Posted by Ivo Cerckel on March 30th, 2012
Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations, held their Summit this week in New Delhi.
The Times of India argues that the proposal to move to a single currency did not go through because the other four BRICS fear the clout that China would enjoy if it went through. (1)
The other four BRICS fear the clout that China would enjoy if the proposal to move to a single currency went through?
Wait a moment …
At present, international trade is being conducted in a green paper with the pictures of dead US presidents, the US dollar.
This system is being pimped by the International Monetary Fund.
The IMF was created by the 1944 Bretton Woods agreements which linked the US dollar at fixed parity to gold and all other currencies to the said dollar.
The IMF had to uphold these agreements.
On 15 August 1971, US president Nixon broke those agreements.
Since that date, the IMF has no more reason of existence.
If the IMF continues to exist, this is in order to pimp the bankrupt dollar-regime.
Now, the World Bank is the sister organisation of the IMF.
The World Bank has a president. His name is Robert Zoellick .
China Daily is quoting Zoellick today Friday as saying that the BRICS Bank will not only help China internationalising the renminbi, but will also help India attract capital.
The boss of the sister organisation of the IMF is thus applauding the setting up of a Bank which will prevent the IMF from further pimping the dollar-regime.
Between the two World Wars, all currencies were convertible into pound sterling which was convertible into gold.
After Word War II, the US dollar assumed sterling’s role.
What if we returned to the situation before World War I when all currencies were convertible into gold?
Is a Chinese-denominated “super-sovereign” international currency not a second step towards that goal?
The euro which severed the link not only to gold, but also to the nation-state, was the first step.
Nothing prevents the gold rupee from being the third and final step – next year or preferably sooner.
BRICS agrees to development bank, currency pact
TNN | Mar 30, 2012, 02.22AM IST
NEW DELHI: BRICS nations on Thursday decided to examine the viability of a development bank for developing countries, besides agreeing to make life a little simpler for those trading within the grouping by settling transactions in local currency.
But in both cases the outcome fell short of expectations as four members – India, Russia, Braziland South Africa – seemed to fear the clout that China would enjoy if the proposal to set up a bank and move to a single currency went through.
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