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Another Nail In The US Dollar's Coffin: BRICS Nations Plan New Bank to Bypass World Bank, IMF

• Daily Paul.com
 The U.S. "exceptionalism" won't be so exceptional when the dollar is no longer the world's reserve currency.

BRICS Nations Plan New Bank to Bypass World Bank, IMF

"The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. "

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