BRICS Announce $100 Billion Reserve To Bypass Fed, Developed World Central Banks
by Tyler Durden
ZeroHedge.com
07/15/2014
As we suggested last night, the anti-dollar alliance among the BRICS has successfully created a so-called “mini-IMF.” As Putin explains, this is part of “a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies.” Initial capital for the BRICS Bank will be $50 Billion – paid in equal share among the 5 members (with a contingent reserve up to $100 Billion) and will see India as the first President. The BRICS Bank will be based in Shanghai and chaired by Russia. Simply put, as Sovereign Man’s Simon Black warns, “when you see this happen, you’ll know it’s game over for the dollar…. I give it 2-3 years.”
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