A group of five countries have launched their own development bank to challenge the U.S.-dominated World Bank and International Monetary Fund. Leaders from the so-called BRICS countries -- Brazil, Russia, India, China and South Africa -- unveiled the New Development Bank at a summit in the Brazilian city of Fortaleza. The bank will be headquartered in Shanghai. Together, BRICS countries account for 25 percent of global GDP and 40 percent of the worlds population. To discuss this development, we are joined by Nobel Prize-winning economist Joseph Stiglitz, a professor at Columbia University and the World Banks former chief economist. Its very important in many ways, Stiglitz says of the New Development Banks founding. This is adding to the flow of money that will go to finance infrastructure, adaptation to climate change -- all the needs that are so evident in the poorest countries. It [also] reflects a fundamental change in global economic and political power. The BRICS countries today are richer than the advanced countries were when the World Bank and the IMF were founded. Were in a different world -- but the old institutions havent kept up. - Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging U.S.-Do...: youtu.be/fjyaGLFWWNA via @YouTube This video is an excerpt from the Democracy Now! interview. Watch the full segment here: democracynow.org/2014/7/17...
Posted on: Tue, 19 Aug 2014 18:35:46 +0000
Trending Topics
Recently Viewed Topics
© 2015