i.m.f. and the world bank it's a little bit on bush isn't it for a group of nations that in effect are economic upstart so they're still developing . it's half the world's population the i.m.f. and world bank for decades have acted as bad cop good cop as it were we mustn't forget how historic day which is being said the potential for this is infinite and the south african finance minister said of course all the arrangements cannot be made overnight for decades the i.m.f. the world bank would offer money to developing nations and the i.m.f. would threaten those nations with torture instability murder on a mass scale we just have to speak to a guatemalan or a argentinian or an african to know how the world bank and i have operated for so many decades and killed so many millions tens of millions of people losing their policies in giving aid only dependent on their particular brand of what the washington consensus. the brics countries we can tell how frightened we had you wanted powers are and we corporate economists because already they are saying that the brics summit was a disaster and no progre

which is being said the potential for this is infinite for decades the world bank would offer money to developing nations and the i.m.f. would threaten those nations we just have to speak drug what amal and or a argentinean or an african to know how the world bank and operated for so many decades and killed so many millions tens of millions of people losing their policies in giving aid only dependent on their particular brand of washington consensus according to people like former i.m.f. man who wrote i think the book is a memoir the real economic hit man but the fact that right wing people like david frum in foreign policy can be so quick to delve brix the axis of asymmetry shows how behind the times people in washington really are. russia's black sea fleet has dusted down its water wings with the launch today of a major navy drills more than seven thousand troops battleships and hundreds of ahmed vehicles have been mobilized apparently follows a twilight call to action from president putin with the order personally delivered to the slumbering defense minister at four in the morning the president said to have made th

charles the brics nations are hoping to establish a new global development bank up possibly to rival the i.m.f. and the world bank i mean how big of a challenge do you think such a new establishment could put towards the i.m.f. world bank. it i don't think you can replace them. for most countries most of the time but there's two aspects they're talking about one is a development bank which would be like the world bank itself providing funding for long term infrastructure for example the sort of things that the private sector won't do anyway that could challenge the world bank the other aspect of this is the international idea of setting up a foreign exchange fund to be there to intervene at a time of f.x. crisis a man if it was run by the brics led by the brics funded by the brics that might reduce dependence on some countries who otherwise would have no choice but to go to the i.m.f. and then there have been a huge number to charles if i can jump in just one and i do apologize i'm so low on time here but i've got to make the most of this some critics are saying that the west is not particularly happy about

i.m.f. and to the world bank still we know the head of these organizations is an american and as a european even though they've been a strong challenge i think the brics are saying they can't be proper to wait any longer for the i.m.f. and world bank to change more dramatic you think in the start making changes on their own well there's not been a total consensus in a completely friendly atmosphere between all participants of the brics summit have a look right here the russian president's security detail in the black suit getting shelved by the local south african summit security guys as well apparently in not wanting to allow the russian presidential disappear to detail members to go through up and even gets even more physical between the local what some might call the rent a cop or the local security at the summit there above the russian presidential men were put back out they were eventually allowed to go back in but after a couple more scuffles. of the end it did turn out ok but if you go to r.t. dot com you can certainly see more footage of that right there. now the united states is su

i.m.f. and to the world bank still we know that the head of these organizations is an american and as a european even though they've been a strong challenge i think the brics are saying they can't people were to wait any longer for the i.m.f. and world bank to change more dramatic you think imma start making changes on their own with a certainly not in a total consensus in a completely friendly atmosphere between all the members there the brics somewhat in durban have a look right here this chap over here is part of the russian presidential security detail the guy in the gray suit that is south african summer security basically telling a lot of me of putin's security details to get out that they're not welcomed of course this is just a case of mistaken identity. it got rather physically aggressive i don't see i don't see the russian president's security guys getting getting physical but certainly the south african guys have been shoving and pushing though at the end of the day the confusion was done away with and they were all allowed peacefully into the summit more footage of that on our web si

