New Delhi: The BRICS group of emerging world powerhouses - Brazil, Russia, India, China and South Africa - is set to outline plans at a summit this week for a joint development bank, while the five countries' stock exchanges will also move closer together.
Officials say details of the initiatives still need to be agreed, but they herald a new level of ambition for a bloc that brings together about half the world's people but which has been criticised as an empty acronym.
The Middle East, including oil imports from Iran, will also be discussed at Thursday's meeting in India, officials say.
Security was tightened in the capital on Wednesday before the arrival of BRICS leaders including China's Hu Jintao.
His visit drew protests from Tibetan activists, one of whom died earlier in the day after he set himself ablaze. Police arrested about a dozen Tibetans before the summit.
BRICS leaders held their first summit in 2009 and have sought to increase their global influence to reflect their growing economic clout. But with radically different economies and systems of government, and competing priorities, the countries from four different continents have often struggled to find common cause.
A significant announcement at this week's meeting is likely to be the plan for a joint development bank in the mould of the World Bank. Such an initiative would allow the countries to pool resources for infrastructure improvements and could eventually serve as a vehicle for lending during global financial crises such as the one in Europe, officials say.
Brazilian Trade Minister Fernando Pimentel told reporters in Brasilia last week that the countries would sign a deal at the summit to study the creation of the bank.
Sudhir Vyas, a senior Indian foreign ministry official, told reporters on Monday that the BRICS would have to determine how the bank would be structured and capitalised. Such an ambitious project would take time, he said.
"We don't set up a bank every ordinary day," he said.
The leaders are also expected to sign agreements allowing their individual development banks to extend credit to other members in their local currencies, a step towards replacing the dollar as the main unit of trade between them.
FIVE NATION STOCK INDEX
Benchmark equity index derivatives allowing investors in one BRICS country to bet on the performance of stock markets in the other four members without currency risk will be cross-listed on their stock exchanges from Friday, the exchanges said earlier this month.
A senior Indian government source said the Middle East and energy security will be high on the agenda, including Iran. The Russian ambassador in New Delhi said this week that a discussion on Syria would be among his country's top priorities.
While the plenary session on Thursday is likely to concentrate on common ground, bilateral meetings could touch on more sensitive issues.
The exchange rate of China's currency has sparked protests, including from Brazilian manufacturers, for being undervalued. Most member countries also face a slowdown in their economies.
"For different reasons, each of the (countries) has got some serious policy issues to deal with here that will determine whether they continue down the path we got everybody so excited about," said Jim O'Neill, chairman of Goldman Sachs Asset Management.
O'Neill, who coined the BRIC acronym in 2001 as a catchy way to encapsulate the shift in global economic growth towards emerging markets, with South Africa added in 2010, predicts the bloc's GDP will exceed that of the United States within three years and sees China as the world's biggest economy by 2027.
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Brazil, Russia, India, China and South Africa on Thursday closed ranks to strike a belligerent note against the US and rest of the West.
They demanded greater roles in global economic and political governance, and seeking early resolution of the Arab-Israeli conflict, disapproving war-cries against Iran and opposing moves for external interventions in Syria.
The fourth BRICS summit in New Delhi saw the five emerging economies turning more assertive to demand a world order, which is “more representative and reflective of contemporary global realities”.
The bloc stopped short of opposing the US nominee for the World Bank presidency, Jim Young Kim, but welcomed candidatures from developing countries, stressed on speedy reforms in international lending agencies and agreed to explore possibility of setting up a bank of its own to support development in emerging economies.
One voice
“Institutions of global political and economic governance created more than six decades ago have not kept pace with the changing reality of the world. While some progress has been made in international financial institutions, there is lack of movement on the political side. The BRICS should speak with one voice on important issues such as the reform of the United Nations Security Council,” Prime Minister Manmohan Singh said in the plenary session.
Singh and his counterparts – President Dilma Rousseff of Brazil, President Hu Jintao of China, President Dmitry Medvedev of Russia and President Jacob Zuma of South Africa – warned the West of the “disastrous consequences” of a conflict with Iran over the latter’s nuclear programme.
“We recognise Iran’s right to peaceful uses of nuclear energy consistent with its international obligations, and support resolution of the issues through political and diplomatic means and through dialogue between the parties concerned,” the BRICS said in its Delhi Declaration adopted by the five leaders on Thursday.
The bloc demanded talks “between the International Atomic Energy Agency and Iran and in accordance with the provisions of the relevant UN Security Council Resolutions.”
Brazilian President said that the BRICS rejected the US sanctions on Iran and made it clear that the five nations were only committed to abide by the curbs imposed by United Nations. The BRICS trade ministers had on Wednesday said that the US sanctions on Iran could contribute to the volatility in the international crude oil prices. Significantly, the nations could also once again find a common ground on Syria and supported the joint efforts by the UN and Arab League to facilitate a Syrian-led inclusive political process in that country. They welcomed the initiatives made by ex-UN Secretary General Kofi Annan.
The leaders called for an immediate end to all violence and violations of human rights in Syria, but also opposed moves forexternal interventions. “Global interests would best be served by national dialogues that reflect the aspirations of Syrian society.
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Don't know if they're serious or just a bunch of peeps spouting but they are talking about how Russia, China and India are forming a military alliance to take over the West.
