In this section of our epic new report, we explore the hidden history of the BRICS alliance — and its ongoing attempts to reform the financial system.
This finally led to success on June 29th, 2015 with the launch of the Asian Infrastructure Investment Bank, or AIIB, as we will discuss in Section Four.
There is a secret and very intense war being fought over all of this — and very few people know about it or understand what is going on.
It is our goal and hope to inform you about this war, and the super-high stakes involved, with the publication of this investigation.
WHAT IS BRICS?
In case you do not already know, BRICS stands for Brazil, Russia, India, China and South Africa.
BRICS is an alliance of countries working to restore peace on earth — standing up to the real villains in our global drama.
Hardly anyone knows their deeper story. In this section of our investigation, we hope to change that.
The "truth community" is being perpetually overwhelmed with "Information Saturation" that distracts us from the real issues.
BRICS was the original core of what we are now calling the Alliance, for simplicity's sake.
THERE IS PLENTY OF EVIDENCE
People have often said "there is no evidence" when attacking the idea that such an alliance really exists.
This is a very simple, careless statement that requires no homework to utter, and borders on a cliche' at this point.
THIS INVESTIGATION IS HAVING AN IMPACT
In less than 22 hours, our investigation had over 55,000 unique views and 6,000 Facebook Likes. At the current time there have been over 144,000 unique views.
The radio show I did with Corey Goode had well over 100,000 live listeners, choking out Jimmy Church's server and crashing it for the first time in his career.
THE CABAL IS A GROUP OF DEATH MERCHANTS
In Section Two we mentioned how the secret earth government syndicates, which many call the "New World Order" or Illuminati, use death to fulfill their plans.
Sometimes this death can be created on a mass scale — as in the case of "natural disasters" that, as it turns out, are entirely artificial.
It involves using powerful microwave beams to heat up fault lines, volcanic rock plugs and weather systems.
You can make a fault line slip, or a volcanic rock plug explode, by microwaving it until it heats up, cracks and liquefies, releasing the pressure.
In the case of a weather attack, you can microwave the air and create a high pressure zone, allowing you to create storm fronts — even on a truly epic scale.
Bear in mind that we are not just talking about one microwave antenna array doing this. Even if HAARP in Alaska were shut down, this would still go on.
There are multiple arrays like this positioned all over the earth, as well as in a variety of satellites.
THE SOUTH AMERICAN ALLIANCE
Apart from BRICS, another level of the Alliance is called the CELC, or Committee of Latin American and Caribbean States.
This group effectively includes all countries in South America.
This was a huge story, but not a word was spoken about it in the Western press.
The alternative media completely missed the boat on this one as well.
A MASSIVE EARTHQUAKE
24 hours after declaring their partnership on February 26, 2010, and revealing that the presidency would be in Chile….
There was a massive 8.8 earthquake.
2 million people were displaced. Countless structures were damaged or destroyed.
This is only one of many hundreds of related events where epic disasters have been created by classified technology.
Any country or group that attempts to stand against the Cabal is punished with death and destruction.
This now includes a full-scale attack against America's food supply, through artificially creating the worst California drought in over 1200 years.
THE HIDDEN HISTORY OF BRICS
One of my insiders, who I have called Jacob, has been working directly with the Rothschilds at the highest levels of the insider financial system.
Over the years he leaked a variety of sensitive details to me and often got in trouble for doing it.
From this unique perspective, I was able to find out the things that were genuinely the most upsetting to the secret earth government syndicates, Cabal or "Illuminati."
I deliberately withheld most of this information, in a Lennon-esque haze of "just watching the wheels go round and round." No more.
It's time to explain some things.
The term BRIC first appeared in 2001 to refer to Brazil, Russia, India and China as a virtual country grouping, essentially just a label for an investment banking product. Nonetheless, in 2009 the first BRIC summit was convened in Yekaterinburg and two years later the broader BRICS emerged at the summit in Sanya, with South Africa now added.
How did a virtual association become a real alliance? As the old Basque saying goes, everything that has a name exists. However, there were more serious reasons for the formation of this new alliance. Many relate to the security dimension.
With the end of the Cold War, it appeared that the prerequisites were in place for a bona fide equality of states and their freedom to choose their own models of development and formats of engagement in international affairs. But such a new world order did not emerge. The task of building it was replaced by an endeavour to propagate the system of western institutions.
The bipolar system was supplanted by aspirations for unipolar domination, which was largely perceived as counterproductive and unjust and was accompanied by an increase in confrontation and military interventions. Simultaneously, new countries emerged as leaders of economic growth, which the crisis of 2007–09 highlighted. The limitations of the mechanisms created at Bretton Woods at the end of the Second World War became apparent. The unipolar system proved temporary and unsustainable.
It has become clear that no single state is capable of ensuring effective global governance. The global system is now settling into a more natural polycentric arrangement in which states are guided by national interests (untainted by ideology) and a common understanding of collective interests….
Brazil, Russia, India, China and South Africa… have declared that established international mechanisms do not correspond to the realities of the 21st century. The formation of the BRICS is an expression of the will of these five countries to change the world, not to the detriment of anyone else but rather for the sake of a more equitable system of global governance.
In Brasilia in 2010 the BRICS leaders declared their support "for a multipolar, equitable and democratic world order, based on international law, equality, mutual respect, cooperation, coordinated action and collective decision-making of all states."
The member countries are confident that the international community should rely on political and diplomatic solutions rather than the use of military force. There are no trigger-happy states among the BRICS.
The BRICS agenda has evolved to include strategic cooperation and dialogue on international security, considered in close conjunction with financial, technological, environmental and information security issues.
All five countries are interested in increasing to the maximum extent the role of the United Nations, in improving its mechanisms and in responding to global challenges and threats through multilateral diplomacy. The documents produced by BRICS summits show continued emphasis on members' readiness to consider comprehensive reform of the UN, including the Security Council.
China and Russia support the aspiration of Brazil, India and South Africa to play a more significant role. These countries are considered potential permanent members of the Security Council in the case of its expansion (which is not yet on the foreseeable horizon).
