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 progress at all was made on this bank at all despite your reporting the hundred billion dollars a caption maybe the intentions are good then to set up this independent fund as it were this bailout fund this development bank but of course who's in charge that's the thing it's a volatile mix that of these companies countries that they've got different governments of course they have different rivalries different interest not a lot in comm

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 the rising power of the brics countries and could actually act to undermine this growing influence you're making a mention about whether you've got a eur

dollars the brics bank would be a serious challenge to the world bank domination and a symbol of the biggest emerging economies uniting another step it was made today two lessons abandons the emerging economies on the u.s. dollar when brazil and china agreed to make billions of dollars worth of trade deals in their domestic currency currency perhaps to those factors combined are a symbol that the world power is now shifting from the developed world to the emerging economies. only today i had the pleasure of interviewing economist constantine good former editor of business some finance magazine on the concept of a break spankin what this would actually mean for the global economy and if it would really lift sickly rival the world bank for instance. absolutely not a chance of it in 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

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 palestinian legislator or mr barghouti about how palestine can use un leverage to fight their cause. the part that it is done disputed

now the new financial powerhouse would be a direct challenger to the world bank and the i.m.f. both of course dominated by the united states 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 are going off as this report from the summit that is now taking place in dublin. china and brazil have decided to reach a deal basically to conduct nearly half of the payments between each other international currency the total treats earner of between the two nations growing stands at around seventy five billion u.s. dollars now also another project currently being worked on here at the brics summit in south africa and has already been agreed in principle is the future establishment of a joint development bank possibly with a starter capital of around fifty billion u.s. dollars and why is all of this happening as well the five members of the brics organisation for the past two decades have been the most rapidly developing economies in the world and

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 ra

which is being said the potential for this is infinite for decades the world bank would offer moneyto developing nations and the i.m.f. would 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. the 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. and stay with us r t still ahead a bomb blast striking the heart of the greek capital sparking fears more violence could fall was the country diving deeper into recession people desperate over the state's financial future plus ready for takeoff a look at a hopefully a storage mission for the iconic soyuz rocket and the international crew stay

and world bank which some say are committed to maintaining the status quo and r.t. contributor afshin rattansi believes that this very inception it's already causing some to worry. 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. 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 i

the world's biggest emerging economies have agreed in principle to set up a new development bank that could rival established financial institutions brics countries brazil russia india china south africa calling for reforms to the world bank and the i.m.f. to saying they don't reflect the new balance of world power archie contributor option aton see thinks though the brics project is yet to be finalised it could pose a challenge to how the global economies government. 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 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 thi

world after a clash between a. company. across the way. and the banks open their doors but there's little relief for citizens with wallets with strict limits set to avoid a run for savings. a pleasure to have you with us on this thursday. with your world wide. hunger strike in prison has taken a twist detainees who have been refusing food over mistreatment for weeks now claim they're being denied drinking water by the guards that's growing concerns the strike might turn deadly with several inmates already hospitalized we did speak to us. military attorney currently in guantanamo right now he told us about his client's desperate condition. i've never seen anything or in all my five years coming one kind of. be more than fifty constantly. talk about you know you forget whole. part of poker playing that week he went from one forty seven down to one hundred seven i mean he was only one third of body weight and he continued. i can you know if you want whether or not prepared to die but i can tell you that after eleven years of the region can charge in an opp

banks are opening in cyprus a live report from there in just about. more news today violence is once again flared up. and these are the images cold world has been seeing from the streets of canada. giant corporations are on the day . live from moscow this is our t.r. rory sushi the banks have reopened in cyprus allowing access to savings for the first time in almost two weeks there's little relief for cash strapped citizens though with severe restrictions and imposing i should say on exactly how much money they can pull out of the limits to prevent a bank run thank you cyprus the first eurozone nation to introduce capital controls let's get some more on this right now cross live to our who is outside one of the main biased has a good to see you right there the bias now they've opened their doors just a couple of minutes ago a lot of people behind the scene help people feeling is it stress and tension a war. well you can see behind me that is the bank of cyprus there has been a lie that had gathered before the bag had opened but i have to say that the people there have really remained calm and also the fact is there are a lot of media h

