, during a visit to several African countries including SA this month, urged developing countries to “wake up” and find other sources of finance than the IMF and the World Bank, which he branded “institutions of the rich countries”. Bloomberg
http://www.businessday.co.za/article...?ID=BD4A592623
Why Brazil? Nobody takes on the banks, how possibly can Lula think this is going to lead to anything other than a bullet in his head at the next parade or play he goes to? Nixon and Carter were the last Presidents to take on the banks and look what happened to them, Nixon disgraced and Carter allowed just one term.
How possibly does Lula think he's going to get away with this? Why would South America wait until this year to come up with the Bank del Sur? What did South America need that they didn't have enough of until recently? Been a long time since anyone said don't crucify me on your cross of gold and had anyone understand what was meant by that. Maybe this has something to do with Brazil enriching uranium for the last three years, maybe Brazil finally got enough nuclear warheads and enough rockets to tell the IMF/World Bank to piss off. Now we start to understand why South Africa had the bomb and why maybe Iran now wants one as well, being turned into ash is the only thing these banksters understand.
Needless to say, nobody except Turkey and the Ukraine is borrowing from these bloodsuckers and it would appear Turkey is getting ready to pay off their IMF debts which could explain why they're being demonized right now. Free Markets, Ayn Randian bullshit, these are good things until which time people are free to borrow from whomever they please and pay back in whichever currency they feel like paying in, then it's quite a different story. Maybe we finally come up with a final solution to the world's problems and put all these bloodsuckers in Madagascar where they can't hurt anyone.