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Showing posts from July 13, 2014

70 Years Dividing Bretton Woods Conference and Fortaleza Decisions

Valentin KATASONOV | 18.07.2014 | 00:00 This July the world marks the 70 years anniversary of Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference. It was the gathering of 730 delegates from all 44 Allied nations, including the USSR, at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, to regulate the international  monetary and financial order after the conclusion of World War II.  The decisions taken at the conference laid down the foundations of the global financial system. The system used gold and dollar as standards, Washington was obliged to exchange the yellow metal for greenbacks. In the 1970s the Bretton Woods system became a thing of the past in favor of the Jamaica system based on dollar banknotes. The dollar was backed up by black gold and the system was often called an oil-dollar order.

Senator grills Obama official for 'strategic uncertainty' over India

Yashwant Raj, Hindustan Times  Washington, July 17, 2014 First Published: 12:10 IST(17/7/2014) | Last Updated: 19:01 IST(17/7/2014) Ahead of Modi visit, US Senate grills Obama official for 'strategic uncertainty' over India - Hindustan Times US President Barack Obama’s India policy, or the lack of it, came under withering attack at a Senate hearing on Wednesday in the run up to Prime Minister Narendra Modi's upcoming visit to Washington. US President Barack Obama’s India policy, or the lack of it, came under withering attack at a Senate hearing on Wednesday in the run-up to Prime Minister Narendra ...   Powerful Republican Senator John McCain, who recently met Modi and his senior cabinet colleagues in New Delhi, led the charge asking for the administration's strategy. At his meeting with Modi, Senator McCain said, the Prime Minister told him he wanted to focus “our partnership” on an “ambitious strategic agenda”. “Would you tend to agree with that,” he

After BRICS Bank, Lets have BRICS Tel

The BRICS Development bank, an idea which was conceived in Delhi in 2012 and approved in Durban last year, is to be set up with an initial corpus of $50 billion, with scope for expansion up to $100 billion. I think now India must propose BRICS Tel , making communication cheap between Brics nations by forming a telecom consortium. People in BRICS nations should be able to have cheaper communication when we expect a greater trade. I request policy makers in India to come up with a plan and propose this to BRICS nations.

BRICS set up bank to counter Western hold on global finances

(Reuters) - Leaders of the BRICS emerging market nations launched a $100 billion development bank and a currency reserve pool on Tuesday in their first concrete step toward reshaping the Western-dominated international financial system. The bank aimed at funding infrastructure projects in developing nations will be based in Shanghai and India will preside over its operations for the first five years, followed by Brazil and then Russia, leaders of the five-country group announced at a summit. They also set up a $100 billion currency reserves pool to help countries forestall short-term liquidity pressures. The long-awaited bank is the first major achievement of the BRICS countries - Brazil, Russia, India, China and South Africa - since they got together in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two and centered on the International Monetary Fund and the World Bank. The BRICS were prompted to seek coordinated action f

BRICS against Washington consensus

THE ROVING EYE By Pepe Escobar  Asia Times 15 July 2014 The headline news is that this Tuesday in Fortaleza, northeast Brazil, the BRICS group of emerging powers (Brazil, Russia, India, China, South Africa) fights the (Neoliberal) World (Dis)Order via a new development bank and a reserve fund set up to offset financial crises.  The devil, of course, is in the details of how they'll do it.  It's been a long and winding road since Yekaterinburg in 2009, at their first summit, up to the BRICS's long-awaited counterpunch against the Bretton Woods consensus - the IMF and the World Bank - as well as the Japan-dominated (but largely responding to US priorities) Asian Development Bank (ADB).  The BRICS Development Bank - with an initial US$50 billion in capital - will be not only BRICS-oriented, but invest in infrastructure projects and sustainable development on a global scale. The model is the Brazilian BNDES, which supports Brazilian companies investing across Latin America.