The simultaneous participation of all five BRICS countries in the Security Council in 2011 provided a valuable opportunity for joint efforts on peace and security, reinforcing multilateral approaches and strengthening foreign policy coordination. All five countries are concerned about the volatile situations in various regions of the world, and share common principles: the importance of avoiding use of force and respect for the independence, sovereignty, unity and territorial integrity of every state….
The BRICS countries have categorically condemned terrorism in all its forms and manifestations. At every summit they have affirmed that acts of terrorism cannot be justified….
The main challenge to economic security is the imperative to form a new financial architecture. This seems highly unlikely without taking into consideration the opinions and without the resources of the five countries, which are putting forward a commonly agreed concept for reform of the world financial system.
The BRICS supports the central role of the G20 in global economic governance. In comparison with previous formats, the G20 is perceived as a broader, more representative and more effective forum. The BRICS would like to facilitate the strengthening of the G8 through the creation of the G8+ (meaning the addition of China, India, Brazil, Mexico and South Africa). Moreover, when participating in G8 summits, these countries are not inclined to put up with last-minute invitations simply to join for coffee.
The BRICS has achieved some success in advocating for a reallocation of voting shares in the International Monetary Fund (IMF) and World Bank. "Control rights in the IMF should stay with the net creditors," notes Sergei Guriev, head of the New Economic School in Moscow. "The difference is that now the net creditors are largely emerging markets, in particular BRICS. Emerging markets should not just obtain votes proportional to their weight in the global economy; they should get even more votes, because if BRICS cannot control how their funds are spent, they may simply refuse to increase funding to the IMF in the future … In the worst case, they will not provide any funding at all."…
The future of international security depends to a large degree on relations between the BRICS and the West. In the capitals of the five countries there is a common understanding that in the near term western countries will retain their economic, political and military superiority. Each of the five countries is to a large degree interconnected with the United States and the European Union and is not interested in a further worsening of their economic problems.
None is interested in confrontation with the United States or the North Atlantic Treaty Organization (NATO). At the same time the BRICS members will nudge their western partners towards multilateral approaches, compliance with international law and recognition of the pluralism of development models.
Regarding the global economic situation, a strong commitment to foster growth and financial stability was articulated by the BRICS Leaders in order to address unemployment. The Leaders reiterated their position that the reform of the International Monetary Fund should reflect the growing weight of BRICS and other developing countries and that agreement on the quota formula should be completed by January next year .
The BRICS Leaders also agreed that the election for the next world Trade Organisation (WTO) Director-General should be a candidate from a developing country.
Jacob: Chinese carry officially around 4T of credit for everyone else. The majority is US dollar denominated. Next biggest chunk is in Euros. Indication of what is going on is when JP Morgan sold their main building in NY to the Chinese. The biggest gold storage facility outside of Fort Knox is under that building. It is the New York Reserve. Nearly two football fields in size. Designed to withstand a nuclear blast. That was built in 1961.
Fancy letting the Chinese buy and control that facility. It cost them less than a billion dollars. Just under 800 million. Building is 52-53 years old but who cares?
JPMorgan Chase has sold the One Chase Manhattan Plaza skyscraper to Fosun International for $725 million, the latest in a series of New York real estate purchases by Chinese investors.
The purchase was disclosed Friday in a regulatory filing by Fosun, a Shanghai-based conglomerate that controls large swaths of China's pharmaceutical, investment, property and steel industries.
The 60-story Lower Manhattan office building is a New York landmark, and one of the anchors of the city's financial district. It's not yet clear whether the building will continue as a commercial space, or be converted to an apartment building. A JPMorgan spokesman did not immediately respond to a request for comment….
For JPMorgan, which is in talks to settle a number of government investigations, the sale should provide a cash infusion.
Federal Reserve has been so unable to pay even the interest on its debts that it is going into foreclosure. We are seeing a whole foreclosure process happening.
Quietly before last October, that’s why they didn’t care about bumping the ceiling up. The whole thing is winding down. The tapering of the quantitative easing has only one outcome for the US economy. There is only one possibility. If the trillions of dollars they’ve been pouring out to shore up the stock market… think how many companies there are on the Dow Jones Industrial Average. 30 major “blue chip” stocks control the supposed index. It’s a laughable joke.
DECEMBER 2013: RUSSIA ACQUIRES MAJOR PART OF FED'S [MORGAN STANLEY] OIL BUSINESS
On December 20, 2013 a Russian 100% subsidiary of Rosneft Oil Company and Morgan Stanley signed a binding agreement to purchase the Global Oil Merchanting unit of Morgan Stanley Commodities division. Financial terms of the transaction were not disclosed.
The sale includes access to an international network of oil storages, crude oil and products inventories and related off-take and customer contracts, freight shipping agreements and equity investments into infrastructure, international marketing and research businesses. Approximately 100 front-office executives dedicated to oil and products merchanting in the U.S., U.K. and Singapore, or one-third of Morgan Stanley’s total commodities merchanting personnel, and approximately 180 mid- and back-office executives will become part of Rosneft group as part of the transaction.
Banks including JP Morgan Chase & Co. and Morgan Stanley are exiting or reducing their activities in commodity markets amid lower revenue and more scrutiny from regulators….
Morgan Stanley’s sale to Rosneft, Russia’s largest oil producer, includes inventory, storage deals, sale and supply agreements and freight shipping contracts, the bank said in a Dec. 20 statement. It didn’t disclose financial terms. About 100 front-office executives in the U.S., U.K. and Singapore will move to Rosneft. That’s about one-third of Morgan Stanley’s commodities front-office personnel.
Last week the tanker Hafnia Phoenix dropped off a cargo of petrol in Rhode Island. The shipper was not an international oil company but Morgan Stanley, according to customs data service Panjiva.
Washington’s move to sanction Russia following its disputed annexation of Crimea this week has cast uncertainty over the fate of Morgan Stanley’s fuel supply contracts for Rhode Island and other US states. Rosneft, a state-owned group with significant international reach, is likely to become a target should sanctions escalate from individuals to Russian companies….
Igor Sechin, Rosneft’s president and a close ally of Russian president Vladimir Putin, this week told Bloomberg News that “we don’t expect an effect” from sanctions on the deal.
