Remember, Fulford told us so a few weeks ago. If existing banking is fraudulent and corrupt, then setup your own banking system. Next step maybe their own money. This gives more pressure to evolve for the fed banksters.
India's BRICS Bank proposal to top agenda at Delhi summit
03-26-2012 17:42 BJT Special Report:President Hu Visits India, Cambodia, Attends BRICS Summit |
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NEW DELHI, March 26 (Xinhua) -- Experts say that India's proposal to set up a bank of the BRICS nations is expected to top the agenda of this year's BRICS summit to be held Thursday in the national capital particularly in the wake of the global financial crisis since 2008.
"India has already generated new institutional thinking in the five-member group by advocating a BRICS Bank. The motive behind this is to lubricate the wheels of expanding economic ties among the member countries and serve the developmental needs of poorer parts of the world," said Professor Ajay Singh, a Delhi-based political analyst.
He added: "The BRICS Bank will be an institution on the lines of the World Bank. India believes a joint bank would be in line with the growing economic power of the group."
Experts say though it has a long way to go, the BRICS Bank can help in supporting infrastructure projects in developing countries in Africa, Asia and Latin America.
"The effectiveness of the bank is yet to be seen; this plan is not going to be a cakewalk. While the idea is still at the initial stages of discussion, its purpose would be better to mobilize savings between the countries," said Professor S.K. Gupta, an expert on foreign affairs.
Moreover, there could be a financial revolution if the proposed BRICS Bank is integrated with the Bank of the South in Latin America through the common bridge of Brazil, the experts said.
"A bank like this could shift the weight of economic power even though the creation of such an institution would be very difficult", Basab Dasgupta, a senior analyst summed up.
The BRICS countries now account for roughly 40 percent of the world's population and about 18 percent of the world's gross domestic product. However, rising energy costs and the uncertain economic climate in the United States and Europe have affected their economic momentum.
India is all set to host this year's BRICS (Brazil, Russia, India, China and South Africa) summit on March 29, where leaders of these world's emerging markets would gather to discuss their role in the global economy.
