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GHSi Report: "Shifting Paradigm - How the BRICS are Reshaping Global Health and Development"

GHSi Report: "Shifting Paradigm - How the BRICS are Reshaping Global Health and Development" | Geopolitical Powers Shifting | Scoop.it

With donor spending from the U.S. and Europe slowing or declining, there is an urgent need for new global health resources and champions. With this in mind, international organizations have started looking to the BRICS as potential donors and health innovators. GHSi’s report explores the expanding influence of the BRICS on global health and development through their foreign assistance programs and innovative, home-grown products and services.

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Geopolitical Powers Shifting
Reports on the geopolitical powers that are currently shifting, mostly between "The West" and BRICS. It has a lot to do with (controlling) currencies and resources. Want to support this stream? Drop BitCoins here: 1D4GAiM8gZkYZLeESJr4Ymkm9VhmNSw1BC
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Turkey and Iran: The Ties That Bind

Turkey and Iran: The Ties That Bind | Geopolitical Powers Shifting | Scoop.it

As Turkey works for harmonization with Iran and Russia, an internal struggle has developed between the PM and the Gulenists that may threaten the process. If the leadership of the AKP is to be believed, it’s part of a foreign conspiracy to remove them.

 

Regarding the conflict in Syria, Prime Minister Recep Tayyip Erdogan’s AKP (Justice and Development Party) government in Ankara might be on the opposite side of the fence from both Tehran and Moscow, but the depth of Turkish ties with Iran and Russia go beyond this.

 

Turkey is not only tied to both Iran and Russia through geography and centuries of common history, it also shares the bonds of mutual trade, culture, linguistics, and ethnic composition. Although Turkish policies and political relations with Iran and Russia are subject to fluctuation, the many links tying Turkish society to both cannot be undone, including the economic reality of their ties.

 

Tehran and Moscow are two of Turkey’s most important trading partners and sources of energy. Aside from Germany, in terms of Turkish exports and imports, the combined volume of Turkish trade with both Iran and Russia outflanks, by way of comparison, any bilateral trade relations Ankara has with other countries.

 

Realizing the importance of Turkish economic ties to Iran, it is important to note that the unilateral US and European Union sanctions set up against Iran have hurt the Turkish economy. The Turks need Iranian energy in the form of natural gas and oil. When the US government asked Ankara to cut back on Iranian energy imports, it basically expected the Turkish government to knowingly handicap the Turkish economy in order to serve Washington’s agenda.

 

Even under the US-led sanctions regime directed against Iran as a form of economic manipulation and warfare, Turkish businesses and the AKP government have tried their best to maintain their economic and energy ties with Iran. This has been done both openly and covertly. Turkey has even acted as a covert channel for Iran to evade the US and EU sanctions.

 

Among other things, the corruption scandal involving the head of the state-owned Halk Bankasi (People’s Bank), or Halkbank for short, that emerged on December 17, 2013, is a reflection of the continuation of business and trade between Turkey and Iran. Sales from Iran were silently facilitated by the Turkish bank through the purchasing of gold that was given to Tehran as payment, instead of a currency, after Tehran was blocked from using the SWIFT international money-transfer system in March 2012. Halkbank maintains that the transactions were legal and that no rules prevented trading precious metals with Iran until July 2013 and that it ceased doing so on June 10, 2013.

 

An internal power struggle has emerged in Turkey. The Halkbank scandal is really a sub-plot and symptom of this. Not only do the recent graft probes reflect widespread government corruption in Turkey, but it puts the spotlight on an inner tussle within the AKP and, more broadly, within the Turkish elite managing the affairs of the Republic of Turkey.

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TED Talk by Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency.

Currency -- the bills and coins you carry in your wallet and in your bank account -- is founded on marketing, on the belief that banks and governments are trustworthy. Now, Paul Kemp-Robertson walks us through a new generation of currency, supported by that same marketing ... but on behalf of a private brand. From Nike Sweat Points to bottles of Tide (which are finding an unexpected use in illegal markets), meet the non-bank future of currencies.

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China, Lebanon to further promote military ties

China, Lebanon to further promote military ties | Geopolitical Powers Shifting | Scoop.it

BEIJING, June 25 (ChinaMil) -- Fang Fenghui, member of the Central Military Commission (CMC) of the People’s Republic of China (PRC) and chief of general staff of the Chinese People’s Liberation Army (PLA), met with Walid Salman, the visiting chief of staff of the Lebanese Armed Forces (LAF), and his party on the afternoon of June 24, 2013 in Beijing.

