Russian TV: The BRICS Development Bank is the beginning of the end of the existing monetary management system, Asia Times correspondent Pepe Escobar told RT.
RT: There’s no doubt about it, these countries that form the BRICS, they haven’t got a lot in common have they? They’ve all got different styles of government indeed some of them are economic rivals. Are they really a group to be taken seriously?
Pepe Escobar: From now on yes, let’s say until this summit in Durban, there was a lot of political talk of course and the BRICS are basically an economic group in the making. Now it’s different, now they have clear sound, actual policies to be implemented.
This alternative to the World Bank and the IMF is absolutely essential, this is the beginning of the end of the Bretton Woods system and is to be supported by the next BRICS, the MIST, the Mexico, Indonesia, South Korea and Turkey and the next MISTS as well.
Just imagine when the time will come that the US is printing dollars and nobody is buying it?