10-20 years should be enough for us to get our own boats operational."""""""""""""""""""""""""""""""'
wooty lol. 10-20 years is a long time. by 20 years not even usa could challenge india in indian ocean. that is in year 2030.
but lets not talk about 10-20 years or nuke subs , instead talk about 5 years. india is going to spend 50 billion dollars to buy new boats for next 5 years. budget has been granted to navy. that's extra cash apart from defense budget for navy. that's not for training not for repairs just for buying new boats.
now navy has 50 billion dollars to get whatever toys they want from anyone.
now nuke sub costs 2-4 billion dollars, carriers cost 3-6 billion dollars, and nuke boats gets 5 years to build and carrier at least 10 years.
no body is selling theres, so india will have to buy frigates, destroyers, conventional subs, corvettes.
so that's like 50-60 brand new destroyers or frigates.
and btw india is building 43 warships right now in india, that's extra. so over 100 new warships by 2017.
as for carriers and nuke subs goes , india will have to build them on there own.
p.s. china wants 123 warships by 2017 . but hey lets usa match this massive buildup.
August 13, 2012: India will be spending at least an additional $50 billion for its naval build-up from 2012 to 2017
This makes India's naval modernisation programme one of the world's largest naval build-ups. The $50 billion approvals include the acquisition of 49 new warships, in addition to the 46 which are already on order,
October 22 2013, 5:03 PM
Good thing Chinese and Indians don't fight on waff anymore..lol. This is interesting....hahaha
-------------------------------------------------
The Golden Retriever:
Loyal: loyal to its American master
Blinded: completely brainwashed by the WESTERN media
Trying really hard: fighting a losing cause when 3/4 of WAFFers think you are wrong
Female: crying like a hurt biatch by claiming i tempered with the poll
The Black Labrador: its MASTER and the Western Media
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Re: India to pay for a new n00kular sub for the russkies
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October 24 2013, 6:59 AM
WAFFer
(Login SSBN096)
Middle Kingdom (China)
Re: India to pay for a new n00kular sub for the russkiesNo score for this post October 22 2013, 7:39 PM
Indian friends keep up the good work.
The recent visits hint something happening among China+India+Russia
Imagine just imagine if this BIG TRHEE form the Axis of Big 3, we rule.
===============
great post ^^ but also add greece to this list
russia-china-india-greece
we have had enough with western devels, eu, usa, nato etc
we can help by being the soft underbelly of western world, we can be your trojan horse
+ give nato technology for you to study and copy
together we can rule, please come and buy our stuff and we can buy your stuff too
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MOSCOW, October 18 (RIA Novosti) – Indian Prime Minister Manmohan Singh will travel to Moscow next week to meet with Russian President Vladimir Putin for talks expected to focus on cooperation in the defense sector, the Kremlin said Friday.
The visit comes against the backdrop of a slump in Russia’s traditionally strong position on the Indian arms market in the face of fierce competition from US and European competitors and after failure by Moscow to fulfill several contracts.
Singh will pay an official three-day visit to Moscow from October 20 for the 14th India-Russia Annual Summit. He is due to hold talks with Putin on October 21.
Notwithstanding some hitches, India remains a leading buyer of Russian weaponry and is taking part in a number of joint projects with Russia on the development of advanced military equipment.
The Kremlin statement listed several recent achievements in Russian-Indian military and technical cooperation, including the delivery in July of the last in a series of three Trikand-class missile frigates built for the Indian Navy and the upcoming handover of the Vikramaditya aircraft carrier to India in November.
“Joint projects on the development of a fifth-generation fighter jet, a multi-purpose transport aircraft and BrahMos cruise missiles are being implemented successfully,” the Kremlin said.
The agenda for the Moscow summit also includes discussions on bilateral trade and a variety of global issues, with a particular focus on the situation in Afghanistan and Syria.
A joint statement reflecting the approaches of the two countries to the development of bilateral strategic partnership, including progress in trade and economic cooperation and coordination of collaboration on pressing international issues, is expected to be signed following the summit, the Kremlin said.
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MOSCOW, October 18 (RIA Novosti) – Indian Prime Minister Manmohan Singh will travel to Moscow next week to meet with Russian President Vladimir Putin for talks expected to focus on cooperation in the defense sector, the Kremlin said Friday.
The visit comes against the backdrop of a slump in Russia’s traditionally strong position on the Indian arms market in the face of fierce competition from US and European competitors and after failure by Moscow to fulfill several contracts.
Singh will pay an official three-day visit to Moscow from October 20 for the 14th India-Russia Annual Summit. He is due to hold talks with Putin on October 21.
Notwithstanding some hitches, India remains a leading buyer of Russian weaponry and is taking part in a number of joint projects with Russia on the development of advanced military equipment.
The Kremlin statement listed several recent achievements in Russian-Indian military and technical cooperation, including the delivery in July of the last in a series of three Trikand-class missile frigates built for the Indian Navy and the upcoming handover of the Vikramaditya aircraft carrier to India in November.
“Joint projects on the development of a fifth-generation fighter jet, a multi-purpose transport aircraft and BrahMos cruise missiles are being implemented successfully,” the Kremlin said.
The agenda for the Moscow summit also includes discussions on bilateral trade and a variety of global issues, with a particular focus on the situation in Afghanistan and Syria.
A joint statement reflecting the approaches of the two countries to the development of bilateral strategic partnership, including progress in trade and economic cooperation and coordination of collaboration on pressing international issues, is expected to be signed following the summit, the Kremlin said.
The old 'scissors strategy' where 'Russia' allys with India, 'China' with Pakistan, Pakistan and India go against each other, and Russia and China ally with each other, openly even.
Meeting in New Delhi Sunday, the Foreign Ministers of Russia, India and China looked into ways to equip Asia and the Pacific with a radically new international relations and security architecture.
Emerging from the Delhi meeting, Russian Foreign Minister Sergey Lavrov said this architecture should meet the challenges of a world where threats become global, national borders no longer guarantee protection, security precautions have to be shared and egoistic attempts to build security unilaterally at the expense of other nations are grossly counterproductive and have to be opposed.
He also said that the latest East Asian summit in Brunei on October 10th approved an initiative by Russia, Brunei and China to use summits of this kind to hammer out guiding principles for cooperation on regional security matters. Mr Lavrov thanked India for supporting this initiative.