Morgan Stanley said: “We intend to submit the transaction for all necessary regulatory approvals, and are targeting a close in the second half of 2014.” The bank does not expect the deal to have a significant impact on its financial results.
GERMANY ASKS FOR THEIR GOLD, IS TOLD NOTHING REMAINS
The next big sign of this war was in January 2014, when Germany was clearly told by the Fed that they could not get their gold back.
What does Germany requesting the return of its gold from the Federal Reserve have to do with you? Glenn Beck argued on his radio and television programs Wednesday that if what he suspects is true, it could bring about an unprecedented financial crash on a global scale. His radio co-host Pat Gray described it as potentially “cataclysmic.”
“Subprime crisis, do you remember that?” Beck asked. “Imagine that crash on a global scale, and instead of houses it’s gold, which backs all of our money, and gold that is not really owned by anyone. Our money becomes worthless.”…
Beck referenced a report from Zero Hedge indicating the initial gold returned to Germany by the United States “didn’t have the stamp on it.” The Federal Reserve reportedly said it had to melt down the gold for transport.
But one other explanation, Beck noted, could be that the Federal Reserve has already used or sold Germany’s gold, and is now scrambling to replace it….
Beck noted that details are scarce and virtually impossible to confirm, but speculated: “I think this is your first real indication that there is no gold. There is no gold in Fort Knox. There is no gold in the Federal Reserve.”
“Or,” he added, “there’s … very little gold left.”
Speaking on his television program, Beck said “the world needs to demand accountability from the Federal Reserve.”
“I don’t think it’s going to end well when we do,” he cautioned. “In fact, I think it ends horribly for everyone. But better face the facts right now…”
He warned: “You will be blamed for stealing the world’s treasure. America is the globe’s banker, and it is only a matter of time before all of the world, and the rest of us as well, find out ‘we ain’t got nothing.’ Who does?”
(Reuters) – Russian officials are pushing for the International Monetary Fund to move ahead with planned reforms without the United States, which could mean the loss of the U.S. veto over major decisions at the global lender, sources said.
Russian Finance Minister Anton Siluanov brought up the idea at a meeting of top finance officials from the Group of 20 nations in Sydney late last month, two G20 sources told Reuters this week.
The failure of the U.S. Congress to approve IMF funding has held up reforms agreed in 2010 that would double the Fund's resources and give more say to emerging markets like China.
The United States is the only country that holds a controlling share of IMF votes, meaning its approval is necessary for any major decision to go forward.
Moving ahead on reforms without Washington would likely require complicated changes to the IMF's rules.
But the discussions show the level of frustration within the G20 with the Obama administration's inability to win the needed congressional support.
A third source would not confirm it was Russia that brought up the issue, but said the G20 generally agreed to give the United States until the April meetings of the IMF and World Bank before taking more aggressive measures, a point confirmed by one of the other sources.
All three sources spoke on condition of anonymity.
"It was agreed that in the absence of progress by the United States on the 2010 package by the April meeting of the IMF and G20, that there will be formulated a list of 'bad options,' which will allow to move forward in this matter, excluding the opinions of the United States," the third source said.
News reports indicate that inaction by the United States on the reforms created tensions at the IMF-World Bank Annual Meetings in October 2012.
[For example, see Lesley Wroughton, “IMF Vote Reform Bogged Down by Delays, Deadlock,” Reuters, October 8, 2012, http://www.reuters.com/article/2012/10/08/us-imf-governance-idUSBRE8970B120121008.]
Some commentators have suggested that a lack of U.S. action may be frustrating for other IMF member countries, since the U.S. Administration was instrumental in advancing some of the reforms earlier in the process. [See CRS Report RL33626, International Monetary Fund: Reforming Country Representation, by Martin A. Weiss.]
Special majorities of 70% or 85% of total voting power (as compared to the number of votes cast) are required for decisions that fundamentally alter the IMF’s operational practices.
The 70% threshold applies mainly to decisions taken by the Executive Board on financial matters such as the design of IMF facilities, changes to the interest rate on IMF loans, the budget of the IMF, etc.
The 85% threshold applies mainly to Board of Governor decisions on the Fund’s governance structure, such as amending the IMF’s Articles of Agreement and changing the number of Executive Directors.
Because the U.S. vote exceeds 15% of the total voting share, no major actions can go into effect without U.S. consent.
The same can be said for other major blocks of IMF member countries, principally European countries.
For example, with a combined vote greater than 15%, Germany, France, and the UK could also block a vote requiring 85% of the voting power, if the countries voted together.
Minister Maite Nkoana-Mashabane convened a BRICS Foreign/International Relations Ministers' meeting on Monday, 24 March 2014, on the margins of the Nuclear Security Summit in The Hague, Netherlands.
The meeting was attended by Minister Sergey Lavrov of the Russian Federation, Minister Salaman Khursid of the Republic of India, Minister Wang Yi of the People's Republic of China and Ambassador Carlos Antonio Paranhos, Under-Secretary General for Political Affairs of the Federative Republic of Brazil.
The Ministers recalled the outcome of the Sanya Declaration adopted at the 3rd BRICS Summit held in China, in April 2011, which articulated the fundamental principles that brought the BRICS countries together, namely:
"the overarching objective and strong-shared desire for peace, security, development and cooperation that brought together BRICS countries with the total population of nearly 3 billion from different continents. BRICS aims at contributing significantly to the development of humanity and establishing a more equitably and fair world."
The Declaration further noted that:
"we affirm that the BRICS and other emerging countries have played an important role in contributing to world peace, security and stability, boosting global economic growth, enhancing multilateralism and promoting greater democracy in international relations."…
The Ministers reflected that the role of governments in contemporary world politics should focus on pertinent areas where leadership is required, notably in finance, security, information and production.
The Ministers noted with concern, the recent media statement on the forthcoming G20 Summit to be held in Brisbane in November 2014. The custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character.
They reflected on challenges to peace and security, notably the significant infringements of privacy and related rights in the wake of the cyber threats experienced, for which there is a need to address these implications in respect of national laws as well as in terms of international law.
