ndb New Development Bank

 

Chris Lie

What are BRICS and the Asian Infrastructure Investment Bank (AAIB) really about?

Some news sources would tell us BRICS is the answer to our rotten western bankers but other sources say BRICS and the old failing western system are working together to transition to a 'new international economic order', sound familiar? The BRICS' New Development Bank(NDB). 'In an August 2015 interview with independent journalist James Corbett, Devon Douglas-Bowers of the Hampton Institute argued that the BRICS' NDB "complements" the Bretton Woods institutions rather than rivalling them: What are BRICS and the Asian Infrastructure Investment Bank (AAIB) really about? Many people argue that it is these countries challenging the dominate US-based system. How is that true or not true in some respects? Who is contending that the AIIB or the BRICS' New Development Bank is in any way competitive with the Bretton Woods institutions (IMF/World Bank)? Certainly not anyone involved with any of these institutions.

In March, IMF chief Christine Lagarde pledged IMF cooperation with the AIIB. In June, World Bank chief Jim Yong Kim issued a statement congratulating the AIIB on its formation and calling it an "important new partner" for the Washington-led development bank. In July, NDB President Kundapur Vaman Kamath returned the favour, conceding that the NDB and the IMF/World Bank are complementary institutions, not rivals. It is only various media pundits who have speculated that these new banks are in fact some sort of challenge to the so-called "Washington consensus." What none of these experts has bothered to report (for obvious reasons) is the remarkable fact that Paulo Nogueira Batista, Vice President of the NDB, is also an Executive Board member of the IMF, who then went on to pledge cooperation and joint action between the NDB and IMF. China's goal is to have the yuan included in the SDR"Special Drawing Rights" basket along with the dollar, yen, euro and pound. https://wikispooks.com/wiki/New_Development_Bank". https://wikispooks.com/wiki/New_Development_Bank

WIKISPOOKS.COM

New Development Bank - Wikispooks

The BRICS' New Development Bank[2] is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China...