(7-16-14) ABC News reports – "Leaders of the BRICS emerging market nations meet to launch a development bank and emergency reserves fund, an ambitious challenge to Western-run multilaterals that have shaped global finances since the end of World War Two.
"Brazil, China, India, Russia and South Africa on Tuesday will sign off on the new institutions after two years of tough negotiations, a major step for the diverse group known more for its anti-Western rhetoric than coordinated action."
The problem is that there are a lot of flies in the ointment in this deal, as they say. The commodity-producing all-beat-out third-world nation-states – which is what this is about – have consistently had a hard time - as they should – borrowing money from the IMF (International Monetary Fund) and the World Bank and obtaining trade credits from the Export-Import Bank. Why? Because they’re all beat out third-world nation-states which makes them less credit worthy even though they are commodity rich.