 

Fang Fenghui said that the people of China and Lebanon enjoy time-honored friendship. The relations between the Chinese and Lebanese militaries have been maintaining a good momentum of development in recent years. The Chinese side is willing to strengthen exchanges and cooperation in such fields as personnel training and reciprocal visits of delegations and groups with the Lebanese side, so as to constantly push forward the development of the relations between the two militaries. The Chinese side is active in taking part in the peacekeeping operations in Lebanon under the framework of the United Nations, and is willing to make contributions to maintaining the peace and stability of the Middle East region.

 

Walid said that the Chinese peacekeeping contingent to Lebanon offered considerable assistance for local people and thus was very popular among them. The Lebanese side is grateful to the Chinese peacekeeping contingent for its help, and hopes that the two militaries will make joint efforts to further strengthen the exchanges and cooperation in various fields.

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China launches its longest manned mission to experimental space station — RT News

China launches its longest manned mission to experimental space station — RT News | Geopolitical Powers Shifting | Scoop.it

China’s fifth-ever manned mission has successfully blasted off from a location in the Gobi Desert and will now head to the country’s prototype orbital station, where the crew will spend 14 days – a Chinese space record.

The Shenzhou-10 craft, carrying two male astronauts, and the second Chinese woman to go to space, will dock with the Tiangong-1 space lab 40 hours after lift-off.

The crew will spend their time on-board conducting scientific studies and technical tests, as well as giving a satellite lecture to Chinese students, before returning in the re-entry module that brought them to space.

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Economist: Welcome to the post-BRIC world

Economist: Welcome to the post-BRIC world | Geopolitical Powers Shifting | Scoop.it

DECLARING an end to the BRIC era might seem the height of foolishness. Last year Brazil, China, India, and Russia accounted for a quarter of global output, a figure that is forecast to rise to about one-third by the end of the decade. China will probably become the world's largest economy before then. India should continue to rise through the ranks as well. As the paper notes this week China, alongside many of the world's populous emerging markets, is destined to regain its historical place among the world's major economic powers.

That dominance is not inconsistent with the arrival of a major turning point for the world economy. In 1980, China and India together accounted for less than 5% of global output. Last year, the two were responsible for over 20% of world GDP. The transition from the one figure to the other was responsible for massive and highly disruptive changes across the global economy. The world trade order has been stood on its ear. The movement of hundreds of millions of new workers into global labour markets has had an enormous impact on real wage growth and real interest rates and, consequently, on innovation and investment. The strain on supplies of all sorts of goods and resources, from oil and gold to wine and art, has generated wild price gyrations and remarkable economic knock-on effects in producing and consuming countries.

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Russian presidential advisor Sergey Glaziev reports to Kremlin: "The world is in a state of financial war"

Russian presidential advisor Sergey Glaziev reports to Kremlin: "The world is in a state of financial war" | Geopolitical Powers Shifting | Scoop.it
Vedomosti reports that Sergey Glaziev, the economic mastermind behind the Eurasian Union, sent an official report to Kremlin, stating the necessity of a radical revamp of Russia’s economic policy in the wake of the second wave of global economic crisis. “Unknown sources” have provided the media with the contents of this highly controversial document, igniting a fierce debate in the press and blogosphere.

 

Glaziev’s report features apocalyptic predictions in regard to the state of the world economy but the most interesting part of the text refers to the so-called “currency wars”. Basically, one of the most influential advisors of the Russian president accuses both the US and EU of “legalized aggression” through unbridled monetary emission. Vedomosti cites several fragments from the report, “As a key point of their anti-crisis policy, they are refinancing their banks using negative real interest rates” and meanwhile “1.5 trillion dollars, 1.2 trillion euros and comparable amounts of yen and pounds are used to finance debt pyramids and acquire real assets across the world”. Western banks are accused of blocking their debtors in “debt traps”, with the ultimate goal of “obtaining political control” and “seizing the real assets” of the debtors.

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Businessweek.com: Mexico - The Stranger Next Door - economic power

Businessweek.com: Mexico - The Stranger Next Door - economic power | Geopolitical Powers Shifting | Scoop.it

Defying its troubled reputation, Mexico is becoming an economic power. This influences immigration too. Will Americans notice?

