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Another Nail In The US Dollar's Coffin: BRICS Nations Plan New Bank to Bypass World Bank, IMF
• Daily Paul.comBRICS Nations Plan New Bank to Bypass World Bank, IMF
"The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. "