2012-03-30 22:14:30 BRICS Seeks New Banking World Order |
BY JIM FLINK
ANCHOR LAUREN GORES
They're throwing BRICS at Western Banks. The leaders of Brazil, Russia, India, China and South Africa — an alliance known as BRICS — are challenging the old world order — and seeking a new path.
All Africa reports on some of the complaints coming from the New Dehli summit.
"Everything from IMF reform to the selection of a new World Bank president and the ongoing crisis in Syria were included in a joint statement released after the summit, which reiterated mounting frustration amongst developing nations with western control...."
And euronews reports, it doesn't stop there with BRICS leaders...who...
"Also accused rich countries of destabilizing the world economy by their responses to the global financial crisis which give developed countries enormous trade advantages.
In short, CNN International reports, BRICS leaders are tired of playing second fiddle to the West. And they may not have to. Nearly half of global economic growth in the coming decade is reportedly expected to come — from the breadbasket of these five nations.
Russia Today reports, BRICS countries are ready to start throwing their weight around.
"Today all the five leaders signed an agreement to give out loans in their own local currencies which is another move that they're thinking about moving away from the dollar and away from the euro."
One Brazilian leader tells Al Jazeera, not only have Western-led alliances not kept up with a changing world, at some point, BRICS might wield greater influence, or even break away.
"If the BRICS are able to speak with one voice on any issue in global affairs, they immediately turn into an agenda-setters and a very powerful voice that neither the U.S. nor Europe can ignore. ... The American control of the public discourse globally is still quite strong because the emerging countries are unable to articulate an alternative vision at this point. The BRICS can change that."
But the summit wasn't without its critics. A writer for the New York Times says its failure to overcome internal divisions shows the BRICS haven't found that unified voice yet.
"The leaders of the five countries ... emphasized their mutual good will and their growing economic power, but fell short of achieving the tangible goal most discussed before the gathering: the establishment of a new development agency to rival the World Bank."
TIME notes, with all the headlines generated by the summit, one non-participating member — a free Tibet protester — stole some of the conference's thunder.
"... this summit will be forever in the shadow of something far simpler and more elemental: the image of one man on fire." |