BRICS Banking
07/22/2014 | | BRICS, Economic forecasting, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, Graphsandlaughs, MLS, Multiple listing service, Public speaking economist, econ70, economist on TV, economist on radio, eisenberg and economics, funniest economist, funny housing economist, graphsandlaughs and eisenberg, housing sales, mortgage banking, politics and economics, www.econ70.com
Other than their collective animosity towards the World Bank and IMF, the five BRICS nations, despite having little in common, being geopolitical rivals, and disagreeing on fundamental issues, have created a Shanghai-based Development Bank. While undercapitalized, the Bank’s major role will be to increase the political weight of the BRICS by diminishing the ability of the U.S. to push them around. All the BRICS but Brazil have suffered U.S. sanctions.