He also announced plans to start consultations on regional security issues in Brunei in the near future. The dialogue will involve the countries that send delegates to the East Asian summits. The agenda will be dominated by a new security architecture for Asia and the Pacific.
Voice of Russia, RIA-Novosti
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Posted by: Aswathy Updated: Tuesday, March 18, 2014, 19:01 [IST]
Moscow, March 18: Russian President Vladimir Putin on Tuesday said that the nearly 97% of Crimean residents who voted to join Russia was "an extremely convincing figure."
In his speech at a joint session of Parliament in Moscow, Putin stressed the historical and cultural ties between Russia and Crimea, said a CNN report. Putin said Russia will not be deterred by Western criticism and also thanked China and India for their support.
Crimea referendum was in full accordance with international law, said Putin. "In our hearts we know Crimea has always been an inalienable part of Russia," he said. Crimea is an autonomous region within Ukraine with a majority Russian-speaking population. It has its own parliament, but the Ukrainian government had veto power over its actions.
The weekend referendum in Crimea put an end to the political instability and demonstrations in Ukraine for past several months, during which the President Viktor Yanukovych was overthrown.
A referendum which took place Sunday was alleged to have done in a haste. Almost 96.7% of the region's voters said they wanted to become part of Russia, according to the Crimean Electoral Commission. Putin denied that Russia had been militarily involved in Crimea. "We have not used our armed forces in Crimea," Putin said. However, Ukraine government and international leaders have accused Russia of using military power in Crimea.
Russian did not enter Crimea in the current crisis, but "were already there" in accordance with previous international negotiations, stated Putin. Crimea is a strategically important territory and must be kept strong -- something only Russia can do, he added.
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Reuters Beijing, March 21, 2014 | UPDATED 09:41 IST
Calling himself a "strong proponent" of friendship with India, Chinese President Xi Jinping Thursday said furthering Sino-Indian strategic ties is his "historic mission".
"Furthering strategic partnership with India is my historic mission and I am a proponent of it," he told India's new Ambassador to China Ashok K Kantha while receiving accepting his credentials at a special ceremony at the Great Hall of People here.
Indian officials said Xi's categorical remarks to the new envoy displays earnestness on the part of the new Chinese leadership to develop closer ties with India as it came from the top most leader of the present dispensation.
Xi, who evinced interest in visiting India once the new government takes over power after the general elections, had a 15-minute long meeting with Kantha during which he told the envoy that besides improving close bilateral relations, the new Chinese leadership looks forward to work with New Delhi on regional and global issues, officials here said.
Though Xi received credentials from 15 new envoys from different countries, he had personal meetings with Kantha and very few of them.
Those who presented his credentials included the new US Ambassador to China Max Baucus.
Xi is regarded as the most powerful Chinese ruler in recent years as he held three powerful posts - head of the ruling Communist Party of China, (CPC), Presidency and chief of military since he took over power last year for a decade- long stint.
Xi's strong pitch for closer ties with India came as the number two Chinese leadership, Premier Li Keqiang told Deputy Chairman of the Planning Commission Montek Singh Ahluwalia that "integrating" China's technology in India's railway and energy sectors would be a "breakthrough" in Sino-Indian cooperation.
Li chose to visit New Delhi first after he took over power to send a strong message of friendship with India.
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Reuters Beijing, March 21, 2014 | UPDATED 09:41 IST
Calling himself a "strong proponent" of friendship with India, Chinese President Xi Jinping Thursday said furthering Sino-Indian strategic ties is his "historic mission".
"Furthering strategic partnership with India is my historic mission and I am a proponent of it," he told India's new Ambassador to China Ashok K Kantha while receiving accepting his credentials at a special ceremony at the Great Hall of People here.
Indian officials said Xi's categorical remarks to the new envoy displays earnestness on the part of the new Chinese leadership to develop closer ties with India as it came from the top most leader of the present dispensation.
Xi, who evinced interest in visiting India once the new government takes over power after the general elections, had a 15-minute long meeting with Kantha during which he told the envoy that besides improving close bilateral relations, the new Chinese leadership looks forward to work with New Delhi on regional and global issues, officials here said.
Though Xi received credentials from 15 new envoys from different countries, he had personal meetings with Kantha and very few of them.
Those who presented his credentials included the new US Ambassador to China Max Baucus.
Xi is regarded as the most powerful Chinese ruler in recent years as he held three powerful posts - head of the ruling Communist Party of China, (CPC), Presidency and chief of military since he took over power last year for a decade- long stint.
Xi's strong pitch for closer ties with India came as the number two Chinese leadership, Premier Li Keqiang told Deputy Chairman of the Planning Commission Montek Singh Ahluwalia that "integrating" China's technology in India's railway and energy sectors would be a "breakthrough" in Sino-Indian cooperation.
Li chose to visit New Delhi first after he took over power to send a strong message of friendship with India.
Just like Stalinist Soviet Union and the West allied to defeat the Nazi Third Reich, these two nations (democratic India and 'communist' China) with the fastest growing economies and populations in the world will come closer together because of the coming 'Peak Oil' crunch and inevitable resource wars. The United States, Russia, and Europe cannot maintain their standards of living and place in the world if these two countries keep on the path they are on, and the only way India and China can seize the resources they need to keep growing in, is by an Asian Alliance that could break the White man's grip on the global civilization that he himself made. When China and India make alliance with or seize the lands of Islam, that could well happen.
"God's an old hand at miracles, he brings us from nonexistence to life. And surely he will resurrect all human flesh on the last day in the twinkling of an eye. But who can comprehend this? For God is this: he creates the new and renews the old. Glory be to him in all things!" Archpriest Avvakum
The Diplomat
Zachary Keck, The Diplomat
Mar. 31, 2014, 10:08 AM 2,281 8
Putin after signing a treaty to incorporate Crimea into Russia
Alexander Zemlianichenko/AP
There’s been no shortage of reports and commentaries on the crisis in Ukraine and Crimea, and Russia’s role in it.
