The dual summits that took place in Russia's Ufa beginning 9 July were anything but routine. In fact it may be seen by future historians as a signal event that marked the definitive decline of the global hegemony of European civilization including North America. This is no small event in human history.
It's the most significant shift in relative global economic relations since the Fourth Crusade in 1204 when the Republic of Venice emerged as a world power following their brutal, disgraceful capture and sacking of Constantinople, marking the demise of the Byzantine Empire.First a look at what transpired. Russia was host to two overlapping summits of emerging alternative organizations, the annual meeting of the BRICS nations as well as the annual meeting of the Shanghai Cooperation Organization. The larger significance has been all but entirely blacked out by western mainstream media such as the
New York Times.
First we look at the results from the BRICS meeting where Brazil, Russia, India, China and South Africa are the five member states. The BRICS formally put their New Development Bank (NDB) into operation. It has world headquarters in Shanghai, China's banking and financial center with a branch in South Africa to serve the African region.
It is explicitly operating as an alternative to the post-1945 domination of the IMF and World Bank, the heart of Washington's Dollar System. It has member contributions of $50 billion for infrastructure projects mainly, but not exclusively, in the BRICS states. As well it has created a $100 billion financial defense fund, a so-called Contingent Reserves Arrangement, in event of speculative attacks such as were launched by Washington with the Soros Quantum Fund in 1997 to destroy the independent Asian Tiger economies.
The NDB bank is in business one year after the last BRICS summit agreed to its creation, and the meeting announced that first approved infrastructure projects will begin at the beginning of 2016. That's an impressive testament to the mutual will to create an alternative to the IMF and World Bank, both of the latter controlled by Washington where they are headquartered. Notably BRICS agreed for the first time to institute formal cooperation with the leaders of the Eurasian Economic Union of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
As well they agreed to meet the leaders of the Shanghai Cooperation Organization (SCO) - Russia, China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.
Comment: That's an interesting bluff on the Tories' part. Their real fears of Corbyn leading the opposition is betrayed by the fact that the British media has been activated to 'nail him to the wall'.
As for Blair, 'get a heart transplant' is an interesting turn of phrase from the man who pretty much ripped the heart of the old British Labour Party and turned it into a heartless Neo-Liberal, NeoCon supporter of ruthless Western empire.