They agreed that BRICS countries would continue to act as positive catalysts for inclusive change in the transformation process towards a new and more equitable global order. The BRICS agenda is not centered around any specific country or related issue and shares a common vision which drives it to also increasingly identify common areas for cooperation to assist with finding global solutions to global challenges.
BRICS countries agreed that the challenges that exist within the regions of the BRICS countries must be addressed within the fold of the United Nations in a calm and level- headed manner. The escalation of hostile language, sanctions and counter-sanctions, and force does not contribute to a sustainable and peaceful solution, according to international law, including the principles and purposes of the United Nations Charter.
WASHINGTON — U.S. lawmakers agree on the need for swift response to Russia's annexation of Crimea, but their debate over reforms to the International Monetary Fund threatens to delay more than $1 billion in American aid to Ukraine.
Senate legislation that includes Ukraine aid and sanctions against Russia cleared a procedural vote Monday by a vote of 78-17. But the bill also would boost the U.S. contribution to the IMF.
That provision faces stiff opposition from Republicans — a factor that could derail the bill's chance of passing the House of Representatives and reaching President Barack Obama's desk.
The White House has argued that boosting the U.S. contribution to the IMF, called a quota, is critical to stabilizing Ukraine's economy.
But House Speaker John Boehner (R-Ohio) told reporters recently that the IMF provision has "nothing to do with Ukraine."
Boehner has called on the Senate to take up a House-passed bill that provides Ukraine with up to $1 billion in loan guarantees, but excludes the IMF reforms.
The Senate bill heeds the Obama administration's call to add roughly $63 billion to the U.S. quota at the IMF.
The legislation achieves this by taking that amount from an IMF supplementary fund, thus leaving the U.S. financial commitment to the IMF unchanged.
The IMF, an organization of 188 countries that promotes economic cooperation, collects contributions from members and provides temporary loans to nations facing imbalances.
The push for changes dates to 2010, when the G20 agreed to governance and lending reforms in the aftermath of the global financial crisis.
Under that accord, each IMF member nation was to double its financial commitment, making the total IMF quota $720 billion.
The reforms were designed to expand the institution's lending capabilities and give emerging markets more influence.
The Russian aggression lends a new urgency to the reforms, according to backers of the legislation.
The U.S. is the biggest and most powerful member of the IMF — and the only major IMF member that has not ratified the 2010 reforms.
Because it holds the only controlling share of IMF votes, none of the reforms would be implemented without U.S. support.
UNITED NATIONS, Mar 25 2014 (IPS) – Addressing a closed-door meeting of the Group of 77 (G77) developing countries last week, a visibly angry Latin American delegate recounted the growing new hostility towards foreign diplomats in New York city.
In some residential buildings, he said, there were covert signs conveying an unfriendly message: “Pets and diplomats not welcome.”
It is bad enough for U.N. diplomats to be lumped together in the company of dogs and cats in the city’s high-rise buildings, he bluntly told delegates, but now “the banking sector is treating us as criminals.”
At a meeting of the 132-member G77, the largest single coalition of developing countries, speaker after speaker lambasted banks in the city for selectively cutting off the banking system from the diplomatic community, describing the action as “outrageous”.
Their anger was directed mostly at JP Morgan Chase (formerly Chemical bank) which was once considered part of the U.N. family – and a preferred bank by most diplomats – and at one time housed in the secretariat building.
Chase also handles most of the accounts and money transfers of the United Nations and its agencies, running into billions of dollars.
The U.S. treasury apparently has informed all banks that every single transaction of some 70 “blacklisted” U.N. diplomatic missions, and even individual diplomats, be meticulously reported back to Washington (perhaps as part of a monitoring system to prevent money laundering and terrorism financing).
The banks have responded that such an elaborate exercise is administratively expensive and cumbersome. So as a convenient alternative, they have closed down, or are in the process of closing down, all accounts, shutting out the diplomatic community in New York.
As one diplomat warned, if this situation continues, “we may have to request cash in diplomatic pouches from our home countries, and bank our money under mattresses.”
WASHINGTON — Senate Democrats, bowing to united House Republican opposition, dropped reforms of International Monetary Fund governance from a Ukraine aid package on Tuesday, handing President Obama an embarrassing defeat as he huddled in Europe with allies who have already ratified the changes.
The monetary fund language would have enlarged the Ukraine loan package while finally ratifying changes dating to 2010 that only the United States has opposed.
Mr. Obama himself negotiated those changes, and European allies conferring with him on Ukraine have been pressing for American action….
The governance changes would raise the borrowing limit of countries like Ukraine at the multilateral lending institution, while giving more authority to emerging economic heavyweights like China, Brazil — and Russia.
The Obama administration painted them as vital to a Ukraine aid package, but Republicans were never convinced.
(Reuters) – China realizing its ambitions to internationalize the yuan is likely to be a "seismic event" for global markets, leading to large capital flows and perhaps a new reserve currency, a top Australian central banker said on Wednesday.
Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe said the process had some way to go yet but that Beijing had signaled its seriousness by last week widening the trading band for the yuan, also known as the renminbi (RMB).
"The internationalization of the RMB – and China's associated move towards a liberalized capital account and more flexible exchange-rate regime – has the potential to create a seismic shift in the international monetary and financial landscape," Lowe said in a speech to the Centre for International Finance and Regulation (CIFR) conference in Sydney.
"History teaches us that financial deregulation is an inherently risky process, but that there are substantial payoffs if it is done well," he added….
A new report from the Australian government-sponsored CIFR said China's 10-year timeline for substantial liberalization of its financial system could be accelerated if the current Shanghai Free Trade Zone "experiment" is successful….
Russia “forced” by the sanctions to create a currency system which is independent from the US dollar.
Russia announces that it will sell (and buy) products and commodities – including oil – in rubles rather than in dollars. The move is towards the development of bilateral.
Putin has been preparing this move — the creation of a payment system in rubles completely independent and protected from the Dollar and the “killer speculations” (e.g. short-selling) of the big Western financial institutions — for a long time.
After sanctioning several Russian banks to punish Russia for Crimea, the Washington politicians were told by the financial power-to-be to step back because obviously, the Wall Street vampires understand that putting Russian banks outside the reach of their blood sucking teeth is never a good idea.