Yet one of the more notable recent developments in the crisis has received surprisingly little attention.
Namely, the BRICS grouping (Brazil, Russia, India, China, and South Africa) has unanimously and, in many ways, forcefully backed Russia’s position on Crimea.
Indeed, they made this quite clear during a BRICS foreign minister meeting that took place on the sidelines of the Nuclear Security Summit in The Hague last week.
Just prior to the meeting, Australian Foreign Minister Julie Bishop suggested that Australia might ban Russia’s participation in the G20 summit it will be hosting later this year as a means of pressuring Vladimir Putin on Ukraine.
The BRICS foreign ministers warned Australia against this course of action in the statement they released following their meeting last week.
“The Ministers noted with concern the recent media statement on the forthcoming G20 Summit to be held in Brisbane in November 2014,” the statement said. “The custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character.”
The statement went on to say, “The escalation of hostile language, sanctions and counter-sanctions, and force does not contribute to a sustainable and peaceful solution, according to international law, including the principles and purposes of the United Nations Charter.”
As Oliver Stuenkel at Post Western World noted, the statement as a whole, and in particular the G20 aspect of it, was a “clear sign that [the] West will not succeed in bringing the entire international community into line in its attempt to isolate Russia.”
This was further reinforced later in the week when China, Brazil, India and South Africa (along with 54 other nations) all abstained from the UN General Assembly resolution criticizing the Crimea referendum. Another ten states joined Russia in voting against the non-binding resolution.
In some ways, the other BRICS countries’ support for Russia is entirely predictable. The group has always been somewhat constrained by the animosities that exist between certain members, as well as the general lack of shared purpose among such different and geographically dispersed nations.
BRICS has often tried to overcome these internal challenges by unifying behind an anti-Western or at least post-Western position. In that sense, it’s no surprise that the group opposed Western attempts to isolate one of its own members.
At the same time, this anti-Western stance has usually taken the form of BRICS opposition to Western attempts to place new limits on sovereignty. Since many of its members are former Western colonies or quasi-colonies, the BRICS are highly suspicious of Western claims that sovereignty can be trumped by so-called universal principles of the humanitarian and anti-proliferation variety.
Thus, they have been highly critical of NATO’s decision to serve as the air wing of the anti-Qaddafi opposition that overthrew the Libyan government in 2011, as well as what they perceive as attempts by the West to now overthrow Bashar al-Assad in Syria.
However, in the case of Ukraine, it was Russia that was violating the sanctity of another state’s sovereignty. Still, the BRICS grouping has backed Russia. It’s worth noting that the BRICS countries are supporting Russia at potentially great cost to themselves, given that they all face at least one potential secessionist movement within their own territories.
Sergei Chuzavkov/AP
Ukraine rally after Russia successfully annexes Crimea.
India, for example, has a long history of fluid borders and today struggles with potential secessionist movements from Muslim populations as well as a potent security threat from the Maoist insurgency.
China suffers most notably from Tibetans and Uyghurs aspiring to break away from the Han-dominated Chinese state. Even among Han China, however, regional divisions have long challenged central control in the vast country.
Russia, of course, faces a host of internal secessionist groups that may someday lead Moscow to regret its annexation of Crimea.
The fact that BRICS supported Russia despite these concerns suggests that its anti-Western leanings may be more strongly held than most previously believed. Indeed, besides backing Russia in the foreign ministers’ statement, the rising powers also took time to harshly criticize the U.S. (not by name) for the cyber surveillance programs that were revealed by Edward Snowden.
The BRICS and other non-Western powers’ support for Russia also suggests that forging anything like an international order will be extremely difficult, given the lack of shared principles to act as a foundation. Although the West generally celebrated the fact that the UN General Assembly approved the resolution condemning the Crimea referendum, the fact that 69 countries either abstained or voted against it should be a wake-up call.
It increasingly appears that the Western dominated post-Cold War era is over. But as of yet, no new order exists to replace it.
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Financial newsletter writer Jim Willie says no matter who shot down the Malaysian commercial jet over Ukraine recently, there is going to be massive fallout. Willie contends, “Here’s the big, big consequence. The U.S. is basically telling Europe you have two choices here. Join us with the war against Russia. Join us with the sanctions against Russia. Join us in constant war and conflicts, isolation and destruction to your economy and denial of your energy supply and removal of contracts. Join us with this war and sanctions because we’d really like you to keep the dollar regime going.
They are going to say were tired of the dollar. . . . We are pushing Germany. Don’t worry about France, don’t worry about England, worry about Germany. Germany has 3,000 companies doing active business right now. They are not going to join the sanctions—period.”
Willie goes on to say, “It’s a war game and Europe is sick of U.S. war games. The defense of the dollar has come to war versus trade. Are you with us or are you against us?” As far as the NSA spying on Germany, Willie says, “I think they are looking for details on assisting Russia on dumping the dollar. I think they are looking for details for a secret movement for Germany to get away from the dollar and join the BRICS (Brazil, Russia, India, China and South Africa.) This is exactly what I think they are going to do.”