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 cr

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 what our modern or a argentinian or an african to know how the world bank 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. when you wrote i think the book is there was a real economic but the fact that right wing people like david frum in foreign policy can be so quick to do bricks the axis of asymmetry shows how behind the times people in washington really are actually returned to their russia's black sea fleet is dusted down its water wings with the launch today of major navy drills more than seven thousand troops battleships and hundreds of armored 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 am t

the quintet say they are keen to form a counterbalance to the established powers of the world bank and international monetary fund. the group is considering a joint reserve pool worth 93 billion euros, designed to help emerging economies having payment difficulties, and the development bank with a budget of nearly 40 billion euros, designed to improve infrastructure within member nations as well as in other emerging and developing economies. the five brics members account for nearly 40% of the world's population and together make up about a quarter of world gdp, but there are major differences in individual member economies. china's gross domestic product grew by over 9% in 2011, for example. it is a powerhouse that none of the others can match. the potential of the bric countries is huge, but analysts say they will have their work cut out for them to come up with a deal that will work long term. >> when we come back, the european union getting ready to welcome its 28 member. >> that and more. to stay with us. until then. >> welcome back. >> thanks for staying with us. to the u.s. wher

the quintet say they are keen to form a counterbalance to the established powers of the world bank and international monetary fund. the group is considering a joint reserve pool worth 93 billion euros, designed to help emerging economies having payment difficulties, and the development bank with a budget of nearly 40 billion euros, designed to improve infrastructure within member nations as well as in other emerging and developing economies. the five brics members account for nearly 40% of the world's population and together make up about a quarter of world gdp, but there are major differences in individual member economies. china's gross domestic product grew by over 9% in 2011, for example. it is a powerhouse that none of the others can match. the potential of the bric countries is huge, but analysts say they will have their work cut out for them to come up with a deal that will work long term. >> when we come back, the european union getting ready to welcome its 28 member. >> that and more. >> welcome back. >> thanks for staying with us. to the u.s. where america's highest court is

the americans didn't care about the world bank. they try to keep them off the stage and wouldn't let him speak. they would need the mud can henry morgenthau. the press didn't care. all they cared about was john maynard keynes. he was absolutely the media idol of the conference. he was also remarkably astute about the perils of britain's financial situation and how the americans could exploit it, were exploiting it. he pointed out to the british government early in the process that reddish freedom to engineer new postwar social and economic policies was impossible without further assistance, but the country's room for maneuver was painfully eliminated. the americans are strong enough to offer inducements to many or most of our friends to walk out on this. when the government of the need to guard against the emergency used as an opportunity for picking up the ice of the british empire and he warned them they need to prevent it from becoming a satellite of the united states. he said there were orders in the united states intended to u

a new financial powerhouse will be a direct challenger to the world bank and the i.m.f. both dominated by the u.s. brazil russia india china and south africa also green lighted a new one hundred billion dollars mega fund to be stocked with crisis cash for use in emergencies or did you get a piece going on in our reports from the summit in durban. 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 turner between the two states stands at around seventy five billion euros dollars and the general idea is for all other members of the brics to do the same to protect their economies fr

and world bank to change more dramatic you think of the start making changes on their own. well there's not been a total consensus and a completely friendly atmosphere between all participants of the matter as you can see right behind me now a south african guards nearly engaged in a brawl with russian president vladimir putin's security detail after the leader walked into the venue some of his men were while they were refused entry certainly after some pushing and shoving ensued as you can see right here that the russians were then asked to leave the building walls well that ends well the group was eventually let inside obviously just a case of mis identification. now the united states is supporting bashar al assad's policies in syria at least that's what the leader of the opposition council says after his request for affectively imposing a partial no fly zone over syria was denied by washington more of that coming up in just a few here on r.t. . and a major countrywide surveillance plan in america hits a stumbling block because local governments say a foot. to the drone i

behindcould not unify one candidate to lead the world bank or the imf. they're still a force to be reckoned with accounting for 45% of the world's population and predictions of a 45% slice of real gdp by 2013. >> it is possibly the biggest development. now is the opportunity for us to influence this before becomes sandstone for what we have had the last 50 years. >> the expectations for this summit is high. russia is pushing hard to go beyond the economics and find a common political purpose during the fifth summit. al-jazeera, south africa. >> before they get there, those leaders in the bric nations are l.e.d. capital of south africa for it luncheon hosted by president zuma of south africa. jinping, the new president of china, and a lot of investments in africa. on this occasion of him becoming the new president, a luncheon in his honor. i want to give you more on the bric's themselves. some of the most populous countries in the world. think about china with their 1.3 billion people. india, 1.2 billion there. brazil, about 200 million in population there

