Oh dear, things are becoming so very complicated, and events are happening so fast that it is hard to keep up.
The IMF (the banking arm of the US Financial Elite) is giving BRICS a bigger say in world monetary decisions by increasing their voting share. China becomes the third biggest voting bloc after the US and Japan. See: BRICS gets greater say in IMF
Image credit: The World Bank Group headquarters bldg. in Washington, D.C. © wikipedia.org
I wonder who has planned for all this to come about, if anyone. Who is behind this move? Or is it just a natural consequence of world events? Whatever the case, I can see a huge impasse arising soon.
The US still has the biggest voting share and remains the only nation with a veto (you need 15% for a veto, the US now have been reduced to only 16.5%). China now has 6% share …but, …and it’s a big but, the BRICS bloc of Brazil, Russia, India and China, together now have 14.7% …and, to quote this article: “According to Russia’s Deputy Finance Minister and BRICS Bank Russia director Sergey Storchak, Moscow will work to get the veto right for the five major emerging economies.”
Now, isn’t that complicated, and aren’t things speeding out of control? Is all this purely innocent manoeuvring? Or, …what?
I obviously don’t have any answers, but I think I could be asking all the right questions 🙂