For Wall Street and the city’s financial services, countries like Russia should always have an open financial door through which their real economy can be periodically looted.
So Washington announced that it was a mistake to enforce sanctions on all Russian banks; only one, the Rossiya bank shall be hit by sanctions, just for propaganda reasons and to make an example out of it.
It is what Putin needed. Since at least 2007, he was trying to launch an independent Ruble System, a financial system that would be based on Russia’s real economy and resources and guaranteed by its gold reserves.
No tolerance for looting and financial speculation: A peaceful move, but at the same time a declaration of independence that Wall Street will consider as a “declaration of war”.
According to the Judo strategy, the sanction attack created the ideal situation for a “defensive” move that would redirect the brute force of the adversary against him.
And now it’s happening. Bank Rossiya will be the first Russian bank to use exclusively the Russian ruble.
The move has not been done in secret. On the contrary.
A huge golden ruble symbol will be set up in front of bank Rossiya headquarters in Perevedensky Pereulok in Moscow “to symbolize the ruble’s stability and its backing by the country’s gold reserves,” the official agency Itar-Tass explains quoting the bank officials….
Putin himself lobbied for the new system in meetings with members of the Upper House of the Duma, the parliament, on March 28, overcoming the last doubts and indecisions:
“Why do we not do this? This definitely should be done, we need to protect our interests, and we will do it. These systems work, and work very successfully in such countries as Japan and China. They originally started as exclusively national [systems] confined to their own market and territory and their own population, but have gradually become more and more popular…”
MOSCOW, March 30. /ITAR-TASS/. An action in support of bank Rossiya which has decided to work exclusively with the national currency will take place in Moscow on Sunday.
The Golden Symbol of Russian Rouble installation in front of the bank’s office in Perevedensky pereulok in Moscow will symbolize the rouble’s stability and its backing by the country’s gold reserves, the action’s organizers explained to Itar-Tass….
The VTB chief said that Russia should sell domestic products – from weapons to gas and oil – abroad for roubles and buy foreign goods also for roubles.
“Only then are we going to use the advantages of the rouble being a foreign currency in full measure,” Kostin said, adding that AB Rossiya would form a vital part of the Russian banking system and would closely cooperate with other Russian banks, which would also expand the rouble’s use in settlements.
“Obviously, Russia wants to compete with the West in the field of global information, because info wars today became the new norm of life as well as one of the chief methods of warfare.
For example, in Syria Americans lost a war and nothing happened. In Crimea they lost an info war and nothing happened either.
Back in the day a major offensive was preceded by an artillery barrage, now it is an info barrage.”
Video header: “IMF Leader Calls for Bold Policies to Aid Recovery: The head of the International Monetary Fund warned Wednesday that leading nations need to embrace bold policy steps to accelerate a still-modest and fragile global economic recovery.”
Russia, China and other major developing countries — angry about the stalemate on Capitol Hill that has blocked approval of a reform plan that would give them a bigger voting share at the International Monetary Fund — are pushing to go ahead with the reforms without waiting for the United States.
U.S. and IMF officials insist that the reforms — including changes in voting shares designed to reflect shifts in the global economy and a doubling of the IMF’s lending authority — cannot go into effect without approval by Congress, as the U.S. continues to wield veto power over major decisions and activities of the IMF under current voting formulas.
Russia reportedly is leading efforts by the emerging nations to steer around the U.S. In February, Moscow secured a pledge from the Group of 20 major industrialized nations to move ahead if the legislation doesn’t pass before the annual meeting of the IMF, which starts in Washington this week.
“It is obvious that the quota of emerging-market economies and developing countries should be increased as their influence on the global economy has increased,” said Russian Finance Minister Anton Siluanov, who is leading the effort to set the deadline, according to the Reuters news service.
Most of the IMF’s 188 member nations have approved the reforms, which originally were negotiated in 2010, and have waited patiently for Washington to act before proceeding with talks on a second round of voting changes to further increase the power of rapidly developing countries.
But opposition from House and Senate Republicans have blocked efforts by the White House and Senate Democrats this year to attach the IMF reform package to other legislation, trying the patience of major developing nations such as China, which for years has been contributing funds to the IMF beyond what is formally required in hopes of gaining greater influence on its decisions.
“The rest of the world was remarkably tolerant of U.S. political processes” until it became clear last month that Republicans would continue to block the legislation, said Edwin M. Truman, senior fellow at the Peterson Institute for International Economics. “The rest of the world’s toleration has worn out.”
Mr. Truman blames the Obama administration for not pushing for the IMF reforms hard enough, as well as the “acid political climate” in Washington that has made Republicans reluctant to give Mr. Obama any victory….
Meanwhile, the international lending agency is under the gun to begin exploring what one IMF official speaking on background said were various “bad options” of moving ahead without the U.S., to avoid further upsetting China and other major emerging countries.
Even nations with historically friendly ties to the U.S. are losing patience. India’s finance minister recently noted that the congressional impasse reflects badly not only on Washington but also on the whole economic order set up by the U.S. and its Western allies after World War II.
“This is perhaps the first visible failure of the G-20. This has reduced the credibility of the G-20,” India’s economic affairs secretary, Arvind Mayaram, told reporters at the G-20 meeting in Sydney. Implementation of the 2010 reforms is “vital for the credibility, legitimacy and effectiveness of the IMF,” he said.
IMF Managing Director Christine Lagarde continues to insist that there is little she can do without U.S. approval. Analysts point out that European countries, which continue to dominate the IMF’s board of directors and stand to lose the most clout under the reforms, have been happy to let the U.S. block the legislation even while publicly deploring the congressional delays.
While American voting power would be mostly undiluted under the reforms, the greater power given to emerging countries would come largely at the expense of smaller European countries that would lose voting shares.
Reform of the quota system of the International Monetary Fund and the situation in countries with developing economies will be on top of the agenda at meetings of the finance ministers and heads of the central banks of G20 that will be held in Washington D.C. on April 9-11.
A source in the Russian delegation told reporters that the settlement of the IMF reform issue cannot be delayed any further.
