BRICS Summit

[Bereta_Eder]

deleted for mild embarassment and also not to weight this thread down...

[Fake Boris]

You are what is called a functioning alcoholic. The problem is that the "functioning" part is only temporary. There is some evidence for genetic susceptibility to alcoholism, so it is not surprising to hear your dad was a drunk. You should consider rehab.

I concur.

I used to be like you Paiktis until I realized I had to quit drinking altogether.

[OneFootInTheGrave]

meanwhile, in a country far, far away...

http://www.scmp.com/news/world/article/1554992/brics-summit-defies-wests-bid-isolate-russia-over-ukraine-crisis

In March, the BRICS members abstained from a vote at the United Nations General Assembly on a resolution condemning Russia's takeover of Crimea.

At the time, Vadim Lukov, the Russian foreign ministry's BRICS coordinator, said the Ukraine crisis had "contributed to a consolidation of the alliance"
.
The Ukraine crisis has also given the BRICS members an occasion to voice their opposition to the way Western powers dominate the international arena.

"The BRICS have been pretty clear in their opposition to US and EU sanctions against Russia," said Mark Weisbrot, co-director of the Centre for Economic and Policy Research in Washington. "The BRICS countries can't force Washington to change its foreign policy. All they can do is make [it] pay a political and economic price for it."

[OneFootInTheGrave]

http://www.telegraph.co.uk/finance/comment/liamhalligan/10978178/The-dollars-70-year-dominance-is-coming-to-an-end.html

Torygraph comment

The dollar's 70-year dominance is coming to an end
.
For a long time, the BRICs have been paying in to the IMF, yet been denied additional influence over what happens to the money. Belgium has more votes than Brazil, Canada more than China.

The institutions governing the global economy have failed to keep pace with reality. Modest reforms giving the large emerging markets more power, agreed with much fanfare in 2007 and again in 2010, have been stalled by Washington lawmakers. The BRICs have now called time, setting up their own, rival institution based in Shanghai.

The key to the dollar’s future is petrocurrency status – whether it’s used for trading oil and other leading commodities. Here, too, change is afoot. China’s voracious energy appetite and America’s increased focus on domestic production mean the days of dollar-priced energy look numbered.

Beijing has struck numerous agreements with Brazil and India that bypass the dollar. China and Russia have also set up rouble-yuan swaps pushing America’s currency out of the picture. But if Beijing and Moscow – the word’s largest energy importer and producer respectively – drop dollar energy pricing, America’s reserve currency status could unravel.

That would undermine the US Treasury market and seriously complicate Washington’s ability to finance its vast and still fast-growing $17.5  trillion of dollar-denominated debt.

[pchang]

That story is overblown and inaccurate. IMF payments and votes have been fixed. Belgium pays in more than Brazil. Canada pays in more than China.

[OneFootInTheGrave]

Well... that is Torygraph for me - that's what you get when reading British conservative newspapers - inaccuracy! , but while not ruling it out, ie that Torygraph is outright wrong - there is an issue with the voting rights at the IMF. Below is a nice summary of the situation which also mentions it.

http://www.marketwatch.com/story/why-are-the-brics-starting-a-bank-and-9-more-faqs-2014-07-21?pagenumber=2

Quota and voting reforms are still becalmed by U.S. congressional intransigence. The BRICS have just over 10% of votes at the Fund in spite of a share of 24% of the world economy.

[Dauphin]

That story is overblown and inaccurate. IMF payments and votes have been fixed. Belgium pays in more than Brazil. Canada pays in more than China.

China pays more than Canada and has more voting rights. Last time I checked.

[Dauphin]

Well... that is Torygraph for me - that's what you get when reading British conservative newspapers - inaccuracy! , but while not ruling it out, ie that Torygraph is outright wrong - there is an issue with the voting rights at the IMF. Below is a nice summary of the situation which also mentions it.

http://www.marketwatch.com/story/why-are-the-brics-starting-a-bank-and-9-more-faqs-2014-07-21?pagenumber=2

Quota and voting reforms are still becalmed by U.S. congressional intransigence. The BRICS have just over 10% of votes at the Fund in spite of a share of 24% of the world economy.

You could say it only contributes just over 11% despite 24% of the world economy.

[N35t0r]

Chicken, egg, etc.