In a direct affront to the International Monetary Fund and the World Bank – the BRIC nations – Brazil, Russia, India, China, and South Africa – are floating the idea of setting up their own multilateral bank – funded by these developing nations to help finance projects within their own nations. According to IMF projections – BRIC nations are set to see strong economic growth this year – while most of the Western World stagnates. For example – the US economy is expected to grow by less than 2% in 2012 - while the austerity-driven Eurozone is expected to actually contract by a half-percent. On the other hand – BRIC nations like India and China are looking at growth rates of 7% and 8% respectively.
Global power shift to the Bric nations?
Feb. 24, 2012 3:43 pm
A global power shift is occurring underneath all of us. With the United States economy still struggling through the muck – and the European economy in complete free fall – new economic powers around the world are seeing this as an opportunity to gain more power in the global marketplace.
The world economy is changing – and the banksters and corporate CEOs can see it – which is why they’re looting America of whatever wealth she still has left – and taking their business overseas to the developing world. As for the rest of us – if we don’t take back our government and economy soon – then we’re headed for one long slide backwards.