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New challenge rattles economy's foundation
Posted By -NO AUTHOR- On 04/01/2013 @ 9:22 pm In Front Page,Money,Politics,U.S.,World | No Comments
Banks in Cyprus likely are going down, taking a portion of the assets in many accounts with them. But were other banks in the West feeling shudders just this week, too?
Perhaps it was because of the discussion about a new global financial player that would compete with the World Bank, and its Western influences.
Economist, columnist, radio host and international conference speaker Jerry Robinson on his "Follow the Money Weekly" program this week discussed the issue.
It is the financial plan being assembled by the members of BRICS, Brazil, Russia, India, China and South Africa.
At the BRICS Summit 2013, held in Durban, South Africa, the top leaders of those nations discussed economic cooperation and integration – apart from Western influence.
Robinson, along with his co-host, Jennifer Robinson, talked about the BRICS development bank that seeks eventually to challenge the World Bank.
"While it will take years for such an institution to gain ascendancy, it is just another sign that emerging nations like China and India are on the rise as the West claims bankruptcy," they note in their podcast this week.
Another sign of trouble for the traditional? The large number of agreements signed by China and Russia, including a $30 billion currency swap that will remove the U.S. dollar from half the annual trade between the two countries.
Bill Gertz then joins the program as a special guest. He explains how most people are aware that America has been actively relying on unmanned aerial vehicles for rescue, reconnaissance, and special missions – and plans are to have many more soon.
But Gertz, a veteran Washington Times reporter, explains how the Chinese now are building the fastest growing fleet of military drones in the world.
Tom Cloud comes to the microphone for the precious metals market update, Jay Peroni offers a few words on his stock pick of the week and John Bearss is on hand with his retirement minute recommendations.
Podcast is 1:06:24.
Jerry Robinson is an economist, published author, columnist, radio talk show host, and international conference speaker. Robinson has been quoted as an economic authority by USA Today, FoxNews and many other news agencies. His columns have appeared regularly in numerous print and web publications, including WND. In addition, Robinson is also the editor-in-chief of the popular economic newsletter, "Follow the Money Quarterly."
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