"Many countries are unlikely to agree once again with the suggestions to wait a little longer to give the American partners an opportunity to decide something at their level," he said.
"It’s obvious that now, taking into account the unsuccessful attempt to include the amendment in the latest bill (on IMF reform), the US administration will not have another opportunity to raise this issue earlier than November," TASS reports.
The IMF reform plans had been approved in 2010 at the G20 leaders’ summit in Seoul. They are aimed at strengthening the role of the countries with emerging markets in the management of the organization.
In particular, according to the plans, Russia, Brazil, India and China should join the ranks of the Fund’s 10 largest shareholders. However, the reform is stalled so far because the US Congress has not approved it.
"The situation is difficult. On the one hand, the American partners say that they have been making and are making all possible efforts to break the deadlock, but still there is no progress," the source in the Russian delegation continued.
"On the other hand, we are already letting down the G20 itself and the leaders who made a clear-cut concrete decision back in 2010."
The delegation representative recalled that it was not the first case of delaying the IMF reform by the United States.
"There have been precedents when decisions that require approval by the United States were delayed for years – when amendments were introduced last time to the agreement, providing for the distribution of an additional volume of Special Drawing Rights to the countries that did not have them.
“All the countries were ready for this decision by the end of 2001, but because of the US position, this decision was approved only in 2009, in the midst of the crisis," he specified.
In the view of the Russian delegation representative, it is not the moment now for repeating this experience and waiting for seven or eight years when the US internal political situation allows expediting this issue.
"It’s another matter that at the moment nobody has formulated any options or proposals to overcome this situation, on the path for the G20 to follow," the delegation source complained.
[He added] that the IMF issue was also put on the agenda of the meeting of the finance ministers of the member countries of the BRICS group (Brazil, Russia, India, China and South Africa).
According to him, Russia has several variants of action for the problem settlement, but it is premature so far to voice them.
In 2010, US officials agreed to support initiatives that would permanently double the IMF’s funding capacity.
They also agreed to a decision to rebalance representation at the IMF, shifting 6 per cent of voting shares to the emerging and developing countries.
As part of the deal, European countries also agreed to hand two seats on the IMF board to the developing world.
Importantly, the reforms only require a shift of funds, not a new financial commitment from the US.
But, for domestic political reasons, the US congress in January failed to ratify what had been agreed.
And again, just last week, yet another opportunity was missed by a recalcitrant congress.
The reforms were taken off a bill to provide $US1 billion in loans to Ukraine, to accelerate that bill’s transition….
IMF managing director Christine Lagarde is all too aware of the threats posed by tensions involving Russia and Ukraine.
She has also warned that leading nations need to embrace bold policy steps to accelerate a still-modest and fragile global economic recovery.
The US should also realise not just the value in reform but also the risk to its own reputation and standing if it fails to honour the commitment it has made.
IMF reform is crucially important and a key priority for the G20 finance ministers and central bank governors this week in Washington.
Currency Wars detailed a Pentagon-sponsored exercise Rickards took part in back in 2009 — the Pentagon's first-ever financial war game — where players could not use actual, physical weapons like bombs, but could only use financial weapons like stocks, bonds and derivatives to destroy the enemy.
Rickards played on the China team, which created a scenario where Russia and China combined forces, and used their gold to issue new, gold-backed currency and turn their back on the dollar.
"We were actually laughed at by some of the Harvard types at the time," he tells us in the video above. "But since then…things are actually playing out the way we told the Pentagon in 2009."
He cites Russia increasing their gold reserves by 70% and China increasing their gold reserves by several hundred percent since that time as evidence.
UNITED NATIONS, Apr 10 2014 (IPS) – The 132-member Group of 77, the largest single coalition of developing nations, has urged Secretary-General Ban Ki-moon to provide, “as soon as possible…alternative options for banking services” in New York City following the mass cancellation of bank accounts of U.N. missions and foreign diplomats.
The draft resolution, a copy of which was obtained by IPS, is an “agreed text” which has the blessings of all 132 countries, plus China.
Responding to a demand by member states for reciprocal retaliation, the G77 requests the secretary-general to review the “U.N. Secretariat’s financial relations with the JP Morgan Chase Bank and consider alternatives to such financial institutions and to report thereon, along with the information requested.”
Currently, the bank handles billions of dollars in the accounts maintained by the United Nations and its agencies in New York City.
The Group expresses “deep concern” over the decisions made by several banking institutions, including JP Morgan Chase, in closing bank accounts of mostly developing countries, and diplomats accredited to the United Nations and their relatives.
The resolution, which is subject to amendments, cites the 1947 U.S.- U.N. headquarters agreement that “guarantees the rights, obligations and the fulfillment of responsibilities by member states towards the United Nations, under the United Nations Charter and international law.”
Additionally, it cites the 1961 Vienna Convention on Diplomatic Relations as a regulatory framework for states and international organisations, in particular the working relationship between the United Nations and the City of New York.
Citing the two agreements, the G77 is calling for all “necessary measures to ensure permanent missions accredited to the United Nations and their staff are granted equal, fair and non-discriminatory treatment by the banking system.”
Asked for an official response, U.N. Spokesperson Stephane Dujarric told IPS: “We would not comment on a draft resolution.”
At a closed-door meeting of the G77 last month, speaker after speaker lambasted banks in the city for selectively cutting off the banking system from the diplomatic community, describing the action as “outrageous”.
Their anger was directed mostly at JP Morgan Chase (formerly Chemical bank) which was once considered part of the U.N. family – and a preferred bank by most diplomats – and at one time was housed in the secretariat building.
The G77 is expected to hold consultations with member states outside the Group, specifically Western nations, before tabling the resolution with the 193-member General Assembly later this month.
If any proposed amendments are aimed at weakening the resolution, the G77 will go for a vote in the Assembly with its agreed text, a G77 diplomat told IPS Thursday.
But with the Group having more than two-thirds majority in the Assembly, the resolution is expected to be adopted either with or without the support of Western nations.
If adopted by a majority vote, the secretary-general is expected to abide by the resolution and respond to its demands.
