IMF chief: west must cede power to emerging nations!!

[AGENDA21]

Britain and other rich countries will come under pressure to cede power at the International Monetary Fund to key developing nations such as China in a planned shake-up of the Washington-based organisation designed to reflect the changing global economy.

Rodrigo de Rato, the IMF's managing director, said yesterday that there was a risk of it becoming irrelevant unless its decision-making process reflected the growing importance of the bigger emerging economies.

The United States, comfortably the biggest shareholder at the fund, has said it backs reform in principle, although there may be a reluctance in Washington to give China a bigger say in the running of the fund unless Beijing agrees to revalue its currency. The UK is also likely to support the first reform of the way the IMF is run since 1992.

Despite being the world's fourth biggest economy, China holds just 3% of the votes when the IMF makes decisions. The UK and France both have 5% and Germany 6%. Belgium has more influence than either India or Brazil.

http://politics.guardian.co.uk/economics/story/0,,1758147,00.html

[aquart]

1. These people are not our friends.

[Oversea Visitor]

2. Do you then consider them your enemies

:rofl:
What a nightmare
The Roman Empire did not last

[400Years]

3. I say abolish the IMF and the World Bank