The world’s ‘new’ IFI
A brand new International Financial Institution (IFI) has emerged hot on the heels of and from among the debris, flotsam and jetsam of the 2014 Football World Cup in Brazil.
August 26, 2014
The World Cup was won by Germany, reinforcing the reality of German domination of, among other things, the ‘Beautiful Game’ and in other areas, personified by Angela Merkel’s political and economic domination of the ‘real’ power politic in Europe.The leaders of the BRICS nations – Brazil, India, Russia, China and South Africa – who think of themselves as the new emerging powers, have met in the city of Fortaleza, Brazil, at the sixth BRICS annual summit, and agreed on forming the ‘New Development Bank’ with a capital of $ 100 billion and an Emergency Reserve Fund. Initially the Bank will start with $ 50 billion capital.