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interesting development

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Guest Post: The Global Status Quo Strategy: Do More Of What Has Failed Spectacularly | Zero Hedge

Guest Post: The Global Status Quo Strategy: Do More Of What Has Failed Spectacularly | Zero Hedge | Geopolitical Powers Shifting | Scoop.it

The global Status Quo--the U.S., the E.U., China, Japan, Cyprus, Greece, Italy, Spain, et al.--has only one choice: do more of what has failed spectacularly.

A key goal of propaganda is to mystify and obscure the Power Elites' real quandary and agenda. For example: we're just trying to help you out here, folks, by inflating another "wealth effect" bubble that will make you feel more prosperous. You're gonna love the warm fuzzy feeling of a return to the good times, even if you own zip-zero-nada in the way of productive assets.

Or: we're raising your taxes and expropriating your money via inflation to stabilize the system that benefits you. (And yes, you may kneel and kiss Janet Yellen's ring.)


The current level of mystification is truly extraordinary. But fortunately, oftwominds.com owns a demystification device that scrubs out the mystification, leaving only stark, unforgiving reality:


1. The global Power Elites know reform is necessary, but the risks of reform are unacceptably high. Why are they unacceptably high? The Status Quo players might lose power and perquisites, and that is unacceptable. These include crony capitalists, cartels, quasi-monopolies, public unions, state fiefdoms, the banking sector and assorted other predators and parasites.

In other words, real reform is impossible because that would implode the Status Quo.


2. Doing nothing will also bring down the Status Quo. Now that the global Status Quo is entirely dependent on rising debt to fund state deficits and marginal growth of investment and consumption, the Status Quo has been backed into a corner: expand debt or die.

Since households and companies can decide not to borrow more money even if they qualify to borrow more, it falls on the central states to borrow and blow money to keep their economies from imploding. This stupendous borrowing then falls on the central banks, which must monetize most of the state debt to keep interest rates low and force investors to chase risky assets and savers to squander their precious capital on gew-gaws and trifles, otherwise known as "aggregate demand" to the Keynesian Cargo Cultists dancing around Krugman's campfire.


3. Since the only endgames to ballooning debts and declining household incomes are runaway inflation or renunciation of debt, the Status Quo has only one choice left to preserve its neofeudal arrangement: do more of what has failed spectacularly, i.e. inflate more asset bubbles as a way to mask the system's phantom collateral for a few more months or perhaps years.


Unfortunately for central banks and their politico cronies, serial asset bubbles face the headwinds of diminishing returns. All the Fed and Federal agencies had to do to launch the first housing bubble was lower interest rates and encourage subprime mortgages.

Now it takes the Fed buying trillions of dollars in impaired mortgages, lowering interest rates to zero, guaranteeing FHA loans to anyone with a pulse and a paycheck, etc. just to keep housing from flatlining. See that little blip up that trillions of dollars in subsidies and intervention bought the Status Quo?

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Iceland Is First in Europe to Sign Free Trade Pact With China

Iceland Is First in Europe to Sign Free Trade Pact With China | Geopolitical Powers Shifting | Scoop.it
Iceland became the first European country to sign a free trade agreement with China in a bid to sell its expertise in geothermal energy to the $7.3 trillion Asian economy.
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“In a way, China is a sideshow to the EU,” said Halldorsson. Even so, “we should seek to expand our horizon and open up as many doors as possible.”

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Putin Builds Space-Arms Defense as Russia Targets Mars, Moon

Putin Builds Space-Arms Defense as Russia Targets Mars, Moon | Geopolitical Powers Shifting | Scoop.it
Russia’s building a system to neutralize space weapons as it prepares to send a man to Mars and build a permanent moon base, President Vladimir Putin and members of his government said.
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GHSi Report: "Shifting Paradigm - How the BRICS are Reshaping Global Health and Development"

GHSi Report: "Shifting Paradigm - How the BRICS are Reshaping Global Health and Development" | Geopolitical Powers Shifting | Scoop.it

With donor spending from the U.S. and Europe slowing or declining, there is an urgent need for new global health resources and champions. With this in mind, international organizations have started looking to the BRICS as potential donors and health innovators. GHSi’s report explores the expanding influence of the BRICS on global health and development through their foreign assistance programs and innovative, home-grown products and services.

