BRICS bank opens for operations in Shanghai
Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and NDB chief Kundapur Vaman Kamath attended the ceremony, China Radio International reported.
At the inauguration ceremony Jiwei was quick to point out that NDB will serve as a complement to the existing international financial system and would focus its efforts on innovation and governance. The same message was echoed by Vaman Kamath.
"Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way,”NDB President Kundapur Vaman Kamath said.
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The agreement to establish the NDB was signed by the BRICS member states – Brazil, Russia, India, China and South Africa – during the group's sixth summit in Fortaleza, Brazil in July 2014. The main purpose of the new finance infrastructure is to promote sustainable development in BRICS states.
Each BRICS member is expected to put an equal share into establishing the startup capital of $50 billion with a goal of it reaching $100 billion. Besides the creation of the $100bn BRICS Development Bank, the member states also established a reserve currency pool worth over another $100bn.
READ MORE: BRICS establish $100bn bank and currency pool to cut out Western dominance
NDB's $100 billion pool, called the Contingent Reserve Arrangement (CRA), is designed to assist member countries at times of currency liquidity crises.
Brazil, India and Russia will each contribute $18 billion to the CRA. South Africa is set to contribute $5 billion. China will be responsible for the largest share of the CRA after contributing $41 billion to the bank.
BRICS represents 42 percent of the world’s population and roughly 20 percent of the world’s economy based on GDP, and 30 percent of the world’s GDP based on PPP, a more accurate reading of the real economy. Total trade between the countries is $6.14 trillion, or nearly 17 percent of the world’s total.
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"China will be responsible for the largest share of the CRA after contributing $41 billion to the bank."
Wow, what energy those dear Chinese people have...Great among BRICS Earth Allies...I love 'em...!! Brings back the great spirit of Chairman Mao...
DREKX It is known that Mao killed 60 million people (AFTER HE DISARMED THEM). The love for money is the new obsession for China's elite, and like the money addicts in the west, Chinese leaders are big users of debt (look how much money they have borrowed from the U.S.).They also have an obsession with the use of scams with "pretty pieces of paper" just like EVERY world power. The difference is that the Chinese are not using terrorism to enforce the role of their currency in the marketplace, while the U.S., Saudi Arabia, and Israel are involved in defending the 1947 Bretton-Woods role of the U.S. dollar (being the worlds reserve currency for purposes of trade) via the use of TERRORISM.
China has a huge real estate problem, along with a lot of debt. But hey,debt is becoming the in-thing; as long as you "believe" it is. And when that belief gets shattered by other forces of reality (such as debt not being an asset), crisis begins.
Well, China has gone far since the cultural revolution period....There was a time when there was no money in the hands of China's elites and they were a poor third world backwater...Now, at least they have grown to the status of progressively having a material class and middle class, which grows, as that of America contracts...So Mao set them on the right course, at the very least....And they are a growing second global economy, now...That is progress, whatever you may assume...Now the secret societies of China, who run the Communist party, known as the Red and Green Dragons, seek to change the entire global finance system...and with our blessing..as the world needs a new system based on equality and fairness for all people, whatever their class....Indeed, what Mao originally sought....
Now they unite with Russia, to put into effect such historical plans, as Earth allies of the BRICS nations...
Let us look to the future, not to the past....BUT, remember, how this all came about....in history... ;-)
Mao Zedong was a population-reduction murderer financed by the western bankers (and western bankers were similar to Hitler's backing, as well, as Lenin's backing). Mao was on limited speaking terms with Richard Nixon, and many Chinese knew the Wharton / Harvard M.B.A. circles (as opposed to Japanese management circles, which had a different approach to management that viewed ego as a negative and positive quality).
And yes, he was one of the biggest gun grabbers in the 20th Century.
"Political power grows out of the barrel of a gun" - Mao Zedong
Western bankers, working for Rockefeller agent, Prescott Bush, did finance the Nazis and similarly, China's Mao was financed by America, as he was fighting the Japanese....Lenin was financed by the German Kaiser in 1917 and given access to Russia, through German territory and it worked, for the Germans, as the eastern front was neutralised....This is geo-politix...It does not mean that the elites have full control always..and are infallible strategists, always...as they are not and often come a cropper...LOL As they did with Napoleon, Hitler, Lenin and Mao...If it were not for modern China, there would be no current challenge to the financial system dominated by the anglo-american cabal, the Rothschild-Rockefeller axis of power...You can thank Mao for achieving a modern industrial nation, as before he created the PRC, it was an agricultural third rate non-entity..
Since the mid 1990s, the anglo-american cabal, we call the last dark cabal, has been at odds with many European and Asian cabals....And splits in the Illuminoid ranks have happened before...As the German elite Thule Society, which created the Nazi party and movement, sought to eclipse the Anglo-American cabal, and become the dominant forces, working for the ANNUNAKI GODS...They made a deal with a neutral star nation, outside of Anchara, in the Aldebaran system and almost managed to take over the role of chief cabal on surface Earth...
So you see how not everything goes to plan for the Rockefellers...?? They often finance nations, groups and forces, that become Frankenstein monsters for them....It has happened several times, the Nazi example being the most dangerous for them, at that time...But the current BRICS challenge the coup de grace that will topple them....With Thule, they almost lost their chief position, ruling over surface Earth affairs, on behalf of the Annunaki......Now they will lose power completely to the LIGHT.
The Annunaki have now abandoned their former dark role...The earth elites are on their own...in the west....But others, have joined the GFL as Earth allies....
50 billion is a drop in the proverbial bucket these characters will only loan to themselves/upper classes-fo a dynamic economy and a large prosperous middle class you need small business borrowing and individuals-one problem is banks will keep granting more credit to people who don't make enough -loan sharks will do this to collect the interest long term-they enable gamblers and then show up at their door to collect their paychecks
China's stock market began in the 1980's with two small companies, and Shanghai is continuing this pattern of "starting out small" in the banking area (along with its BRICS partners). Bankers are historically very patient (since they know the time value of money over time) and are involved in a heist of wealth with the use of interest via some note that they claim has value (but you may not).
The love for money is the greatest evil, and all wars are based on deception.
And it's looking like it's the essence with the end of the of Pisces: DECEPTION VIA WHAT YOU "believe" IS CORRECT.
One effect of the BRICS formation may be deflation. Prices on petro at the pump have been dropping lately. Deflation of petro was used as a weapon to the old Soviet Union in the 1980's, but this was done when defense contractors ran a lot of the important economic functions of the country.