The draft resolution also requests the secretary-general to review and report to the General Assembly, within 120 days of its adoption, “of any obstacles or impediments observed in the accounts of permanent missions or their staff at the JP Morgan Chase Bank in the City of New York, and the impact these impediments have on the adequate functioning of their offices.”
WASHINGTON Treasurer Joe Hockey has blasted the US Congress for holding up reforms at the International Monetary Fund, saying the delay has weakened Washington's standing in the world.
In rare public criticism of the close ally, Mr Hockey said Australia – the current chair of the Group of 20 major economies – was "deeply disappointed" by the failure of a 2010 IMF reform plan to come into effect and said the blame lay "firmly and uniquely" with the US Congress.
"The United States drove the reform agenda of the IMF and the United States Congress is now the biggest impediment to that reform being delivered," Mr Hockey said on the sidelines of annual IMF/World Bank spring meetings in Washington.
"It has done considerable damage to the standing of the United States, and I don't think that serves anyone's interest," he told a forum hosted by Johns Hopkins University.
"As a close friend of the United States, we will always call it as we see it in Australia."
BEIJING, April 10 (Xinhua) — Bank of China's Sydney branch issued 2 billion yuan (325 million U.S. dollars) of yuan bonds on Wednesday, the first yuan bond in Australia, the bank announced on Thursday.
The two-year bonds, with a coupon rate of 3.25 percent, were well-received in the market, oversubscribed 1.45 times.
Some 27.5 percent of the bonds were subscribed by local investors, said the bank.
The leading underwriters of the issue include Bank of China, ANZ, National Australia Bank, Royal Bank of Scotland and Westpac Banking Corporation.
The Bank of China said it has filed application to the Australian Stock Exchange for the bond to be traded at the exchange.
The moves came amid China's increasing efforts to facilitate use of yuan in the global market.
Earlier in February, the Sydney branch of Bank of China and the Australian Stock Exchange signed a yuan clearing settlement to jointly develop an RMB clearing system.
The Treasury Department has intercepted $1.9 billion in tax refunds already this year — $75 million of that on debts delinquent for more than 10 years, said Jeffrey Schramek, assistant commissioner of the department’s debt management service. The aggressive effort to collect old debts started three years ago — the result of a single sentence tucked into the farm bill lifting the 10-year statute of limitations on old debts to Uncle Sam.
7. We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed to in 2010 and the 15th General Review of Quotas (GRQ) including a new quota formula.
We reaffirm the importance of the IMF as a quota based institution.
The implementation of the 2010 reforms remains our highest priority and we urge the US to ratify these reforms at the earliest opportunity.
We are committed to maintaining a strong and adequately resourced IMF.
If the 2010 reforms are not ratified by year-end, we will call on the IMF to build on its existing work and develop options for next steps and we will work with the IMFC to schedule a discussion of these options.
8. As part of our commitment to end the problem of too-big-to-fail, we welcome progress in the development of proposals by the Brisbane Summit on the adequacy of gone-concern loss absorbing capacity of global systemically important banks (G-SIBs) if they fail.
The proposals should give home and host authorities and markets confidence that an orderly resolution of a G-SIB without exposing taxpayers to loss can be implemented.
D: This is the letter I got from Gregory Douglas / Walter Storch:
———- Forwarded message ———-
From: walter storch
Date: Fri, Apr 11, 2014 at 6:34 PM
Subject: Interesting input
You no doubt remember that collector who was on the cops in Chicago?
I have heard that before he retired, he removed an original file from their intelligence section that dealt with Obama and his wife.
I was told that it was packed with information that would convince any reader that our President and his wife were as blatantly crooked as any other Chicago politician.
Of course I would have nothing to do with such inflammatory documents but I was told that the person who ended up with them passed them to the German Embassy in DC.
Someone else, in Germany, mentioned that apparently the Embassy staff forwarded the reports to Berlin in the bag and Chancellor Merkel now has them.
As you know, she grew up in the DDR and is fluent in Russian.
And, as I am told, she is very friendly with Russian President V.V. Putin, with whom she and a small handful of her people are working out a most interesting economic agreement.
There is some speculation that Ms. Merkel, who is livid with rage at Obama and his spying on her and German entities, passed this interesting and illuminating gift along to her Russian counterpart.
Well, I always said that he who sups with the Devil needs a long spoon.
BRICS Finance Ministers have met on the sidelines of an IMF/World Bank meet in Washington in which they discussed preparations for the BRICS-led development bank, a 100 billion contingency reserve arrangement and the forthcoming Summit in Fortaleza in Brazil.
“We’ve made very good progress on the new development bank and most of the formal documentation is ready. There will be a few issues left, which will be resolved between now and the middle of July when we hope the summit will take place,” South African Finance Minister Pravin Gordhan said.
“On the contingency reserve arrangements, we’re also almost 90 percent of the way towards agreement.
“Formal documents are ready and we have the basis to reach 100 percent agreement before the summit,” Gordhan added.
The establishment of the BRICS Development Bank is largely seen as the first significant step of the bloc of five.
The bank was announced during the fifth BRICS Summit in Durban in March this year.
“We have agreed to establish the new development bank. The initial capital contribution to the bank should be substantial and sufficient for the bank to be effective in financing infrastructure,” the BRICS leaders said in a joint statement.
Meanwhile, in Washington, the five finance ministers also criticised stalled IMF reforms.
“We’ve discussed our mutual concerns about the slow pace of the IMF reforms and the kind of stalemate that we find ourselves in currently and we hope to work with everyone to find an equitable solution. But clearly a lot depends on the US,” said Gordhan.
The 6th BRICS Summit will be held in Brazil in July.
WASHINGTON, April 10 (Xinhua) — Failure to act on the much-delayed International Monetary Fund (IMF) quota and governance reform will seriously damage the leadership of G20, a senior Chinese official warned Thursday.
"I think that 2010 quota and governance reform is good for everyone. We've been working on that for several years, and it's already reached consensus," Yi Gang, deputy governor of the People's Bank of China, said at a seminar held here at the sidelines of the IMF-World Bank Spring meeting.
