The BRICS Are Indicating that the US will No Longer Be in Charge of Crises States: Center for Economic and Policy Research
October 17, 2014 • 8:43AM

At a panel discussion on the impact of the BRICS Contingent Reserve Arrangement (CRA) and the New Development Bank (NDB), sponsored by the Washington-based Center for Economic and Policy Research (CEPR) on Oct. 11, Mike Weisbrot, co-director of CEPR, said the BRICS are indicating that the US will no longer be in charge of crises states. He pointed out that "the IMF, where it has influence directly, still recommends austerity; it is post-modern, and the IMF says one thing and does the other and most of the media does not notice." CEPR was set up in 1999 by Dean Baker and Mike Weisbrot.

Weisbrot said that "here in Washington there is not this sense that democracy should extend to the world, rather than states, and the acceptance is that in the foreign policy establishment (including the media) and elsewhere that the global governance system should remain a form of dictatorship."

Another panelist, Nancy Alexander, Director, Economic Governance Program of Heinrich Boell Foundation, pointed out that initially the focus of the BRICS will be on regional pipelines of bankable projects in Africa. This pipeline is representative of energy projects, the so-called PIDA. "Because of the emergence of the NDA, two big new facilities are being launched, the World Bank's Global Infrastructure Facility, announced yesterday with a host of corporations that its intention is to serve the new development bank and the Asian Infrastructure Investment Bank (AIIB) and to get their noses into as much business as possible," Alexander noted.