BRICS creating parallel Monetary Fund disillusioned with IMF and World Bank – expert

© Collage: Voice of Russia Read more: http://voiceofrussia.com/news/2014_05_01/BRICS-creating-parallel-Monetary-Fund-disillusioned-with-IMF-and-World-Bank-expert-0502/

© Collage: Voice of Russia 

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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1 Comment on BRICS creating parallel Monetary Fund disillusioned with IMF and World Bank – expert

  1. Republikein // 20/05/2014 om 23:42 //

    Is hier sprake van een hetze tegen Bilderbergers?
    Men moet geen opening van zaken doen, dat past niet in het plaatje van menig goedmens, zijn ze nou helemaal belazerd.
    Naar de kloten zijn we al.

    Like

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