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Nick Beams – A new tipping point in the global economic crisis

The announcement by the global mining giant Anglo American that it will sack 85,000 workers world-wide, put 60 percent of its assets up for sale, and reduce its mining sites from 55 to just 20 signifies that the crisis of the world capitalist economy is heading toward a new tipping point. The world economy is threatened by a plunge into …

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Devon Douglas-Bowers – The Truth About BRICS

Following is a transcript of a recent interview with independent journalist James Corbett, where we discussed BRICS, the popular view that the organization is a resistance force, and how we can fight back against the powers that be. hat are BRICS and the Asian Infrastructure Investment Bank (AAIB) really about? Many people argue that it is these countries challenging the dominant US-based …

The Yuan vs. the Dollar vs. Gold: One Step forward by China, One Step back for America? By Bill Holter

Each step forward by the Chinese to make a foothold for the yuan is one step backwards for the grip the dollar has held over the globe.  This topic has several nuances to it, let’s take a look from several vantage points.  As a spoiler, any “steps back” in today’s fiat currency world are steps toward a break in confidence.  Call it deflation …

Collapsing Global Economy, Imploding Financial System: China Has Only One Option – Bill Holter

The title is of course a little misleading because China has many options, none of which except one in my opinion will actually work.  Options to what exactly you ask?  Options to a collapsing global economy and an imploding financial system which will surely affect China as much as anywhere else, but with one caveat.  I take these events as a …

IMF Greece Financial Crisis

US economic decline overshadows IMF-World Bank meeting – Nick Beams

The annual spring meetings of the International Monetary Fund and World Bank held in Washington over the weekend comprised the treasurers and central bankers, together with financial experts and analysts, from all the major capitalist economies. However not a single proposal was advanced from this high-level meeting to alleviate, let alone resolve, the mounting problems besetting global capitalism. The reason …

BRICS

BRICS and the Fiction of “De-Dollarization”

The financial media as well as segments of the alternative media are pointing to a possible weakening of the US dollar as a global trading currency resulting from the BRICS (Brazil, Russia, India, China, South Africa) initiative.   One of the central arguments in this debate on competing World currencies hinges on the BRICS initiative to create a development bank …

tryandstopus

A decisive turning point in the crisis of American imperialism

Yesterday was the deadline for countries to sign up as founding members of the China-backed Asia Infrastructure Investment Bank (AIIB). It will go down in history as marking a significant defeat for the global foreign policy and strategic objectives of United States imperialism. Against strenuous opposition from Washington, more than 40 countries have now indicated they want to be part …

Commentary: Britain Joins China’s Asian Infrastructure Investment Bank

Despite concerns voiced by its close ally the United States, Britain, a conventional Atlantic force, will become the first major Western economy to join a China proposed financing mechanism, which will explore investment opportunities in, mainly, Asia. Downing Street believes its decision to apply to be a founding member of the China-backed Asian Infrastructure Investment Bank (AIIB) is “in the U.K.’s …

bank of china

China’s Bank & Waning USA Hegemony – JACK RASMUS

Two events occurred last week that mark a further phase in the waning of US global economic hegemony: China introduced its own Economic Development Bank, the ‘Asian Infrastructure Investment Bank’ (AIIB); the IMF simultaneously announced it will decide in May to include the Chinese currency as a global reserve-trading currency alongside the dollar, pound, and euro—an almost certainly ‘done deal’ …

bank of china

Russia to join China-backed development bank: official

Russia is to sign up to the Chinese-led development bank AIIB, first deputy prime minister Igor Shuvalov said Saturday at an international forum in China, cited by Russian news agencies. “I’d like to inform you that Russian President Vladimir Putin has taken the decision that Russia will participate in the capital of the Asian Infrastructure Investment Bank (AIIB),” Shuvalov said …