"Failure to deliver the 2010 IMF reform is a serious damage to the G20 leadership," Yi said, noting that the reform package was in every G20 communique released after the G20 Seoul Summit in November, 2010.
"It's a threat to the IMF legitimacy, and …create some uncertainty for the future resources of IMF," Yi warned, urging "the relevant country to pass this reform as soon as possible".
Most of the IMF's 188 member nations have approved the reform package, while opposition from the House and Senate Republicans have blocked the United States, which has the largest voting share on the IMF board and the unilateral veto power over IMF decisions, to ratify the deal.
The IMF's Board of Governors approved the quota and governance reform package in December 2010. The plan included a doubling of IMF quotas and a shift in quotas to dynamic emerging markets and under-represented countries, and a proposed amendment to reform the executive board that would facilitate a move to a more representative and all-elected 24-member board.
If the reform package is implemented, four large emerging economies, namely China, India, Russia and Brazil, will all become top 10 shareholders of the Washington-based global lender.
Australia and China have agreed to enhance offshore market development of the Renminbi (RMB) and the central banks of both countries are working together on potential future clearing and settlement arrangements in Sydney, Treasurer Joe Hockey said in a press release on Friday.
Once the arrangements are finalised, it will place Sydney alongside Hong Kong, Singapore and Taiwan as an official trading hub for the yuan, the Australian Financial Review reported.
“Australia is at the forefront of countries working with China to support international use of the RMB,” Hockey said, ” Australian banks and their Chinese counterparts have worked hard to promote direct trading of the two currencies.”
BRAZILIAN FINANCE MINISTER GUIDO MANTEGA:
ON IMF REFORMS:
"The end of the year for me is the final limit. Four years waiting for me is just too much."…
DR URJIT PATEL, DEPUTY GOVERNOR OF THE RESERVE BANK OF INDIA:
ON BRICS DISCUSSIONS:
"There has been significant progress with both BRICS projects – both on the development bank and the contingent reserve arrangement. The BRICS countries are hopeful they will go forward in the next two to three months." [June-July 2014]
FROM G20 PRESS CONFERENCE
AUSTRALIAN FINANCE MINISTER JOE HOCKEY
"I take this opportunity to urge the United States to implement these reforms as a matter of urgency."
"There was significant goodwill amongst ministers to find a way forward on this issue. We are all very disappointed by the ongoing failure to bring these reforms to a conclusion."…
"We all have to do some heavy lifting here, we all have to make a contribution. The structural reforms we talked about, we recognize some of those structural reforms will be politically unpopular and they will be. There will be a number of them that will be very difficult."…
THARMAN SHANMUGARATNAM, CHAIRMAN OF THE INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE
ON IMF REFORMS:
"We have every reason to believe that the U.S. will act responsibly, in its own interests, its own interests in the global order, and will act responsibly as the leading shareholder of the IMF and will act responsibly as a member of the international community."
ON ALTERNATIVE WAYS TO IMF REFORM:
"(It's) too early to talk about alternatives now, we have every reason to think the 2010 reform will be passed by the U.S."
"We think the U.S. will be minded by its global responsibilities as well as its own interests some time within this year, realistically it may be towards the end of the year, but that's a matter for the U.S. administration and Congress to determine. It's too early to talk about alternatives now, we have every reason to think the 2010 reforms will be passed by the U.S."
"We are monitoring the economic situation in Ukraine, mindful of any risks to economic and financial stability, and welcome the IMF's recent engagement with Ukraine as the authorities work to undertake meaningful reforms."
ON IMF REFORMS:
"We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed to in 2010 … If the 2010 reforms are not ratified by year-end, we will call on the IMF to build on its existing work and develop options for next steps and we will work with the IMFC to schedule a discussion of these options."
WASHINGTON (INTELLIHUB) — Just over 2 decades ago banker George Soros made his most famous investment by shorting the British pound and pocketing a billion dollars in the process. Since then he has become famous for betting on stock market crashes and in some cases even rigging markets to fail for his own gain.
Just months ago, Soros made headlines by making a billion dollar stock bet against the S&P 500. At the time this was said to be a sign of trouble ahead for the US economy, as Soros has seemed to have had advance knowledge of market crashes in the past. As a result of this reputation, investors have begun to keep a close eye on his holdings.
This week investors took notice again when Soros sold his shares of three major American banks, including Bank of America, JP Morgan and Citigroup.
The Wall Street Journal reported that “George Soros dumped his stakes in banks and went for tech and gold miners in the first quarter, according to a filing with the Securities and Exchange Commission Thursday. Soros sold his holdings in Citigroup (NYSE:C) , J.P. Morgan (NYSE:JPM) and Bank of America (NYSE:BAC)”
In February 2009, Soros said the world financial system had effectively disintegrated, adding that there was no prospect of a near-term resolution to the crisis. “We witnessed the collapse of the financial system … It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”
TUNE IN TO SEE ANOTHER FREE EPISODE OF COSMIC DISCLOSURE!
As we discussed in Section Two, Corey Goode has come forward with remarkable new information that expands this insider war into a cosmic context.
Now, as of September 10th, you can watch the highly-appreciated Episode #5, entitled "We Are One," free of charge on the Gaiam site.
Here is the link where you can experience this stunning new information, and ensure Corey and his family get credit:
This episodes has been released in addition to the first two episodes already being available free of charge on the site. For 99 cents you can see everything for a month, with no cancellation fees.
"We Are One" explains the cosmic context of angelic ETs who have come here to help ensure that we get through this transitional period with a minimum of damage.
Although it seems very "far out" compared to what we have discussed in this section, it is nonetheless very important information.
The events happening to Corey have radically changed the scope of this work, and the structure of our in-progress third book, due out August 2016.
WE THANK YOU FOR YOUR SUPPORT!
This has been written and posted from the deep woods of Canada, where Internet access is very spotty, if it even works at all. Hence we had to limit the use of graphics in this article.
As always, I thank you for helping us spread the word. The fourth section will take what we have discussed in these previous three parts and expand into the full view of the financial war that is now raging on.
You may be surprised at the scope and severity of what is going on. It suggests that epic, transformative events in our world are much closer than we may think!