http://mebriefing.com/?p=918

BRICS Nations Set New Course for World Trade and Development

Despite Barack Obama’s “Asia Pivot,” the leading Eurasian countries met in Brazil this month to plot a new development course and a potential currency arrangement that bypasses the US dollar—all without the United States participation. This arrangement has a potential for a substantial wave of development and opportunities for the Middle East, Africa and Asia. From July 15-16, the heads of state of the five BRICS nations—Brazil, Russia, India, China and South Africa—met in Brazil to launch a new development bank and currency stabilization fund outside of the direct controls of the International Monetary Fund and the World Bank.