From InternationalBusinessTimes.com:

China and Brazil agreed to trade in each other’s currencies just hours ahead of the BRICS summit in South Africa.

The deal, which extends over a three-year period and amounts to an exchange of about $30 billion in trade per year, marks the latest effort among two of the world’s largest emerging economies to shift the dynamics of international trade that have long favored the U.S. dollar.

“Our interest is not to establish new relations with China, but to expand relations to be used in the case of turbulence in financial markets,” Brazilian Central Bank Governor Alexandre Tombini said, Reuters reported.

The financial markets, globally, are beginning the process of change.

I don’t think the US will much care for this change.

It’s starting in Cyprus.  Migrating to Italy and Spain.  And now updated with the creation of the BRICS bank — a consortium of Brazil, Russia, India, China and South Africa.

Leaders of the five BRICS nations plan to create a development bank in a direct challenge to the World Bank that they accuse of Western bias.

And there you have it.  “Western bias.”  You can rest assured Mr Obama will do nothing.  He will be “concerned” and “monitoring.”

Leftists will want to tax more and continue spending, printing more money.  We are our own worst enemy and now — our enemies are taking overt fiscal steps against us.

BZ