BRICS Established $100 Billion Bank And Currency Pool To Destroy United States Dollar Dominance [VIDEO]

The dominance of the U.S. dollar seems to become more futile as this current year progresses on. We already know that our money’s value has been plummeting like a brick for the last decade. Just here on The Inquisitr, we first showed how the U.S. dollar attains its value through the Federal Reserve. We also reported how it may become nothing more than toilet paper as the Mexican peso may surpass it if Mexico approves to back their currency with silver. Summarized, it looks as if everyone is trying to detach their association with our paper money printed with American historic figures.

Now, reports are coming in that the U.S. dollar may not just be devalued, but simply obliterated because BRICS is establishing a $100 billion bank and currency pool. Its purpose: to cut out the western dominance on worldwide finance.

According to an article by RT, a group of emerging economies signed the long-anticipated document to create the $100 billion BRICS development bank and reserve currency pool. Both will counter the influence of the western-based lending institutions, primarily the U.S. dollar. The new bank will provide money for infrastructure and development projects in BRICS countries. Unlike IMF or World Bank, each nation has equal say, regardless of gross domestic product (GDP) size.

There will also be financial accountability as each BRICS member is expected to put an equal share into establishing the startup capital of $50 billion with a goal to reach $100 billion in the future. It will also be headquartered in Shanghai, China, while India will preside as president for the first year. Russia will be the chairman of the representative, in which Russia’s president, Vladmir Putin, made a statement at the 6th BRICS summit in Fortaleza, Brazil:

“BRICS Bank will be one of the major multilateral development finance institutions in the world. In terms of escalating international competition, the task of activating the trade and investment cooperation between BRICS member states becomes important.”

So far, Russia, India, China, Brazil, and South Africa account for 11 percent of global investment, and trade turnover almost doubled in the last five years. However, Mexico, Indonesia, and Argentina may become future members of BRICS too. Altogether, their idea of the bank was to lessen the dependance on the West and create a more multi-polar financial world Vladimir Putin once again comments on this:

“This mechanism creates the foundation for an effective protection of our national economies from a crisis in financial markets.”

The crisis Vladimir Putin is talking about is the dependence on the U.S. dollar. Back on subject, BRICS bank sounds like a noble and viable idea, but Before It’s News reports this is yet another part of the World War waging while many sleep right through it because it isn’t bombs, guns, and missiles. This war is one on economy and is said to officially kill the dollar, which is already at its weakest. Summarized, this may become the final nail in the U.S. dollar’s coffin.

When the U.S. dollar loses its economic power of being the world’s reserve currency and collapses completely, our debts become due and the United States can no longer continue to print billions of dollars in currency without anything to back it up. There will be food shortages, price increases, riots, and eventually martial law because when families are unfed and lack shelter, they tend to become violent. It seems that The Inquisitr reporting on this month being the one that the U.S. dollar collapses may become true. The first true sign of that is if depositing money into your bank account becomes taxed.