it should provide a counterbalance to the world bank, which they say is dominated by western nations and does little to tackle under development. there is agreement in principle to set up the bank, but leaders still disagree on how it will be funded and how it will be run the meeting also focused on increasing stronger ties with weaker developing economies like those in africa. >> russian companies are actively in caged in brazil, india, china, and south africa and interested in working together to enter third world markets. >> china is the biggest economic powerhouse among the five brics nations, and it is hoping the closer cooperation will lead to more business opportunities. >> the chinese government encourages and supports chinese firms that invest in other brics countries. we also welcome business leaders from other brics countries who want to invest in start businesses in china. >> china has said that brics cooperation had infinite potential, but that has yet to be realized. >> the big five have postponed the establishment of a joint development bank. how will that affect the se

it should provide a counterbalance to the world bank, which they say is dominated by western nations and does little to tackle under development. there is agreement in principle to set up the bank, but leaders still disagree on how it will be funded and how it will be run the meeting also focused on increasing stronger ties with weaker developing economies like those in africa. >> russian companies are actively in caged in brazil, india, china, and south africa and interested in working together to enter third world markets. >> china is the biggest economic powerhouse among the five brics nations, and it is hoping the closer cooperation will lead to more business opportunities. >> the chinese government encourages and supports chinese firms that invest in other brics countries. we also welcome business leaders from other brics countries who want to invest in start businesses in china. >> china has said that brics cooperation had infinite potential, but that has yet to be realized. >> the big five have postponed the establishment of a joint development bank. how will that affect the se

the plan is a direct challenge to the world's bank. >> the leaders of the world's biggest emerging economiescame together to talk investment, trade, and global peace and security. billions of dollars of deals signed across an array of industries, but the idea of a collective bank like the world bank got the most attention. although agreed to in principle it was not quite ready to cement a deal. >> we have decided to enter formal negotiations to establish a bric-led new development bank based on our own considerable infrastructure needs. >> the issues is still to be worked out include where would the bank be based, how much money would each country contribute, and would it make on consensus or on voting assigned to each country's contribution? that is really important because it is about equality. >> also a sign of the growing influence the group could have on the world political stage. the syrian president looked to bric's to resolve the conflict. their final communique supported a national dialogue but they stopped short of direct involvement. >> we should ensure that countries irrespective

much like the world bank would provide resources for developing countries to foster growth to deal with social issues etc so in some respects we're seeing that the brics are starting to create their own institutions that potentially can rival can compete with the bretton woods institutions brian would you would you agree or disagree with what we just heard go ahead. well i agree with i agree with that in part i think that this is the beginning stage really of a process since the dissolution of the the soviet union and the socialist bloc nations that actually. contributed to a rival power a global power that allowed other countries especially smaller an independent countries to have an alternative to the west those countries of course would like brics to become a major part of the world scene because they want an alternative they don't want to be just have the economic and military policies of the west shoved down their throat but again these countries don't have an anchor right now as the socialist bloc did when it had the soviet union which will allow it to have a completely independen

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

was just reading on the way to your studio this morning on the subway i was reading the latest world bank report on the palestinian economy and the report is written in such a fashion that you think you're talking about a real economy so they compare the so-called palestinian economy with other economies around the world but there is no economy in palestine they say for example that the economic structure of palestinian of the economy the structure of the palestinian economy has drastically deteriorated since one thousand nine hundred ninety four now keep in mind the year nineteen ninety four that's when the so-called peace process began the oslo accord was signed in september one thousand nine hundred ninety three so from the very beginning the very inception you might say the first day of the peace process until today the world bank says the manufacturing sector of the palestinian economy has drastically the theory or raided the agricultural sector has drastically deteriorated so what has improved will they say the public sector has improved what is the public sector the public sector o

economy 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 the next mists as well this is you know that stick don't make plates of geopolitics and jew economy they 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 power in ask is completely ridiculous. i'll take a look at some other 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 but on a separate mission against insurgents in the region this comes despite president karzai his recent demand that airstrikes on afgh

the world's biggest emerging economies have agreed to enter talks to create a joint development bank the decision was taken at the fifth brics summit comprising the member states brazil russia india china and south africa it's hoped it will provide an alternative to the world bank and international monetary fund the brics economies are to establish a cooperative council to facilitate joint business projects are going off has been following the blocks annual meeting in south africa. 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 while in nearly a half of the payments between them only the trade turn or between the two states stands at around seventy five bil

which could potentially rival the world bank and the international monetary fund you got pre-scan of has been following this at the blogs fifth annual summit in south africa. i believe years of all five bricks 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 two states stands at around seventy five billion euros dollars and the general idea is for all other members of the brics to do the same to protect their economies from things like currency wars or the possible negative consequences of the change of the dollar of war the us also the five leaders of the world alternat