global bank is being born in south africa where the world's top emerging economies are currently meeting and the new financial powerhouse would be a direct challenger to the world bank and the i.m.f. of course both dominated by america and the dollar's fairing poorly there as well with brazil russia india china and south africa mulling the idea of partially ditching greenback trade citing how vulnerable it is to future crises and at the summit in durban is our go to prison offer joining us live now here on the program hugo it's good to see you so a lot of commitments a lot of promises being made can they be held to. well the leaders of all five brics member states were very optimistic in terms of the future of the organization they all stressed that it is potential is still far from being used to the fore and actually one of the latest initiatives to change that is the creation of the so-called business council to get the business of the five states to get directly engaged in more joint ventures in various fears also earlier china and brazil decided to use their national currencies in at least well in nearly a half of the payments between them only the trade turn or between the t

i.m.f. and to the world bank still we know that the head of these organizations is an american and as a european even though they've been a strong challenge i think the brics are saying they can't be bothered to wait any longer for the i.m.f. and world bank to change more dramatically they're going to start making changes on their own well there's not been a total consensus and a completely friendly atmosphere between all participants of the brics summit south african guards needing gauge in a brawl with russian president vladimir putin security detail lot of the leader walked into the venue some of his men were refused entry after some pushing and shoving ensued the russians were then asked to leave the building but all's well that ends well and the group was eventually let inside. united states is supporting bashar assad's policies in syria at least that's what the leader of the opposition council says his request for effectively imposing a partial no fly zone over syria has turned washington. coming up very shortly. but first the stone age jury service and the london olympics are just three s

which is being said the potential for this is in fit for decades the world bank would offer money to developing nations and the i.m.f. would threaten those nations we just have to speak to or what our modern or a argentinian or an african to know how the world bank and operated for so many decades and killed so many millions tens of millions of people losing their policies in giving aid only dependent on their particular brand of washington consensus according to people like former i.m.f. a man who wrote i think the book is a memoir the real economic but the fact that right wing people like david frum in foreign policy can be so quick to delve brix the axis of asymmetry shows how behind the times people in washington really are back with more news after the break. thanks for joining us here on out see the banks have reopened in cyprus allowing access to savings for the first time in almost two weeks for those little relief. with. how much money they can withdraw and the limits set to prevent a bank run was the first eurozone nations. capital controls. the country's major banks. you can see behind me that is the bank

development bank that could rival established financial institutions in the brics nations brazil russia india china and south africa all calling for reforms to the world bank and the i.m.f. they say does not reflect the new balance of power in the world. believes that although the brics project is yet to be finalised it could ultimately pose a challenge to how the global economy. the i.m.f. and world bank for decades have acted as bad cop good cop as it were we mustn't forget how historic day which is being said the potential for this is infinite for decades the world bank would offer money to developing nations and the i.m.f. with threaten those nations who we just have to speak to or what our modern or a argentinian or an african to know how the world bank and operated for so many decades and killed so many millions tens of millions of people losing their policies in giving aid only dependent on their particular brand of washington consensus according to people like former i.m.f. a man who wrote i think the book as a man was a real economic hit man but the fact that right wing people like david frum in foreign policy can be so quick to deal brix the axis of asymmetry

which is being said the potential for this is infinite for decades the world bank would offer money to developing nations and the i.m.f. would threaten those nations who we just have to speak to our guatemalan or a argentinian or an african to know how the world bank and i operated for so many decades and killed so many millions tens of millions of people losing their policies in giving aid only dependent on their particular brand of washington consensus according to people like former i.m.f. man who wrote i think the book is a meme was a real economic hit man but the fact that right wing people like david frum in foreign policy can be so quick to delve brix the axis of asymmetry shows how behind the times people in washington really are. still ahead for you here a bomb blast striking the center of the greek capital sparking fears of more violence to power was the country fails and deeper into recession with people desperate they say over the state's financial future and. ready for a take up we'll look at a hopefully historic mission for the iconic soyuz rocket and international crew stay with us. please. join thousan

which is being said the potential for this is in fit for decades the world bank would offer money to developing nations and the i.m.f. would threaten those nations we just have to speak to a guatemalan or a teeny and or an african to know how the world bank and half of operate if the so many decades and killed so many millions tens of millions of people losing their policies in giving aid only dependent on their particular brand of washington consensus building to people like former i.m.f. when they wrote i think the book is a win was an economic hit but the fact that right wing people like david frum in foreign policy can be so quick to deal brix the axis of asymmetry shows how behind the times people in washington really are. and still to come a bomb blast striking the center of the greek capital sparking fears more violence could come as the country dives deeper into recession the people desperate over the state's financial future. biological experiments weightlessness and maybe a sing along that and more still ahead for the crew of the soyuz rocket as they ready for their mission to be i assess a report on that