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The report holds very interesting stats / graphs / infographics too

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New Report: Six key trends in global health giving (and spending) - Humanosphere

New Report: Six key trends in global health giving (and spending) - Humanosphere | Geopolitical Powers Shifting | Scoop.it

You can be excused for noticing that just about every global health report ends with a plea for more money. Foreign assistance has middled around for a few years and there have been plenty of warnings, but what does the giving and spending actually look like?

 

A new report released today by Population Services International(PSI) and Devex reveals some of the facts and trends on global health giving in a special edition of Impact Magazine.

 

There are six key points I find most interesting in this report, including: The growing role of the private sector as both a source of funding and as a ‘partner’ to government agencies; the ‘emerging nations’ emerging as donors rather than recipients of aid; and the investment ‘opportunities’ in global health. Read on

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World GDP: The BRICS alone have been responsible for 55% of global growth since the end of 2009.

World GDP: The BRICS alone have been responsible for 55% of global growth since the end of 2009. | Geopolitical Powers Shifting | Scoop.it
The five members of the BRICS (Brazil, Russia, India, China and South Africa) met in Durban this week to discuss their increasingly common interests. The now...
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Dragged down by debt and austerity, the 23 countries that make up the developed world contributed just 20% to that growth.

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China’s first lunar probe lands on the moon | The BRICS Post

China’s first lunar probe lands on the moon | The BRICS Post | Geopolitical Powers Shifting | Scoop.it

China’s lunar probe Chang’e-3, with the country’s first moon rover onboard, landed on the moon on Saturday night, marking a significant step toward deep space exploration.


The Chinese mission will explore the lunar surface and test its deep space communication technologies.

 

“What we’re doing now is what some others already did 40 years ago. But that doesn’t necessarily mean that we’re lagging behind by 40 years,” said Qian Weiping, chief designer of the Chang’e-2 mission’s tracking and control system.

 

“As a major country, China has the responsibility to participate in the activities of outer space for peaceful use and make its own contributions,” Qian added.

 

The Chang’e 3, a probe named after a lunar goddess in traditional Chinese mythology, is carrying the solar-powered Yutu, or Jade Rabbit rover. The mission’s success could catapult China’s space program to capture more of the $304-billion global space market.

 

China’s ambitious space program includes a quest to build a working space station by 2020.

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Iran's Pivot to the East - Al-Monitor: the Pulse of the Middle East

Iran's Pivot to the East - Al-Monitor: the Pulse of the Middle East | Geopolitical Powers Shifting | Scoop.it
Iran's trade patterns have shifted in recent years as a result of sanctions, making Asia a new market for Iranian goods.

 

Iran was traditionally a trading partner of Western economies. Even post-revolutionary Iran relied more on trade with Western rather than Eastern partners or developing countries. However, in the past few years, stringent sanctions imposed by Western governments, as well as the growth of Eastern trading partners, have changed Iran's trading patterns. This article will take a closer look at two important trends: the transformation of Iranian exports and the changes in Iran’s trading partners.

Read more: http://www.al-monitor.com/pulse/originals/2013/07/iran-trade-west-asia-economy.html#ixzz2ZhXOfqX0

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Exclusive: BRICS Bank likely to start operations in 2015 | The BRICS Post

Exclusive: BRICS Bank likely to start operations in 2015 | The BRICS Post | Geopolitical Powers Shifting | Scoop.it
The BRICS partnership has been in focus during the first two days of the St Petersburg International Economic Forum 2013, which discussed the potential and limitations of the emerging economic bloc.


The establishment of the BRICS Development Bank was high on the agenda. Russia’s deputy finance minister Sergei Storchak said the Bank may start operating as early as 2015. “We are at the very beginning, but 2015 sounds feasible. By this time we will agree on the principal capital and the amount each country will contribute to the bank,” Storchk said.

 

It is not clear yet, whether the bank will be financing investment projects in the five BRICS states or whether it will expand to other emerging markets.

Storchak added that the experience of the post-WW2 period and Bretton Woods will be helpful for the BRICS states while elaborating the grounds for the bank.

 

In an exclusive interview to The BRICS Post, the deputy finance minister said there is hard work ahead as only a political decision has been made so far. “What is done is the political decision taken by the leaders that the creation of the bank is viable and reliable. That’s the only sign that we have at this stage. We will have to discuss lots of different things starting from the level of capital.” Storchak told The BRICS Post. He also said the G20 summit in St Petersburg this September will see the BRICS leaders meeting and they will be updated on the status of the work till now.