Willie thinks as countries move away from the U.S. dollar, the money printing (quantitative easing, QE) increases, and the economy gets worse. Willie calls this a “feedback loop” that he contends, “You get the feedback loop from the damage of lost income that comes from the higher costs that comes from QE. It’s not stimulus, people. It’s a back door Wall Street bailout that degrades, deteriorates and damages the economy in a feedback vicious system. . . . You are seeing the free-fall and acceleration of the damage; and, so now, you get even more cost damage. QE didn’t happen by accident. Foreigners didn’t want to buy the Treasuries anymore. They don’t want to buy a bond where the same central bank is printing money to buy the bond! QE raises the cost structure and brings about shrinkage and disappearance of profits. QE is not stimulus. It’s capital destruction. ”
On the so-called “recovery” the mainstream media has been harping on for years, Willie says, “I believe the U.S. has gone into a recession that it is not going to get out of until the dollar is gone. When you factor inflation in properly . . . we got a monster recession of -6% or -7% right now.
I don’t think it will get better until the dollar is disposed of. So, we’re entering the final phase of the dollar.”
In closing, Willie says, “You want to get rid of political obstacles? Go straight to commerce and trade. Why is it that Exxon Mobil is still doing projects in the Artic and still doing projects in the Black Sea, which is Crimea, with the Russians and their energy companies? We already got the U.S. energy companies defying our own sanctions, and yet we are prosecuting French banks for doing the same thing. This is insane. We are losing control.
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Nikita Khrushchev:"We will bury you"
"Your grandchildren will live under communism."
“You Americans are so gullible.
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Submitted by Tyler Durden on 08/07/2014 18:10 -0400
Despite President Obama's dictating that Russia is increasingly "isolated," it appears they have found a whole new set of friends to play with in the global trade sandpit. In retaliation to Western sanctions, Putin yesterday unveiled a total food import ban from all sanctioning nations, and, just as the BRICS created their own 'IMF-lite' away from Washington's prying eyes, Russia plans to substitute banned goods with not just domestic supplies but imports from Latin America, China, and several other nations. Agriculture Minister Nikolai Fedorov said "no food shortages are expected," but more isolation for the West...
Russia is already turning away trucks at the border and cancelling orders (as FruitNet reports)
Catalan producer association Afrucat is urging its members not to send lorries to Russia until the situation regarding the ban on EU imports has been fully clarified, following reports that trucks laden with fruits and vegetables are already being refused entry at border crossings.
“Initially it seemed that the Russian government was making its decision on a product-by-product and country-by-country basis after discussions with its producer associations to ascertain the possibility of meeting demand with local production, but as the morning wore on, a growing number of Russian importers starting cancelling orders – first as a precaution and subsequently as it was confirmed that trucks would be turned away at the border,” Afrucat said in a statement.
As Bloomberg reports,
Russia plans to substitute banned goods with domestical products, supplies from Latin America, China, North Africa, Israel, Turkey, former Soviet allies, Agriculture Minister Nikolai Fedorov tells reporters in Moscow.
Russia may revise or narrow food import restrictions, not planning to widen them yet
Restrictions could have been tougher; “That’s a necessary measure, we were forced to make these decisions”
No mid-term pressure on inflation expected; import restrictions may lead to short-term, “emotional” CPI jump
No food shortages expected
Russia should spend additional 137b rubles in 3-4 yrs on agricultural industry, according to ministry est.
Country ready to defend position on food ban in WTO
Food ban doesn’t apply to Switzerland
Russians won’t feel dramatic changes, incl. in restaurants; “bon appetit” to all, Fedorov says
Russia can replace meat imports from U.S., EU, Canada, Australia with supplies from Brazil, Uruguay, Paraguay, Argentina, Belarus
Russia will try to replace Norwegian red fish with domestic supplies, shipments from other countries
Country consumes 2.345m mt of beef/yr, incl. 59kt from 5 banned suppliers
Pork: consumption 3.415m t/yr total vs 450kt from 5 sanctioned suppliers
Poultry: 4.28m t/yr total vs 338kt from banned countries
Fish: 3.44m t/yr total vs 457kt from banned countries
Dairy: ~36m t/yr total vs 459kt; cheese, butter, powdered milk can be imported from South America, New Zealand
Vegetables: 16m t/yr vs 900kt; subsitutions possible from Turkey, Argentina, Chile, China, Uzbekistan, Azerbaijan
Fruits and berries: 11m t/yr vs 1.6m t; apples, pears can be imported from Argentina, Chile, China, Serbia; cherry, apricots, peaches from Uzbekistan, Azerbaijan, Armenia, Israel, Turkey, Iran; citrus from Egypt, Morocco, Turkey, South Africa
* * *
Seems like once again, US sanctions have forced retaliation from Russia that economically impacts the US (and European) economies - just like Jack Lew said it would not...
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Nikita Khrushchev:"We will bury you"
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“You Americans are so gullible.
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by Tyler Durden
Zero Hedge
Wednesday 11/27/2019 - 11:25
Authored by Julia Magas via CoinTelegraph.com,
Brazil, Russia, India, China and South Africa, or the BRICS economic bloc, are engaging in discussions to issue cross-national digital money in order to reduce the dependence of their economies on the United States, as reported by Cointelegraph on November 14. What will the new cryptocurrency look like, how does the BRICS group plan to use it and are there any existing projects underway that seek to achieve a similar goal of independence on such a high level?
BRICS and its problems
BRICS is the largest geopolitical block of countries, spanning three continents and wielding substantial economic power in global affairs. As of 2018, the five nations of the BRICS block had a combined nominal gross domestic product of $40 trillion, or about 23.2% of the gross world product.
However, such economic power does not come without competitive penchants from other nations that are vying for the markets that BRICS nations cater to. The greatest competition comes from the European Union and the U.S.
The political experience of recent years has shown that BRICS countries’ diplomacy has arguably failed in alleviating international sanctions, especially in politically sensitive markets such as the arms and the energy carriers markets. However, advances in technology are here to help out where politics cannot, as blockchain and digital assets have the potential to open entirely new horizons for finance.
The idea of a single cryptocurrency as a means of payments and value transmission is not a new one, but it is one that is being actively purported not only in countries like Venezuela with its Petro, but also among BRICS countries. The advantages of a single cryptocurrency as a universal means of settlements among BRICS nations would solve many of the problems they face on the global economic market.
