You know how immobile you have been when you one day wake up to realize you are less innovative than the catholic church. By electing a south american pope, the Vatican showed it is way ahead of international diplomacy whose organizations are still heavily biased towards western countries. With calls for change not heard by the west, developing nations start to build their own parallel institutions.
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 began today [...]
The BRICS nations, which have combined foreign-currency reserves of $4.4 trillion and account for 43 percent of the world’s population, are seeking greater sway in global finance to match their rising economic power. [...]
The “weak signals” indicating a shift in world’s power are getting less and less weak with each passing day.