which is being said the potential for this is in fit for decades the world bank would offer money to developing nations and the i.m.f. would threaten those nations we just have to speak dog what are modern or a argentinian or an african to know how the world bank and operated for so many decades and killed so many millions tens of millions of people losing their policies in giving aid only dependent on their particular brand of washington consensus according to people like former i.m.f. a man who wrote i think the book as a man was a real economic hit man but the fact that right wing people like david frum in foreign policy can be so quick to deal brix the axis of asymmetry shows how behind the times people in washington really are back with more international news shortly stay with us here on r.t. . today violence is once again flared up. these are the images. from the streets of canada. for racial to rule the day. thanks for staying with us sixteen minutes past the hour now a nail biting time for europe with cyprus banks due to reopen after being paralyzed for nearly two weeks little relief though for cash strappe

i.m.f. and the world bank that's called the washington consensus and that regime right here in washington d.c. it came out of our own government and crippling that it did to the region the people really just rose up and after seeing all of the gains that in this way it was making then it set the stage for lula in brazil is set the stage for able morales's set the stage for rafael correa in ecuador so you've just seen kind of this domino effect or a pink tide as they call it not quite red like the cold war but a. still there so when is scared of the tired you know when you say no to the corporate interests you're asking for trouble talk about bebo very movement in general i mean how do you think that we're going to view not us but the u.s. specifically is going to view socialism in south america with chavez gone yeah i mean essentially that's the question right like what is the small without a doubt there are. a lot of people are saying that is going to bounce back to cuba and many people say the relationship that chavez had with fidel castro and the cuban regime but i kind of have a sneaking

this bric summit is of course the proposed new international development bank by the brics countries to rival the i.m.f. and the world bank in your view how feasible is this and how significant is this this announcement well i mean. considering the strength of the great things in nigeria economies of see the last few years is. that the face of a global financial crisis as well there's every. reason why they should talk about this and there's every reason why it could potentially happen and why would a developing country want an alternative to talk a little bit about some of the concerns with the current financial institutions that are available to growing. the concerns of the banks maybe a little bit more bonds to the developed countries the western world. of course we've been through and all still going through the sovereign debt crisis maybe there's a feeling that the focus is very much on them in particular the i.m.f. is playing a big part. so. you know the bric countries are. they working together to ensure that they don't get left behind and there's no bias towards countries outside the brakes. since for them to

i.m.f. and the world bank i mean you know dede interesting seeing here is that it would be very difficult for the brics plan to actually. marginalize the world bank it wouldn't because the capital is asian of the world bank it's quite limited there are differences between the countries i'm so that's been one of the reasons why people have questioned whether it could you know whether it could really get traction whether it got the whole operations got legs and this statement the work that's clearly been put in of the ambition behind it suggests they may well be able to find something seriously in common here. violence erupted on saturday when thousands of palestinians took part in what was called the land day rally israeli security forces clashed with demonstrators at a west bank border crossing using tear gas and stun grenades to disperse the crowds the an all gathering commemorates an event almost three decades ago when israel announced it would seize land for settlements six palestinians were killed and by police in advance seen as a flashpoint in arab israeli relations hardly spoke with pa

i.m.f. and the world bank. and that was the right thing for you know what he had enough resources he had the world's biggest oil deposits ample natural resources he had all the reserves he needed why take loans and pay off interest. but he did request aid from china britain secure he did as china maybe he did it for ideological reasons and china offered to help but obviously for a profit china is probably venezuela's number one investor and they invest in the sectors of economy they're interested in such as gold in oil in this. so asking the i.m.f. was your last choice and you just couldn't help it and that's because they're imposing some political terms and bellows you're not welcome that's correct although that wasn't about the political terms it was about the tough economic terms they gave us but we managed to comply and overall they were right to do it of course it was tough on us but they in fact required us to implement the same measures we actually had to take up anyway and had already started implementi

