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The new BRICS Development Bank was agreed upon March 27, 2013 and is said to be the alternative bank to the IMF. Because the US dominates the IMF and has a controlling vote, the reforms that were passed in 2010, which the rest of the world has adopted, are stalled in the US congress. This alternative bank was then first proposed in 2012. So the rest of the nations are now setting up an alternative bank that would make the IMF irrelevant or bypass it altogether.
The world does not like how the US uses the IMF as a weapon of economic warfare. Further, as the developing nations’ economies grow, they ought to have greater voting power in the IMF. But the US does not want to share the voting power. So the other nations have finally decided to establish an alternative to the IMF.
The BRICS nations (Brazil, Russia, India, China, South Africa) decided last year to fund this new bank with $100 billion to start with.
It has taken a year for them to decide on the details. Now they are planning a BRICS summit for July 15, 2014 to launch the new bank. They plan to open for business in 2015. Where will they have their headquarters? My guess would be Singapore.
Here is a Reuters article that gives the reasons for establishing the BRICS bank:
CONCERNS OVER STALLED IMF REFORMS
The BRICS are also concerned that the U.S. Congress has failed to ratify reforms to the International Monetary Fund that would double the Fund's resources and give more say to emerging markets, such as the BRICS.
"We've discussed our mutual concerns about the slow pace of the IMF reforms and the kind of stalemate that we find ourselves in currently and we hope work with everyone to find an equitable solution," Gordhan said.
"But clearly a lot depends on the U.S."
Some officials from the Group of 20 advanced and emerging economies have suggested moving ahead on the reforms without the United States, although U.S. approval would be necessary for any major decision to go forward because of Washington's controlling share of IMF votes.
If they do launch this new bank at their summit July 15, then this may be the main event that we are watching for on that watch date. Recall that July 9-15 is our next major watch date.
July 1 is also a watch date, because it correlates prophetically with the feast of Trumpets. July 1 is 7/1 on our calendar, which correlates with 7/1 on the Hebrew calendar. Because there are also correlations between the Spring feasts and the Autumn feasts, there is a connection between 1/1 and 7/1 on the Hebrew calendar. So we see how Lazarus was raised from the dead on 1/1, while 7/1 signifies the resurrection of the dead.
The resurrection of Christ came on the day of the wave-sheaf offering, when the people began to count the omer of barley grains. Hence, barley represents new life (resurrection). The bottom line is that July 1 is an indirect barley date. The correlation is not strong, but it is a possible date for the ninth sign of Elisha.
All of these dates should be viewed within the context of July 1-22, ending with 7/22 that correlates with the eighth day of Tabernacles on 7/22 of the Hebrew calendar. We often see signs of the Autumn feasts during July. This year it also happens to be the 70th anniversary of the Bretton Woods convention (July 1-22, 1944), which established the US dollar as the world currency.
The IMF, too, was established in 1944.
It is fitting, then, that the IMF would begin to crumble 70 years later, as the nations begin to withdraw from the IMF and to establish the BRICS Development Bank. The fact that this summit is being planned for 7/15 correlates it with the first day of the feast of Tabernacles as well.
There is no question that the IMF has been part of the Babylonian system that has been used to control the nations through its use of money, much the same way that the central banks control nations through their creation of money. We know that ancient Babylon fell after 70 years, so this particular time cycle is important in understanding Mystery Babylon today.