Late last month, leaders from Brazil, Russia, India, China and South Africa – the so-called BRICS – announced they were forming their own development bank to assist other emerging economies. The yet-to-be-named bank is expected to compete with the World Bank and the International Monetary fund, two institutions with power structures based firmly in the United States and Europe.
The announcement also serves as yet another sign that the world economy is quickly evolving to a place where United States global economic dominance is being challenged by regional interests. Since the end of World War II, the United States was the driver of global monetary policy. When the Federal Reserve acted, the world listened and reacted .... http://www.blacklistednews.com