current state of those of hormuz and the current state of the global economy where we can see a reasonable challenge arising from the brics to the world bank the i.m.f. that said i think that the the world and the brics themselves would be best served to push for more aggressively forms within the world bank and especially when i'm out what kind of breaks countries do you to improve that partnership. well i think first of all that what they need to do is they need to improve the institutions within which they can meaningfully partner again world bank and i.m.f. i am to mine but also there on the regional interleague or russia or china and india there is a natural interlinked there in terms of the corpsman trade flows and form of trade zones i think they should be focusing more on liberalizing trade liberalize investment building business lies building connections both in terms of access to each other markets but also oxes the other markets jointly on some joint efforts and joint landforms again russia for example is an excellent logical entrance into the c.i.s. markets and the media and the central asian markets chinese an excellent platform for the

i.m.f. and to the world bank. we know the head of these organizations is an american it is a european even though they've been a strong challenge i think the brics are saying they can't people to wait any longer for the i.m.f. world bank to change more dramatic you think of the start making changes on their own. or there's an option a total consensus in a completely friendly atmosphere between all of those with the bric summit have a close look right here the bottom will actually say the right part of your screen now where south african security guards at the summit nearly all into a full on brawl with the russian president vladimir putin's security detail seems to be a bit of a case of misidentification here the south african summer security guys are getting rather aggressive certainly getting physical with president putin the security men thank goodness it didn't go any further though we have got some pretty shocking footage at r.t. dot com for you to see in your own spare time just a click away at the end of th

i.m.f. and to the world bank but still we know that the head of these organizations is an american it is a european even though they've been a strong challenge i think the brics are saying they can't be bothered to wait any longer for the i.m.f. world bank to change more dramatic you think of the start making changes on their own. news making headlines right now this sunday afternoon first the volatile northwest of pakistan where a roadside bombs hit the calm convoy of a secularist backed politician adnan was here the blast killed two of his supporters and injured many others including was there the group was heading to a regional election rally when the attack happened taliban militants who warned people from attending the rallies of secular parties have admitted being behind the bush. afghan president karzai is in qatar hoping to start peace talks with the taliban ahead of america's planned troop withdrawal in twenty fourteen islamic fundamentalist movements been fighting u.s. led nato forces know since two thousand and one but is now opening an office in the gulf state the group so far refused t

a new global bank is being born in south africa where the world's top emerging economies are meeting the new financial powerhouse will be a direct challenge to the world bank and the i.m.f. the international monetary fund both dominated by the u.s. brazil russia india china and south africa also the new crisis fund and hinted they would ditch the dollar. at the summit. the five member states of the organization have agreed to establish our joint anti crisis fund possibly reaching one hundred billion dollars although the details are still being worked out only it's planned that the how much each country will have to chip in to this fund will directly. directly connected to each of g.d.p. but talks on this project will continue to the next g twenty summit in washington when an ambitious project for an ambitious organisation for the past twenty years the five member states of this organization have been the most a rapidly developing economies in the world it's thought that they're growing faster around seven times faster than those of the g seven nations and it's estimated that by the year twenty twenty combined to brics nations will make up over twenty percent of global c

and not the i.m.f. oh it's definitely possible and i think what we can today china's sort of functions like the i.m.f. in respects anyway or like a world bank where they have been providing hundreds of millions billions of loans to african countries and then for gave them when they were unable to pay them back and so creating one that's a brick bank enables china to basically say ok we're we don't want to stick out we've got friends who also are on our side and and so that this way they feel like they're more. international more integrated brian you want to jump in there go ahead. yeah i think i think it's considered again we're at the beginning stage of the brics process the world needs the world desires an alternative to the sort of complete domination by the by nato powers led by an anchor by the united states the world hasn't had that sense the dissolution of the socialist bloc of course it will emerge now if it can on a different basis the economic power of the united states is this a painting but its military power is being used as a substitute in other words to maintain domination to enforce u.s. interests but you can see the dynamic

