Paulo Nogueira Batista, Jr., the former Vice President of the BRICS New Development Bank and one of the more insightful commentators on the ongoing discussion within the BRICS on a new financial architecture, issued a short English-language video on Oct. 13, which he headlined: “The International Monetary System Is Unreformable. Can the BRICS Build Something New?” The full text follows:
“I’m here in Moscow, where I came to discuss BRICS-related matters, including the international monetary system. One problem the BRICS and other countries face is the fact that the current international monetary and financial system controlled by the West is actually unreformable. Nothing substantial will change in the foreseeable future: the IMF won’t change substantially; the World Bank won’t change substantially; the SDR system will not evolve into a global reserve currency, as initially planned; and the SWIFT payment system will basically continue to be a weapon used by the West and the United States and its allies to punish and restrict access to international banking.
