​‘BRICS system’ – healthy alternative to ‘defunct dollar system’

The BRICS Bank marks a major step to de-dollarization, and a new monetary system. It should replace the Western-dominated “predatory casino scheme” that has contributed to world wars and “economic terrorism,” says former World Bank economist Peter Koenig.

“A ‘BRICS system’ would offer a healthy alternative to the highly indebted and defunct dollar system, where money is printed at will,” Koenig said in an interview with Asam Ismi of the Canadian Centre for Policy Alternatives.

A ‘BRICS system’ should be based on a new currency, which Koenig called ‘Bricso.’

“…it is high time that the currency of worldwide theft, abuse and exploitation – the US dollar – financial instrument for endless wars and economic terrorism, be replaced with a currency of peaceful endeavors that respects national sovereignty – a currency that works for the people, not for the elite few,” said Koenig adding that currently six US banks control more than 60 percent of all banking assets.

A new monetary system should replace the existing FED-BIS (Bank for International Settlement)-Wall Street “dollar denominated predatory casino scheme that has in the last 100 years alone largely contributed to – and benefitted from – two world wars, impoverished our planet, socially and environmentally,” Koenig said “This system is at the verge of a larger abyss than the depression of the 1930s.”

BRICS, which is actively leading a massive effort of de-dollarization, can become a viable alternative to the Western economic system, Koenig believes.

Moreover, he thinks BRICS is already in process of replacing it. Increasing cooperation between Russia and China is a clear example – the two countries started to carry out ruble-yuan swaps in June 2014 in order to free themselves from the traditional trading currency, the US dollar.

Full article:‘BRICS system’ – healthy alternative to ‘defunct dollar system’ (Russia Today)

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