good times roving reporter pepe escobar says and your global lander will bring big changes to the world economy this alternatives to the world bank and the i.m.f. some socially essential this is the big deal and of the brics and woods system is that you think it should be supported by their next rick's list mexico indonesia south korea turkey and the next nests as well this is you know that the stick don't make plates of geopolitics and jewett comics are changing it's not atlanticist anymore it's the merchants of reemergence finally of the south miss being spread by western guard media that china is the new colonial is the power in ask is completely ridiculous. and i'll take a look at some of the stories from around the world at least one child has been killed after a nato helicopter opened fire on insurgents in southeastern afghanistan according to initial reports the helicopter was backing a group of local security forces nato later declared that a helicopter may not have been supporting ground forces by on a separate mission against insurgents and the region this comes despite president karzai is recent a band that is strikes on afghan vill

a new global bank is being born in south africa where the world's top emerging economies are meeting the new financial powerhouse will be a direct challenge to the world bank and the i.m.f. both dominated by the u.s. brazil russia india china and south africa also greenlighted a new mammoth crisis fund and into they would ditch the dollar let's hear more on the commitments now from pissing off he's at the summit in durban so you've got some very ambitious plans laid out today tell us more about them. some major long term plans are being drawn up here in south africa at the brics summit and well one of the plans is that the five member states of the organization have agreed to establish a joint anti crisis fund possibly reaching one hundred billion dollars although the details are still being worked out currently it's planned so that the how much each country will have to chip in to this fund will directly. directly be connected to each of g.d.p. but talks on this project will continue to the next g twenty summit in washington when an ambitious project for an ambitious organisation for the past twenty years the five member states of this organization have been the most r

syria and you thomas reporter pepe escobar believes their budgets would you lend them will become a serious game changer on the global economic see this alternatives to the world bank and the i.m.f. some sort of the essential this is the big deal and of the bricks and woods system and that you think it should be supported by their next rick's list mexico indonesia south korea turkey and then next mists as well this is you know that stick don't make plates of geopolitics a geo economy we are changing it's not atlanticist anymore it's the merchants of reemergence finally of the south miss being spread by western guard media that china is the new colonialists the power in africa scoop letelier ridiculous. well news making headlines right now this hour first to the volatile northwest of pakistan where a roadside bombs hit the convoy of a secularist backed politician called add now was here the blasts killed two of his supporters and injured many others including was the year the group was heading to a regional election rally when the attack happened taliban militants who want people from attending the rallies of secular parties have admitted being behind the ambush. afghan president

would become a serious game changer on the global economic scene this alternatives to the world bank and the i.m.f. some socially essential this is the big deal and of the bricks and woods system and that you think should be supported by their next rick's list mexico indonesia south korea turkey and the next mists as well this is you know that the stick don't take place of geopolitics and joy comics are changing it's not atlanticist anymore it's the merchants of reemergence finally of the south miss being spread by the western guard media that china is the new colonialists the power enough gets completely ridiculous. israeli soldiers clash with palestinian demonstrators on saturday at a rally marking an event known as land day protesters at a west bank border crossing hold rocks the troops you retaliated with tear gas and stun grenades the annual gathering come on rates any event almost four decades ago when israel announced plans to seize new land settlements six palestinians were killed back then by police and the unrest is now remembered as a major flashpoint in arab israeli relations r.c. talk

lender would be a serious a game changer in the global economy this alternatives to the world bank and the i.m.f. some sort of say essentially this is the big deal and of the bretton woods system if you think it should be supported by their next rick's list mexico indonesia south korea turkey and the next miss as well this is you know that the stick don't make plates of geopolitics a jew economy they are changing it's not atlanticist anymore it's steam lurch and so really merge it's finally of the south miss being spread by western guard media that china is the new colonial is the power in africa scoop legally ridiculous. afghan president hamid karzai is in qatar where he hopes to start peace talks with the taliban the group recently announced that it is ready to enter politics and has opened an office in doha washington not welcomed the move as it has long been pushing for both sides towards talks ahead of the nato withdrawal at the end of two thousand and fourteen so far the taliban has refused to talk to president karzai calling him an american puppet but security analyst a deep pocket party

