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Tue Mar 26, 2013, 07:33 AM

BRICS go over the wall [View all]

http://atimes.com/atimes/World/WOR-01-260313.html



BRICS go over the wall
By Pepe Escobar
Mar 26, '13

Reports on the premature death of the BRICS (Brazil, Russia, India, China and South Africa) have been greatly exaggerated. Western corporate media is flooded with such nonsense, perpetrated in this particular case by the head of Morgan Stanley Investment Management.

Reality spells otherwise. The BRICS meet in Durban, South Africa, this Tuesday to, among other steps, create their own credit rating agency, sidelining the dictatorship - or at least "biased agendas", in New Delhi's diplomatic take - of the Moody's/Standard & Poor's variety. They will also further advance the idea of the BRICS Development Bank, with a seed capital of US$50 billion (only structural details need to be finalized), helping infrastructure and sustainable development projects.

Crucially, the US and the European Union won't have stakes in this Bank of the South - a concrete alternative, pushed especially by India and Brazil, to the Western-dominated World Bank and the Bretton Woods system.

As former Indian finance minister Jaswant Singh has observed, such a development bank could, for instance, channel Beijing's know-how to help finance India's massive infrastructure needs.

As former Indian finance minister Jaswant Singh has observed, such a development bank could, for instance, channel Beijing's know-how to help finance India's massive infrastructure needs.

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