You may not have noticed, but the “developing” and “emerging” world is getting increasingly restless over the developed world’s ways of working the international financial system. We have reported on the BRICS Bank concept which is one articulation of the concern that the Bretton Woods institutions are not working for most non-rich countries. And last week, the UN General Assembly – by an overwhelming majority – voted a resolution (backed by the G77 and China group of states) calling for a new international legal framework for sovereign debt restructuring, and condemning vulture funds. For a summary, here is the UN press release.Prime
G77 and China demand change in the international financial system
Jeremy Smith
3 comments:
This is more BS.... if this was true, then why the big hub-bub about the Argentine USD debt?
Just have the Argentines sell food to the Chinese for USD balances and have the Fed credit the accounts of the Argentine USD bond-holders and the Argentines can credit the peso accounts of the farmers....
this 3-way deal could be wired up in 5 minutes...
yet it is not...
So this article is more BS from more left-wing morons....
What queers this 3-way deal is that the Chinese USD zombies would rather their own people eat less, or eat poorly, than part with any USD balances that they have accrued...
Zombie apocalypse:
http://www.treasury.gov/ticdata/Publish/mfh.txt
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