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faab64@diasp.org
Farhad A

BRICS Dropping US Dollar, Working on New Reserve Currency: #Brazil's Lula | August 24, 2023:

"The #BRICS economic alliance plans to abandon the U.S. dollar in trade settlements and develop a new reserve currency while promoting the use of local currencies, Brazil's president said at the bloc's 15th annual summit in #Johannesburg, #SouthAfrica.

Brazilian President Luiz Inacio #Lula da Silva championed a medium- to long-term objective of creating a new reserve currency to fight against the U.S. dollar hegemony. Until then, the coalition will encourage the further utilization of members' national currencies in bilateral trade.

"The creation of a currency for commercial transactions and investments between BRICS members increases our payment conditions and reduces our vulnerabilities," Mr. Lula stated before the summit audience, adding that developing nations should be hit with higher interest rates than what affluent countries experience.

The best mechanism, he noted, is to bolster liquidity, increase favorable financing terms, and abolish conditionalities, suggesting that the “structural readjustment” is an indictment of the policies presented by the International Monetary Fund ( #IMF) and the #WorldBank.

"The multilateral trading system must be revitalized so that it returns to acting as a tool for fair, predictable, equitable, and non-discriminatory trade," he said."

#Geoeconomics #Economy #Dedollarization #Politics

https://www.theepochtimes.com/article/brazils-lula-confirms-brics-dumping-us-dollar-as-bloc-expands-5480132?utm_medium=Social&utm_source=telegram

BRICS Dropping US Dollar, Working on New Reserve Currency: Brazil's Lula

The BRICS bloc will dump the U.S. dollar in trade settlements and bolster the use of local currencies in bilateral trade.

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nowisthetime@pod.automat.click
nowisthetime

#WhistleBlower #KarenHudes Exposes : #BirthCertificates, The #Vatican & The #Bank
https://www.bitchute.com/video/iw4Pm7ELAuNL/

Former #WorldBank lawyer turned whistle blower Karen #Hudes exposes what’s really going on at the World Bank with birth certificates, the Vatican & the bank.

Whistle Blower Karen Hudes Exposes : #Birth Certificates, The Vatican & The Bank

MIRRORED from NewsOnChain April 26th, 2023 https://www.bitchute.com/video/wurhrvCOFrdm/ Former World Bank lawyer turned whistle blower Karen Hudes exposes what's really going on at the World Bank with birth certificates, the Vatican & the bank.

Whistle Blower Karen Hudes Exposes : Birth Certificates, The Vatican & The Bank

MIRRORED from NewsOnChain April 26th, 2023 https://www.bitchute.com/video/wurhrvCOFrdm/ Former World Bank lawyer turned whistle blower Karen Hudes exposes what's really going on at the World Bank with birth certificates, the Vatican & the bank.

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mikhailmuzakmen@pod.geraspora.de
BeatclubFC

#politics #oeconomy #worldbank #cilmate-killing #capitalism

World Bank drives billions into fossil fuels, including Asia’s largest coal field

Over 70 organizations call on World Bank President to step down

Ahead of the COP26 climate summit, the World Bank is boasting to “already [be] the largest multilateral funder of climate investments in developing countries.” However, the World Bank neglects to disclose that it is at the same time also the largest multilateral funder of fossil fuels in developing countries – providing $12 billion in project finance since the Paris Climate Agreement.

The World Bank is even still assisting coal. This week, during the World Bank’s Annual Meetings, Urgewald released a new report that shows: Despite the World Bank’s pledge in 2013 to no longer finance coal power plants, the Bank still provides public assistance to coal in many crucial ways.

The new study explains how the World Bank’s technical assistance in Pakistan provided a road map for attracting investment into the undeveloped Thar lignite coal field – the largest coal field in Asia. One element of the Bank’s coal road map included advising the government to establish a power tariff that would be able to attract investment into Thar coal-to-power projects through a “sufficient” return on investment, i.e., big enough profit.