A means of circumventing U.S. sanctions
The BRICS Business Council discussed creating a common cryptocurrency as a potential solution to these problems during the 11th BRICS summit that was held in Brazil on November 13–14, according to reports that cite Kirill Dmitriev, a member of the council. Dmitriev, who is the director-general of the Russian Direct Investment Fund, went on to say that an efficient BRICS payment system could be used to stimulate settlements between the countries while reducing the use of the U.S. dollar for these purposes.
It was also reported that the new system may become an alternative to the international payment mechanism SWIFT to facilitate trade with countries under U.S. sanctions.
Dmitriev also noted that in recent years, the share of U.S. dollars payments made between the BRICS countries has significantly decreased. In Russia, for example, over the past five years, the share of USD in foreign trade transactions fell from 92% to 50%, while those made in the Russian ruble rose from 3% to 14%.
At the same time, the potential for reducing the U.S. dollar’s dominance is still great, according to macroeconomic analyst Oleg Dushin, who told Russian media outlet BFM that such could be the case if Russia and India changed the currency they use to make payments between each other.
Dushin also said that Russia and China have already stopped using U.S. dollars in half of their mutual settlements and that there is currently a general trend of driving the dollar out of the international payments system. This, according to the expert, will help BRICS countries weaken the influence of the dollar in the global monetary system and reduce the risk of payments being frozen by Washington.
Denis Smirnov, a blockchain consultant from Russia, noted to BFM the convenience and reduction of transaction costs as some of the advantages of creating a single cryptocurrency system for the BRICS countries, calling it an alternative to bonds.
Commenting on the possibility of BRICS countries using a single cryptocurrency, Vladimir Rozhankovsky, an expert at the International Financial Center, told BFM:
“If it is possible to reduce currency risks, then it is better to carry out trading payments directly, and not through the purchase of dollars — this is obvious. The vast majority of more or less large global economies are now working on this issue.”
Peg to gold, not the U.S. dollar
While it is still unknown what the BRICS cryptocurrency will look like exactly, experts are discussing what it could potentially be tied to. Commenting on the possible options that the international cryptocurrency may be tied, Elina Sidorenko, the head of the Russian State Duma’s working group on cryptocurrency issues, said that there are several options on the table.
For example, it could be tied to the value of another cryptocurrency, she told Russian media outlet Dp, “but in this case, it’s impossible to avoid either the continuation of the U.S. dollar’s monopoly,” or it can be pegged to the price of a raw material or a good, but then the risk of market manipulation becomes a threat.
She concluded:
“The third option is a link to gold, and taking into account the latest Basel Accords, such a decision seems very convincing and timely."
Olinga Taeed, a council member and expert advisor at the China E-Commerce Blockchain Committee, told Cointelegraph that the Chinese have been researching the possibility of issuing a gold-backed token due to the country’s access to natural mineral reserves in Africa through China’s Belt and Road Initiative. He went on to add:
“More recently frictionless international trade has come to the fore with DLT looked upon as a possible solution for Brexit for example, replacing the usual 5-10 year gestation period. So the thinking is well rehearsed but what is new here is the willingness to enact it and for evidence of this there is absolute clarity. Trump has made transparent the long established use of the financial instrument of the dollar to pressurise Iran, Russia, China, etc for non-financial gain.”
Russia seeks an alternative to SWIFT
Russia has been the target of sanctions since 2014. As a result of multiple economic restrictions, Russian authorities have been considering the possibility of creating alternatives to SWIFT.
One of them — the System for Transfer of Financial Messages, or SFPS — is reportedly being used in 18% of money transfers in the country, and foreign financial organizations began to join SPFS in 2018. However, in April, Russian Finance Minister Anton Siluanov noted that SPFS is not a full-fledged replacement for SWIFT and that it is unlikely to become one in the near future.
Now, the Russian government is considering another alternative: a national cryptocurrency secured by gold. Elvira Nabiullina, head of the Central Bank of Russia, said that such a currency could be used to carry out settlements with other countries for trade transactions. However, Nabiullina is also of the opinion that it is more important to develop international settlements facilitated by national currencies rather than crypto.
The sanctions had blocked at least 20% of Russia’s defense transactions in 2018 due their tether to the U.S. dollar. Though Russian authorities are gradually moving toward settlements in national currencies with BRICS states, the idea of a unified cryptocurrency is being openly discussed as an effective, transparent, untraceable and stable instrument for circumventing U.S. sanctions and decreasing dependence on the U.S. dollar.
BRICS states would be able to disregard any exchange rate differences in settlements in a single cryptocurrency, and Russia would gain solid support for its national currency — the ruble — which suffered a twofold drop in value.
China considering a national crypto to bypass U.S. sanctions
China is the leading nation of the BRICS bloc in terms of GDP and the most open nation when it comes to discussions about blockchain implementation. China is intent on accelerating the development of its own central bank-backed digital currency and is working toward the integration of blockchain technologies into other important financial mainstays of the country, such as Alibaba, Tencent and various banking institutions.
Such hasty development could in part be the result of a heated debates about Facebook’s Libra coin. Chinese analysts fear that the development of a global digital currency by a company, which is regarded to have strong affiliations with the U.S., would threaten the existence of national currencies and weaken their exchange rates. Such a stablecoin backed by the U.S. dollar may increase the power of its penetration into the global economy and thus solidify the political positions of Washington.
Chinese authorities are interested not only in the development of a unified cryptocurrency for settlements with BRICS countries but also in the launch of a national cryptocurrency that would serve as a shield against the economic adversary across the Pacific.
