28 Mar, 2013
The Alternative Power Structure to the American Empire Keeps Growing Stronger | Alternet
The BRICS meet in Durban, South Africa, this Tuesday to, among other steps, create their own credit rating agency, sidelining the dictatorship – or at least “biased agendas”, in New Delhi’s diplomatic take – of the Moody’s/Standard & Poor’s variety. They will also further advancethe idea of the BRICS Development Bank, with a seed capital of US$50 billion (only structural details need to be finalized), helping infrastructure and sustainable development projects.
Crucially, the US and the European Union won’t have stakes in this Bank of the South – a concrete alternative, pushed especially by India and Brazil, to the Western-dominated World Bank and the Bretton Woods system.
Read the rest: The Alternative Power Structure to the American Empire Keeps Growing Stronger | Alternet.
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