Frustrated by the IMF and World Bank controversial policy, the BRICS nations go on creating the alternative financial supranational institutions for emerging economies. In recent years the IMF has discredited itself, becoming a completely politicized and “odd” structure, which supports interventionist “super state” ambitions of the EU and the US, stresses Patrick L Young, an expert in global financial markets, referring to the ongoing events in Ukraine.
Brazil, Russia, India, China and South Africa are fed up with the US failure to ratify a four-year-old agreement aimed at reforming the IMF system. Thus the post war consensus on financing bodies appears to be breaking down, writes the expert in his RT Op-Ed ‘BRICS building parallel IMF.’
“The US and Europe have maintained a stranglehold on the IMF/World Bank C-suite not only in the face of a massive eastern renaissance but also with a certain degree of abject hypocrisy given the abysmal financial management of spendthrift US governments for decades let alone the travesty of recent European economic governance,” he notes.
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Just in case you haven’t been keeping up with the ‘tin-foil’ hat conspiracies, increasingly proven to be true, the Federal Reserve Bank of New York, is the center of a secret global economy that has bailed out American International Group Inc., huge insurance companies like AIG, Goldman Sachs Group Inc., Merrill Lynch & Co., J.P. Morgan,Societe Generale and Deutsche Bank AG, among others.
The secret cabal’s control over international markets is becoming less of a mystery as increasing numbers of markets reveal themselves so obviously to be fixed. The cabal cheats the 99 percent with Libor interest rates, foreign exchanges, and gold, silver, and platinum price fixing. Then there’s high-frequency trading (HFT), where Wall Street banks use supercomputers to monitor incoming stock market orders, analyze their likely impact on prices, and place orders ahead of those trades to capture a bit of the price impact, called ‘stealing’ if it were properly named.