Brazil has a positive stance on using stablecoins
Brazil is demonstrating the highest rate of Bitcoin (BTC) trade in Latin America. Such broad penetration of digital assets in Brazil makes it both fertile ground for the development of a national cryptocurrency and firm ground to support for a unified BRICS cryptocurrency for settlements with member states.
Given the country’s positive stance toward blockchain, Brazilian authorities seem to be open to discussions with stablecoin issuers. One recent example is that of the Mile Unity Foundation, whose representatives met with members of Brazil’s Ministry of Industry, Foreign Trade and Services to discuss the use of the XDR stablecoin for international transfers of funds.
Given that Brazil had an export/import balance of $219 billion to $140 billion in 2017 alone, the potential for using a single cryptocurrency with BRICS member states for increasing such figures is immense.
Although Brazil does not suffer from sanctions, its main trade partners in technology, such as Russia, are subject to them. Using the U.S. dollar for mutual settlements between countries leaves little room to maneuver.
India is fighting with poverty and corruption
The Indian authorities are reportedly discussing the introduction of a national digital currency. There may be significant reasons for such a move, not the least of which being the alleviation of the poverty that many of the country’s 1.3 billion are languishing in.
The Reserve Bank of India is pushing for such a digital currency backed and regulated by the central bank as legal tender. The RBI hopes that blockchain can alleviate the issue with corruption, which is rampant in India, and significantly reduce the dependence of millions of Indians working abroad on financial intermediaries in cross-border transfers.
The Indian authorities are also proponents of a national digital currency for reducing the population’s reliance on other digital currencies. Given India's stance within BRICS as a major buyer of Russian arms and as one of the most important energy trade partners, having mutual settlements in a unified digital currency would open up entirely new prospects for trading.
South Africa is making money transfers accessible for citizens
The possibility of issuing a national digital currency has even been discussed by the South African Reserve Bank, which could allow for its citizens to freely transact without the need for banks.
Given the staggering number of unbanked individuals (estimated to be around 11 million people) and those without any form of official IDs in the country, the availability of a national digital currency would help millions of citizens gain access to financial services and boost economic development. South Africa is just as bound to the U.S. dollar as all the other BRICS members in its settlements with China and Russia, meaning that is also feels the impact of the sanctions regime.
Experts say
According to experts, the idea of creating a digital currency for BRICS may turn out to be highly viable, given the transition of the world from a monopolar political model to a multipolar one and the backdrop of a shift in the economy from traditional financial institutions to trading platforms.
And the main beneficiary so far could be China, which is interested in expanding its sales markets amid a trade war with the U.S. Smirnov told BFM that he believes that over time, such systems will become more widespread:
“For example, for the past two or more years a consortium of several European banks has been testing its own mutual settlement solution that works outside the SWIFT system and allows for interbank settlements.”
The individual national currencies of the BRICS countries have been dropping against the U.S. dollar over the past 10–20 years, but it is unclear whether a unified BRICS payment system would reverse this trend. However, it is possible that the U.S. dollar could be weakened if the share of settlements in dollars significantly decreases around the world.
Among other possible risks that may be associated with the idea of issuing a gold-pegged international digital currency, head of research at investment company Nord Capital Vladimir Rojankovsky noted the deregulation of the market and the possibility of manipulation. He told Russian media outlet Regnum, “Such an implementation of this project does not imply the involvement of any distinguished party, which is a living oversight body.”
Speaking about the further development of the BRICS initiative, Teemo Puutio, an expert in compliance and an adjunct instructor at New York University School of Professional Services, told Cointelegraph:
“Whether the BRICS backed currency would ultimately succeed in gaining traction would largely depend whether it actually facilitates trade instead of adding another layer of technological complexity for the end user. […] BRICS are not alone in this however and it remains unclear whether the dominant digital currency of the future will be public such as the e-Euro or digital yuan or private, like Libra.”
By Gordana Filipovic
Bloomberg
November 14, 2019, 9:11 AM EST
· Country follows big gold purchases by Poland and Hungary
· Gold rises to 10% of Serbia’s total foreign-exchange reserves
Serbia’s central bank bought nine tons of gold in October, raising its reserves of the precious metal on the advice of President Aleksandar Vucic.
The biggest former Yugoslav republic is following Hungary and Poland, where officials boosted gold reserves in 2018 to create a bulwark against crisis. Central Bank Governor Jorgovanka Tabakovic, a member of Vucic’s Progressive Party, said the October 9-11 purchases raised the bank’s gold holdings to 10% of total reserves and made good on a suggestion from the president in May.
“We have completed gold purchase transactions and Serbia is safer today with 30.4 tons of gold worth around 1.3 billion euros ($1.4 billion),” Tabakovic told reporters in Belgrade Thursday. “For now, we have no plans to buy more.”
The acquisition is the latest in a series of moves by Serbia to shore up its financial stability by changing the structure of its foreign debt and increasing the share of dinars and euros, Tabakovic said. The central bank paid 395 million euros ($434.3 million) for the gold, $1,503 an ounce, the governor said.
Tabakovic spoke after the bank upgraded its 2019 economic growth forecast to 3.6% from 3.5%, citing higher domestic demand that’s counterbalancing a slowdown in most of the European Union.
Inflation Target
With some economists speculating that the central bank may alter the parameters of how it charts and controls the money supply, she said it won’t change its inflation target, which remains at 3% plus/minus 1.5 percentage point, through December 2021.
The central bank has both cut interest rates three times this year, but it has also relied on market interventions to smooth developments in the dinar’s exchange rate against the euro.
“There’s no question of a choice between inflation falling within target and exchange rate stability, which is the basis of stability of investments and the predictability of business environment,” Tabakovic said.
The inflation target does matter and the central bank expects the measure to return to the tolerance band by April or May next year, she said.
The consumer price index has fallen below the tolerance band five times in the last three years, with the latest bout of price weakness entirely resulting from cheaper fresh vegetables, according to the central bank’s head of economic research, Savo Jakovljevic.
Putin Predicting US Dollar Collapse is Serious Warning – Catherine Austin Fitts
By Greg Hunter On November 27, 2019 In Market Analysis 80 Comments
By Greg Hunter’s USAWatchdog.com
Investment advisor and former Assistant Secretary of Housing Catherine Austin Fitts thinks Vladimir Putin saying “the dollar is going to collapse soon” is a flashing warning for the U.S. dollar’s value in the not-so-distant future. Fitts explains, “What Putin is saying is the dollar is going into a steep decline, and what was interesting about his comment is he said ‘soon.’ . . . What is the ability of the U.S. military versus the Russian or Chinese military to defend the dollar’s position? That is intelligence that Putin has, and because Putin has this intelligence, people really stood up and I really stood up and took notice. If Putin has access to that intelligence, and I don’t, which is saying the dollar could go into a deep decline, we need to take a serious look at it. The dollar is clearly under pressure, and if you look at reserves, the central banks are buying gold and selling dollars, including the Russians and Chinese.”
Fitts also points out, “The dollar is holding, and yet, if you look at the price of household goods in America, where I live, it’s approximately 8% to 10% a year in prices of household goods (going up), and you can tell the money printing has been significant. If you look at what the Fed is doing in the repo market, we are really on the next QE. So, we’ve got a problem with currency debasement, and what Putin is saying is it’s going to go faster, a lot faster in 2020, and that is an issue I am looking at. . . . One of the scenarios I am looking at is the dollar declines significantly in 2020. . . . When you have real household inflation at 10% every year for the past five years, the dollar has really already taken a hit as are many fiat currencies around the world. . . . What has really supported the dollar is its huge market share both in trade and traditionally in reserves. . . . You need to withstand a scenario where in 2020, instead of getting 10% inflation, you need to withstand 20% or 25% inflation in real household goods. . . . I have been saying for many, many years the dollar is strong. This is the first time I started to see the potential for a crack in the armor. I think we have to be prepared for the potential for a more serious decline than we’ve been dealing with for the last five years.”
What adds to the uncertainty of the U.S. dollar is the “missing” $21 trillion that was discovered by Dr. Mark Skidmore and analyzed and recognized as a huge problem by Catherin Austin Fitts, publisher of the popular Solari Report. Also, analysis Fitts has done on the government making the “missing money” a “national security issue” with FASAB rule 56 (Federal Accounting Standards Advisory Board) makes the secret money a hidden horror the general public is totally unaware of. Fitts explains, “The dollar is under pressure because we have been talking about the ‘missing money’ and FASAB rule 56, and the dollar is not what it used to be. If you look at the integrity behind the dollar, it’s not there. If you read “The Real Game of Missing Money,” which we did this big article for investors to do due diligence, the arrangements behind the dollar and the Treasury market do not have integrity. The deceleration of the integrity of the dollar is very significant and serious. . . . You’ve got to be more resilient, and it’s not just finances, you’ve got to be more resilient in terms of safety. If we have this kind of breakdown with the rule of law with FASAB rule 56, it’s not going to take long before it breaks into your neighborhood.”
Join Greg Hunter as he goes One-on-One with Catherine Austin Fitts, the publisher of The Solari Report found on Solari.com.
(To Donate to USAWatchdog.com Click Here) (This video was never monetized by YouTube so it must have important information you need to hear!! Enjoy!!)
Catherine Austin Fitts has long advised clients that a “core position is always advisable if possible (in gold and silver).” Now, Fitts is saying, “As to investment – I believe gold and silver are likely to have a good year in 2019 and 2020.”
To help you with your precious metal investments, she is offering free advice by clicking here.
There is free information on Solari.com. You can also become a subscriber to original cutting edge analysis that will and give you a much better understanding of our complicated ever changing world. Click here to subscribe to The Solari Report.
Russian President Vladimir Putin succinctly summarized the shifting tectonic plates of geopolitics.
Vladimir Putin: "The Dollar Enjoyed Great Trust Around The World. But For Some Reason It Is Being Used As A Political Weapon, Imposing Restrictions. Many Countries Are Now Turning Away From The Dollar As A Reserve Currency. US Dollar Will Collapse Soon." pic.twitter.com/03WunqgCDd
— Ben Rickert (@Ben__Rickert) November 15, 2019
First he explained the status quo...
"The Dollar enjoyed great trust around the world. But, for some reason, it is now being used as a political weapon to impose restrictions."
Then Putin explained the consequences...
"Many countries are now turning away from the Dollar as a Reserve Currency."
And ultimately what happens...
"US Dollar will collapse soon."
And just like that, it was gone. Remember "nothing lasts forever"...
As Bloomberg reports, Russia's central bank has been the largest buyer of gold in the past few years.
"The dominance of the greenback is the root cause of global financial and economic crises," Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. "The solution to this is to replace the national currency with a global currency."
Warren Buffett once explained that "for 240 years it’s been a terrible mistake to bet against America, and now is no time to start."
We don't mean to rain on his parade too much, but the following charts suggesttime is ticking, as the world transitions from dollars to non-fiat reserves...
Source: Bloomberg
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Nikita Khrushchev:"We will bury you"
"Your grandchildren will live under communism."
“You Americans are so gullible.
No, you won’t accept To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. outright, but we’ll keep feeding you small doses of To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. until you’ll finally wake up and find you already have communism.
To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. ."
We’ll so weaken your To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. until you’ll To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. like overripe fruit into our hands."
Re: The Rise of BRIC
Reply With Quote
. but hey lets usa match this massive buildup. 
Refitted Aircraft Carrier to Leave for India November 30 – Deputy Premier
Originally Posted by vector7
Sergei Chuzavkov/AP
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