World’s most profitable coal investments

After 2013, the World Bank continued to assist Pakistan to follow the coal road map without calling it coal. During 2014 to 2016, the Bank had two Power Sector Reform development policy operations providing $1.1 billion in government budget support. The World Bank’s Power Sector Reform included tariff reforms with fixed-capacity payments that incorporated a high rate of return on investment making new coal power investments in Pakistan the most profitable in the world.

In addition, the World Bank’s private sector arm, the International Finance Corporation (IFC), provided US$75 million equity and US$150 million loan to Habib Bank; and US$66 million equity to Bank Alfalah. Subsequently, these two Pakistan banks helped finance five Thar coal-to-power projects. Furthermore, from 2017 to 2024, the World Bank is providing US$425 million “to accommodate the connection and transmission of new power generation,” which includes new coal-generated power.

Following the World Bank’s coal road map, Pakistan went from having only one small 150 MW coal-fired power plant in 2016 to five coal plants equal to 4,770 MW in 2020 with another 3,330 MW of coal power due to come on-line between 2022 and 2023. After years of electricity shortages, now Pakistan has too much power. The surplus power means power plants have low utilization rates coupled with high fixed-capacity payments, which stem from the World Bank’s tariff reforms. As a result, Pakistan’s power sector debt has swelled and threatens the country’s financial wellbeing and expansion of renewable energy.

Pakistan is not an isolated case

According to Urgewald data collection, since the Paris Climate Agreement, the World Bank has provided over $12 billion in fossil fuel project finance in over 35 countries; policy reforms in dozens of countries making fossil fuel investments, including coal, more profitable; $10-$20 billion annually in government budget support without any restrictions on fossil fuel expenditures (to 81 countries since Paris Agreement), and technical assistance in at least 11 countries aimed at expanding fossil fuel investments, including coal.

Over 70 organizations call for World Bank President Malpas to be replaced

Given the billions of dollars in investments the World Bank is driving into fossil fuels, over 70 civil society organizations sent a letter to the World Bank’s Executive Directors calling for the replacement of the Bank’s president, David Malpas.

These organizations are demanding the World Bank end all forms of public assistance for all fossil fuels and to support countries on a just transition to renewable and inclusive development. The letter also asks to establish stronger climate and social justice qualifications for management personnel responsible for the Bank’s climate and energy work.
- https://bigshiftglobal.org/world-bank-president-step-down

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part_of_you@diaspora.psyco.fr
part_of_you

UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System
November 5, 2021

The most powerful private financial interests in the world, under the cover of COP26, have developed a plan to transform the global financial system by fusing with institutions like the World Bank and using them to further erode national sovereignty in the developing world.

...This alliance, called the Glasgow Financial Alliance for Net Zero ( #GFANZ), was launched in April by John Kerry, US Special Presidential Envoy for Climate Change; Janet Yellen, US Secretary of the Treasury and former chair of the Federal Reserve; and Mark Carney, UN Special Envoy for Climate Action and Finance and former chair of the Bank of England and Bank of Canada. Carney, who is also the UK prime minister’s Finance Advisor for the #COP26 conference, currently cochairs the alliance with US billionaire and former mayor of New York City, Michael Bloomberg.

On its creation, GFANZ stated that it would “provide a forum for strategic coordination among the leadership of finance institutions from across the finance sector to accelerate the transition to a net zero economy” and “mobilize the trillions of dollars necessary” to accomplish the group’s zero emissions goals. At the time of the alliance’s launch, UK prime minister Boris Johnson described GFANZ as “uniting the world’s banks and financial institutions behind the global transition to net zero,” while John Kerry noted that “the largest financial players in the world recognize energy transition represents a vast commercial opportunity.” In analyzing those two statements together, it seems clear that GFANZ has united the world’s most powerful private banks and financial institutions behind what it sees, first and foremost, as “a vast commercial opportunity,” the exploitation of which it is marketing as a “planetary imperative.”