 

Kirill Dmitirev, the head of the Russian Direct Investment Fund says the BRICS Bank is likely to deal with two primary trajectories – infrastructure and projects of high synergy effect.

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BRICs hit wall, and TIMPS move into spotlight | Economy | IABN

BRICs hit wall, and TIMPS move into spotlight | Economy | IABN | Geopolitical Powers Shifting | Scoop.it

The BRICs are not what they were. Maybe it is time to look elsewhere.

 

Take news out this morning. According to Capital Economics, growth in GDP across emerging markets may have fallen to a three year low. Other data revealed that the Brazilian economy grew by just 0.6 per cent in Q1. But despite the lacklustre growth, fears over inflation have forced Brazil’s central bank to up interest rates by half a per cent. Looking at other data out today revealed that the economy of the Philippines grew by 7.8 per cent.

The BRICs have problems. China is struggling to adjust from a growth model that relies on exports and investment to one that grows off the back of consumer spending. In short China needs more internal impetus for growth. Brazil’s problem is the opposite: too much reliance on consumers and not enough investment. News on the Indian economy has been a disappointment, as the country fails to make the reforms necessary to compete on the international markets. As for Russia, it remains over-reliant on oil and gas and 
Capital Economics forecasts it will grow by just 2.3 per cent this year.

In contrast, the TIMPs – that’s Turkey, Indonesia Mexico and the Philippines – look a lot more interesting. As indeed does Malaysia, Thailand, Vietnam, Chile, Columbia and parts of Central America – such as Panama.

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Peak oil, climate change and pipeline geopolitics driving Syria conflict

Peak oil, climate change and pipeline geopolitics driving Syria conflict | Geopolitical Powers Shifting | Scoop.it

The civil war in Syria has been devastating, generating a death toll fast approaching 100,000, while uprooting millions of civilians from their homes.

But as the US and Russia signed an unprecedented accord on Wednesday in search of a political solution to an increasingly intractable conflict, its underlying causes in a fatal convergence of energy, climate and economic factors remain little understood.

 

the US, Israel and other external powers are hardly honest brokers. Behind the facade of humanitarian concern, familiar interests are at stake. Three months ago, Iraq gave the greenlight for the signing of a framework agreement for construction of pipelines to transport natural gas from Iran's South Pars field - which it shares with Qatar - across Iraq, to Syria.

 

The Memorandum of Understanding (MoU) for the pipelines was signed in July last year - just as Syria's civil war was spreading to Damascus and Aleppo - but the negotiations go back further to 2010. The pipeline, which could be extended to Lebanon and Europe, would potentially solidify Iran's position as a formidable global player.

 

The Iran-Iraq-Syria pipeline plan is a "direct slap in the face" to Qatar's plans for a countervailing pipeline running from Qatar's North field, contiguous with Iran's South Pars field, through Saudi Arabia, Jordan, Syria and on to Turkey, also with a view to supply European markets.

 

The difference is that the pipeline would bypass Russia.

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Russia's Plan For The BRICS To Dismantle The Dollar System

The status of the US dollar as the world reserve currency gives the US a number of advantages over other countries. The world’s most important commodities are priced and traded in dollars, even if most of these commodities are not produced in the US. The fact that the world’s financial system is based on the dollar allows the Federal Reserve to export inflation to other countries, while the Federal Government runs a huge deficit with impunity.

So far, only China has been active in challenging the dollar supremacy. The internationalization of the yuan is an official priority of Chinese leaders. Currency swap agreements with major trade partners like Brazil, France, or Australia are small but important steps in the Chinese strategy. Changing the world financial system is not an easy task and certainly a very challenging undertaking for China. Now, it seems that Beijing has found an ally in the Kremlin. And there appears to be a consensus between the BRICS countries: the urgent necessity to dismantle the dollar system.

A week before the recent BRICS summit in Durban, the Kremlin administration has silently produced a document which describes the Russian strategy in the context of BRICS cooperation. The document makes for a fascinating read for anyone brave enough to plow through the dense Russian legalese. The strategy has been designed in the “inner circle” of Vladimir Putin’s team, so it is safe to assume that it represents the official view on the BRICS future.

 

In Russia, politics are Byzantine; the fact that the Kremlin decided not to hide the document or leak it to a chosen few journalists, but publish it outright is a very strong signal, a very vocal angry signal directed at the US. A signal that the Western media chose to ignore.

