BRIC, the nations of Brazil, Russia, India, China, and South Africa are creating a development bank to compete against the World Bank. This does not appear too troubling at first, but based on reports I have heard in the last few years, this is the first step in replacing the dollar as the internationally traded currency for oil. Brazil was the first country to abandon the dollar for oil, paying Iran in gold. When and if this transition away from the dollar occurs we are looking at financial armageddon the likes of which has never been seen. Its getting very real people.
CNBC reports on the BRIC bank below:
RT news covering Gold for Oil below: