Saturday, April 6, 2013

Russia And China Plan New Bank To Replace The IMF


Morning links.  Scroll down for new video collection.

Russia And China Give $100 Billion To Create New Bank to Replace 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 began 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.
“If they announce a BRICS bank it will be quite something,” O’Neill said in an e-mailed reply to questions on March 15. “At a minimum it symbolizes they can achieve something as political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank, which may aid infrastructure and trade projects.”
Finance ministers and central bank governors from the BRICS nations, who met in Durban today, agreed to set up currency crisis fund of about $100 billion, Brazilian Finance Minister Guido Mantega told reporters today. He didn’t give details of proposed funding for the new bank, which Brazil wants established by 2014. The nation’s leaders are due to sign a final accord tomorrow.

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Michele Bachmann faces congressional ethics probe

Is the student loan bubble about to pop? - Write-offs Hit Record High

How To Kill A Drone (Awesone...)

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Biden Flying To Delaware On Weekends On Taxpayer Dime

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Ecuador auctions off pristine Amazon jungle to Chinese oil firms

Why I'm leaving China

Mexico Horror: Men Executed And Bodies Arranged With Messages Nailed To Chests

A father's hoops dream: Minting an NBA millionaire includes lying about son's age

Videos

Ferrari FF: The World’s Only 200 Mph ‘Family’ Car

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Consumers struggle with Cyprus banks closed.

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Why Has Copper Dropped Out of the Mining Rally?

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Global Outlook: Is Gold Losing Its Shine?

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Will consumers wear Apple Smartwatches, Google Glasses?

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Chinese market may have peaked.

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Dick Bove on Cyprus, Europe and U.S. banks.
No surprise.  Bove says all Euro banks must be bailed out. 

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Steve Chen: No Regrets About Selling Youtube
Start watching at 45 second mark.

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iFixit: The App for the Fix-It-Yourself Revolution

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 China - World's Most Profitable Bank

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