will become a serious game changer on the global economic scene this alternatives to the world bank and the i.m.f. some socially essential this is the big deal and of the bricks and woods system and if you think it should be supported by their next rick's list mexico indonesia south korea turkey and the next mists as well this is you know that stick don't make plates of geopolitics and joy comics are changing it's not atlanticist anymore it's the merchants of reemergence finally of the south miss being spread by western guard media that china is the new colonialists the power in africa scoop letelier ridiculous. next a smalling afghan president hamid karzai is in catarrh hoping to start peace talks with the taliban groups opening a political office in the capital doha but has so far refused to talk to president karzai describing him as an american puppet washington's pushing both sides though to the negotiating table with the looming handover deadline at the end of twenty four tape i spoke to security analyst impact the path he thinks wrangles that in america and the afghan government make any su

would become a serious game change on the global economic scene this alternatives to the world bank and the i.m.f. some still say essentially this is the big deal and of the bretton woods system is that you should be supported by their next rick's list mexico indonesia south korea turkey and the next nests as well this is you know that the stick don't take place of geopolitics or jewett comics they are changing it's not atlanticist anymore it's the merchants of really merchants finally of the south miss being spread by western guard media that china is the new colonialists power in after school politically ridiculous. let's take a look at more of today's world news now and first to the volatile north west of pakistan where roadside bomb has had the convoy of a secularist the back politician i've known a was the last to kill the two of his supporters and his many others including one of the of the group was heading to a regional election rally when the attack happened taliban militants who had warned people from attending the rallies of secular parties have admitted to being behind the ambush. the

so-called brics nations brazil russia india china south africa say institutions like the world bank and the i.m.f aren't adapting fast enough to reflect their newfound clout or he's eager piskun are reports from their summit in the south african city of durban is the final and most important of the brics summit here in south africa on tuesday the delegations mostly met separately then today on wednesday brazil russia india china and south africa are all sitting down together to discuss the key issues and challenges facing the organization and there's lots to talk about like the future of establishment of a joint development bank possibly with a starter capital the around fifty billion u.s. dollars. seborrheic summit in new delhi one to five partners decided to conduct all of the payments between each other in their national currencies to protect their economies from things like currency wars or the consequences of the change of the dollar rate there is also an idea of forming a joint bank for international payments and also in lights of the latest turbulence in the global economy and especially n

the changes of the euro and of the dollar and establishing a joint development bank would also help them not be affected by problems in say the i.m.f. or the world bank so the idea is this for this organization is to promote the world and i knew sort of economic model which these five member states of the organizations have clearly shown that is. very effective possibly even more effective than what we're seeing now in the global economy all right artie's europe is going of life arose in durban thanks very much for that update. professor of economics and finance at new york university and leave things many of the bricks groups moves could be triggered by the establishment resistance to its growing influence they certainly are growing in more influence they are growing in wealth perhaps down the road their political power will also be stronger certainly the western countries have been resisting that and this is part of the reason why you see them trying to create their own version of a development bank so that you know they don't have to feel that they're just excluded from the western club that they can now start their own club because they have

the changes of the euro and of the dollar and establishing a joint development bank would also help them not be affected by problems in say the i.m.f. or the world bank so basically all the steps that have been made so far only pool for the key goal of this organization of brics to promote a multiple world and what we're witnessing here now is basically the transformation of bricks from a dialogue form to a full scale strategic cooperation giant. if you go to school reporting there and in the meantime professor of economics and finance at new york university and lee she believes that many of the brics group's moves are triggered by the establishment's resistance to its growing influence they certainly are growing in more influence they're growing in wells perhaps down the road there are political power will also be stronger certainly the western countries have been resisting and this is part of the reason why you see them trying to create their own version of a development bank so that you know they don't have to feel that they're just excluded from the western club that they can now start their own club because they have enough. cohesion enough

i.m.f. for example chavis he cut all ties with with their math and the world bank that was the right thing if he had enough resources he had the world's biggest oil deposits . ample natural resources he had all the reserves he need is why take loans and pay off interest. but he requested aid from china or not so he didn't join or maybe he did it for ideological reasons and china offered to help obviously for profit china is probably venezuela's number one investor and they invest in the sectors of economy. it's golden oil in this instance and so was i met your last choice and you just couldn't help it it's just because they're imposing some political terms and valorous to do not welcome that's correct although that wasn't about the political terms it was about the tough economic terms they gave us but we managed to comply and overall they were right to do it of course it was tough on us but they fact required us to implement the same measures we actually had to take up anyway and had already started implementing this when you run out of money what sense does it make to increase spending on we