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(Hat tip to Patrick Bond for establishing the Goldman-Sachs/BRICS
bromance in last night's talk at the Rosa Luxemburg conference in NYC.)
The establishment of a development bank by the BRICS association of
Brazil, Russia, India, China, and South Africa is being described by
both proponents and opponents of globalization as a rebellion against
the hegemony of the U.S. dollar and a challenge to globalization by
“emerging economies.” How accurate is this description? The concept of
BRICS was mooted within the ranks of globalist big-player Goldman Sachs.
The premises of the development bank seem close to globalist
recommendations for world economic reform. Could BRICS be another avenue
for global capital to penetrate the “emerging economies” behind the
façade of “development assistance”? Is the bank a means of integrating
Russia into a global economy by distorting the Russian vision of
“Eurasia,” like the vision of “Europe” was manipulated by plutocrats?
BRICS and Goldman Sachs
China has long figured in Goldman Sachs estimates for investment. China
is regarded by Goldman Sachs as pivotal to a new world economic order.
Goldman Sachs CEO Lloyd Blankfein recently told a conference hosted by
the School of Economics and Management at Tsinghua University that China
will become the underwriter of a “world economic order” and he welcomes
China’s expanded role. Institutions such as Tsinghua University, which
has a long and close relationship with Goldman Sachs, and from where GS
interns are drawn, are part of a global interlocking relationship that
transcends politics. Blankfein in his dialogue with Qian Yingyi, dean of
economics and management at the university, refers to the unfortunate
political roadblocks that have to be overcome in expanding this new
“world order” (sic). One of the primary obstacles, to which Blankfein
refers, is organized labor, which has tried to resist the
de-industrialization of the West and the exporting the jobs.[1]
Mark Schwartz, vice chairman of Goldman Sachs and chairman of GS Asia
Pacific, enthuses on China deregulating interest rates, liberalizing
currency, “engaging globally,” and negotiating a bilateral investment
treaty with the USA.[2]
The BRICS development bank contains the humanitarian elements that are
often promoted as a façade for predatory international capital. China is
as much part of predatory capital as the USA or Britain, with its stocks
and bonds, and investments and sharemarkets, borrowing and lending, as
any other major capitalist state. China is however still in a unique
position to serve as the means by which international capital, as
epitomized by Goldman Sachs, can reach into hitherto difficult
economies, in the name of development capital. Hence so far from a
“Eurasian union” acting as an autarchic bloc, which has been gaining
influence in Russia, perhaps BRIC is the means of derailing such a
concept and transforming it into an integral part of the “world order.”
This is the reason why U.S. based interests had avidly promoted the
European Economic Community and what has become the European Union. With
Russia integrated into the scheme, might it not also be a means by which
this perennial wild-card is brought to heel? Russia stood as a potential
rival to international capital in Central Asia, but as part of BRICS,
which in turn is part of the “world order,” it becomes a very junior partner
full:
http://www.foreignpolicyjournal.com/2015/07/14/brics-development-bank-an-instrument-for-globalization/
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