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Chart of the week: tracking China’s investments in Africa

Chart of the week: tracking China’s investments in Africa | Geopolitical Powers Shifting | Scoop.it

Much has been written about China in Africa – a relationship that has been described as neo-colonial as China’s appetite for African resources has boomed and China has embarked on landmark projects such as the headquarters of the African Union in Addis Ababa.

 

But quantifying the China-in-Africa story has been hard. There are official projects, aid donations, gifts, credit lines and more. Adding all that up is tricky – but a new database from AidData shows just how vast and sprawling Chinese investment in Africa has become. Chart of the week has run the numbers.

 
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The Assault On Gold -- Paul Craig Roberts

The Assault On Gold -- Paul Craig Roberts | Geopolitical Powers Shifting | Scoop.it
For Americans, financial and economic Armageddon might be close at hand. The evidence for this conclusion is the concerted effort by the Federal Reserve

 

"By its obvious and concerted attack on gold and silver, the US government could not give any clearer warning that trouble is approaching. The values of the dollar and of financial assets denominated in dollars are in doubt.

 

However, for the Russians and Chinese, whose central banks have more dollars than they any longer want, and for the 1.3 billion Indians in India, the low dollar price for gold that the Federal Reserve has engineered is an opportunity. They see the opportunity that the Federal Reserve has given them to purchase gold at $350-$400 an ounce less than two years ago as a gift."

 
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US Households On Foodstamps Hit Record High | Zero Hedge

US Households On Foodstamps Hit Record High | Zero Hedge | Geopolitical Powers Shifting | Scoop.it
Record Dow, record S&P, record debt, record plunge in gold, and now: record US households on foodstamps. What's not to like.
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unctad.org | Latest Global Investment Trends Monitor focuses on BRICS FDI and Africa

This is a special edition of the GITM on the occasion of the 5th BRICS Summitbeing staged on 26 and 27 March in Durban, South Africa. The theme of the summit is "BRICS and Africa: Partnership for development, integration, and industrialization." The title of this edition of the GITM is "The Rise of BRICS FDI and Africa."

 

In addition, the BRICS countries are increasingly investing in Africa, where the greater share of this FDI is going to manufacturing and services, rather than to primary goods such as petroleum and minerals.

 

The GITM notes that over the past decade, FDI inflows to the BRICS more than tripled to an estimated US$263 billion in 2012, boosting their share of world FDI flows from 6 per cent in 2000 to 20 per cent in 2012. Outward FDI from these countries, meanwhile, has climbed from $7 billion in 2000 to $126 billion in 2012, rising from 1 per cent of world flows to 9 per cent.

 

Foreign investment from the BRICS into Africa reached 25 per cent of Africa's inflows in 2012, the GITM reports. Furthermore, most FDI projects in Africa funded by the BRICS are in manufacturing and services. Only 26 per cent of the value of such funded projects is in the primary-goods sector.

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The Brics are building a challenge to western economic supremacy

The Brics are building a challenge to western economic supremacy | Geopolitical Powers Shifting | Scoop.it
Radhika Desai: Brazil, Russia, India, China and South Africa, united by rejection of the neoliberal model, plan to create their own institutions
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Brazil, Russia, India, China and South Africa: BRICS go over the Wall | Global Research

Brazil, Russia, India, China and South Africa: BRICS go over the Wall | Global Research | Geopolitical Powers Shifting | Scoop.it

The huge political and economic differences among BRICS members are self-evident. But as they evolve as a group, the point is not whether they should be protecting the global economy from the now non-stop crisis of advanced casino capitalism.

 

The point is that, beyond measures to facilitate mutual trade, their actions are indeed becoming increasingly political – as the BRICS not only deploy their economic clout but also take concrete steps leading towards a multipolar world. Brazil is particularly active in this regard.

 

Inevitably, the usual Atlanticist, Washington consensus fanatics – myopically – can see nothing else besides the BRICS “demanding more recognition from Western powers”.

 

Of course there are problems. Brazil, China and India’s growth slowed down. As China, for instance, became Brazil’s top trading partner – ahead of the US – whole sectors of Brazilian industry have suffered from the competition of cheap Chinese manufacturing.

 

But some long-term prospects are inevitable. BRICS will eventually become more forceful at the International Monetary Fund. Crucially, BRICS will be trading in their own currencies, including a globally convertible yuan, further away from the US dollar and the petrodollar.

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