GFANZ is composed of several “subsector alliances,” including the Net Zero Asset Managers Initiative ( #NZAM), the Net Zero Asset Owner Alliance ( #NZAOA), and the Net Zero Banking Alliance ( #NZBA). Together, they command a formidable part of global private banking and finance interests, with the NZBA alone currently representing 43 percent of all global banking assets. However, the “largest financial players” who dominate GFANZ include the CEOs of #BlackRock, #Citi, #BankofAmerica, Banco #Santander, and #HSBC, as well as David #Schwimmer, CEO of the London Stock Exchange Group and Nili Gilbert, chair of the Investment Committee of the David Rockefeller Fund.

Notably, another #Rockefeller-connected entity, the Rockefeller Foundation, recently played a pivotal role in the creation of Natural Asset Corporations ( NACs) in September. These #NACs seek to create a new asset class that would put the natural world, as well as the ecological processes that underpin all life, up for sale under the guise of “protecting” them. Principals of GFANZ, including BlackRock’s Larry Fink, have long been enthusiastic about the prospects of NACs and other related efforts to financialize the natural world and he has also played a key role in marketing such financialization as necessary to combat climate change.
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[...]
Speaking to the World Economic Forum in 1998, Secretary General Kofi Annan made this shift explicit:« “The United Nations has been transformed since we last met here in Davos. The Organization has undergone a complete overhaul that I have described as a ‘quiet revolution.” . . . A fundamental shift has occurred. The United Nations once dealt only with governments. By now we know that peace and prosperity cannot be achieved without partnerships involving governments, international organizations, the business community and civil society. . . . The business of the United Nations involves the businesses of the world.”»
[...]

https://unlimitedhangout.com/2021/11/investigative-reports/un-backed-banker-alliance-announces-green-plan-to-transform-the-global-financial-system/

#Finance #Banksters #WorldBank #IMF #capitalism

UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System

The most powerful private financial interests in the world, under the cover of COP26, have developed a plan to transform the global financial system by fusing with institutions like the World Bank and using them to further erode national...

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faab64@diasp.org
Farhad A

U.S. to send Ukraine $5.5 billion in new fiscal, military aid

The United States will send an additional $5.5 billion in #aid to #Ukraine, made up of $4.5 billion in budgetary support and $1 billion in #military assistance, to help it come to grips with the turmoil of this year's Russian invasion.

The $4.5 billion budgetary grant will fund urgent government needs including payments for pensions, social welfare and healthcare costs, bringing total U.S. fiscal aid for Ukraine to $8.5 billion since Russia's February invasion, the U.S. Agency for International Development said.

The funding, coordinated with the U.S. Treasury Department through the #WorldBank, will go to the Ukraine government in tranches, beginning with a $3 billion disbursement in August, #USAID said.

It follows previous transfers of $1.7 billion in July and $1.3 billion in June, USAID said. #Washington has also provided billions of dollars in military and security support.

The $1 billion arms package announced by the #Pentagon is the largest single military package under President Joe #Biden's drawdown authority, including long-range rocket munitions and armored medical transport vehicles

It includes as many as 50 M113 armored medical transports and munitions for the U.S.-supplied #HIMARS long range rocket launchers and for the #NASAMS surface-to-air missile system. read more

The fiscal and military aid packages - both first reported by Reuters on Monday - are drawn from a $40 billion aid package for Ukraine approved by Congress in May. read more

Overall, the United States has contributed more than $18 billion to Ukraine this year.
#US #Russia
https://www.reuters.com/world/europe/exclusive-us-send-45-billion-more-ukraine-budget-needs-2022-08-08/

U.S. to send Ukraine $5.5 billion in new fiscal, military aid

The United States will send an additional $5.5 billion in aid to Ukraine, made up of $4.5 billion in budgetary support and $1 billion in military assistance, to help it come to grips with the turmoil of this year's Russian invasion.

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