"It is not enough to know that there is a shadow government pulling the strings of the visible government- we must also act to expose it, and defeat it!"-Mark Matheny
Tuesday, July 22, 2014
BRICS SHAKE UP GLOBAL ECONOMIC ARCHITECTURE
AFP July 22, 2014
By creating their own multilateral financial institutions, the BRICS emerging-market powers are shaking up global economic governance but remain far from dismantling the post-war system dominated by the West.
For the past 70 years, the International Monetary Fund and the World Bank have been the pillars of the world’s economic system, coming to the rescue of countries in trouble and supporting development projects, respectively.
But the Bretton Woods institutions are regularly criticised for their inability to reflect the growing and important contributions of the major emerging economies to the global economy.
China, the world’s second-largest economy, continues to have just slightly more voting power in the IMF than Italy, about five times smaller.