A New Era – BRICS Development Bank

In a potentially wildly successful move, five nations have united their resources to challenge the corporatocracy. The BRICS Development Bank is made up of Brazil, Russia, India, China, and South Africa, five nations that are tired of the way Big Business, aided by the United States and allied nations, have wielded influence over the economics of the world for decades, and they are taking action to provide a new path for emerging countries.

The five BRICS nations together comprise nearly 50% of the entire population of the world, and they should not be underestimated or written off. Their combined economies represent over half of the output of growing countries; and by aligning themselves around a single purpose and sharing power equally, they are clearing the way for increased growth for themselves and countries that formerly were forced to turn to corporatocracy-controlled financial institutions, including the International Monetary Fund and the World Bank.

The IMF and the World Bank were founded nearly six decades ago by the world’s most powerful nations in the post-WWII era. Through the years, they have become more about controlling other economies and lining the pockets of the already wealthy members than about giving developing countries the help they need to grow. Instead of making the world a better place where there is enough food for all and enough opportunity for the people, they have become tools of the corporatocracy.

As people around the globe are waking up to our need for a new reality, there is a growing movement toward “rebalancing” the hierarchy of the nations of the world and challenging the status quo of the US as the biggest superpower – and a government that serves the interests of the very wealthy. By forming an alternative option for the emerging world with a more hands-off approach to lending versus the condition-laden lending offered by the IMF and the World Bank, the BRICS nations will reduce the need for world dependency on these self-serving banks. The giant organizations and governments, and their economic hit men, will find it more difficult to control the future.

The first step in this direction was taken in Latin America when Venezuela, under the leadership of Hugo Chavez, conceived of a BancoSur in 2009. Argentina, Brazil, Venezuela, Uruguay, Ecuador, Paraguay, and Bolivia are all founding members, and their stated mission is to provide an alternative lending source for economic development of all of South America. Though the bank is still working with member nations on making this promise a reality, this entity was one of the first to challenge the powerful corporatocracy that was controlling the IMF and the World Bank.

When an entire region can join a number of sovereign and diverse nations together under one goal to empower and develop themselves, it is a powerful statement to the whole world. Such an organization threatens Big Business and Big Government in their bid to remain in control and can give hope and motivation to other regions.

Brazil has continued in this quest it began with BancoSur to defy the corportocracy by joining forces with Russia, China, South Africa, and India to form BRICS. Because these countries are so different from each other politically, by sharing power and influence equally their very differences offer a safe-guard against corruption. But the path ahead may not be easy; these countries have each had difficult interactions with most of the other countries of the world at one time or another. The BRICS nations, and the rest of the world, will have to learn that the future depends on cooperation and collaboration, not conflict and aggression.

Looking ahead, the hope is that the world will become much more balanced economically, as the US loses its iron grip on the economies of the world. People should have more access to opportunity and growth because of this shift. The BRICS Development Bank is a step in that direction. I am hopeful that the member countries will continue down this new path, and not fall into the old rut of the West: using money as a weapon to wield over weaker countries for the financial gain of the members. Those who support freedom and who want a peaceful and prosperous future for everyone should take heart from and give support to this movement and others like it.


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About John Perkins

John is a founder and board member of Dream Change & The Pachamama Alliance, non-profit organizations devoted to establishing a world future generations will want to inherit & the author of the NY Times bestseller, Confessions Of An Economic Hitman.

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