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WHY YOU SHOULD STOP LISTENING TO JIM WILLIE (FREEPOM)
Speaking of BRICS, the Brazilian representative to the International Monetary Fund, one Paulo Nogueira Batista Junior, will be the new vice president for the BRICS Development Bank. This assignment of an IMF representative to a senior position within the BRICS bank should be a wakeup call to anyone who still thinks that the BRICS institutions and the AIIB will be operating outside of the existing monetary framework and global institutions.
Those who promote the fantasy that China and BRICS are going to overthrow the western banking system, and destroy the American dollar have no concept of the broader macroeconomic and macroprudential engineering which is taking place throughout the international institutions and regional institutions, of which both the BRICS Bank and AIIB are becoming integrated with. Both were in fact designed specifically for the purpose of integrating eastern monetary policies with those of the international institutions.
There are those, like Jim Willie, who maintain their shtick and carry on in an unprofessional manner while promoting this make-believe fantasy analysis of the overthrow of western banking. Tactics used to distract from the real arguments and push ‘back alley propaganda’ are name calling and character assassinations of everyone who disagrees with his position. The favorite targets of this “analyst” are usually James Rickards and Christine Lagarde.
For the record, I despise bullies and consider them the worst of humanity, as well as the weakest. Which is why I have decided to write this post. Though I do understand I’m taking a risk of being perceived in a similar fashion for writing this piece to begin with. It’s a case of necessity overriding niceness.
The loud and pompous proclamations of Mr. Willie are not based on the economic and political realities which are taking place in the global monetary system. When information first started being presented here on POM about the SDR, Mr. Willie was explaining that the IMF was broke and the SDR would never happen. It was stated that China would have nothing to do with the SDR.
http://philosophyofmetrics.com/why-you-should-stop-listening-to-jim-willie-freepom/