Skip to comments.BRIC Reds: “International Financial System Must Be Reformed”
Posted on 04/14/2011 4:20:13 PM PDT by Nachum
Of the five countries listed below, four, Brazil, South Africa, Russia and China are led by current, or former communists in the case of Brazils Dilma Rousseff and South Africas Jacob Zuma, former communist terrorists.
From Cubas Prensa Latina.
Beijing, Apr. 14 China repeated its call for reform of the international financial and monetary system, with better representation of emerging economies and developing countries.
Fair, inclusive, and well-managed systems must be established to support global economic development, President Hu Jintao sid during a summit meeting of the BRICS bloc in Sanya, on the southern island of Hainan.
The meeting included the leaders of the other member countries of BRICS: Brazil, Dilma Rousseff; South Africa, Jacob Zuma; Russia, Dmitry Medvedev; and India, Prime Minister Manmohan Singh.
Hu rejected protectionism and advocated a just and equitable trade system.
The world crisis has led to many discussions on economic imbalance worldwide, he noted, saying that the worst imbalance is the difference in development between the North and the South.
Moreover, the inadequate development of poor countries is the worst global economic problem, he said.
Just what kind of fair, inclusive, and well-managed systems could Hu Jintao have in mind?
How does he plan to address the difference in development between the North and the South?
Anything we might possibly be concerned about?
How much is all of this going to cost the USA... hmmmmm?
I think I saw a news item where this is the meeting where these countries decided to do more of their trade in their own currencies, and not use the US dollar. But it is not mentioned in this news item. Not sure where I read that today, maybe at Zerohedge.
The US dollar is increasingly less respected around the world.