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On 2nd May, the Spanish international news agency EFE reported from Brussels that the European Commissioner for Trade, Karel de Gucht, had announced that Continue reading
One of the most important public debates over the future of Venezuela Continue reading
Venezuela participated in the gathering of the BRICS emerging powers and Latin American regional blocs in Brazil this week, where new agreements were hailed as beginning the creation of a new global financial architecture.
Contrary to common belief, the mission of the World Bank is not to reduce poverty in developing countries. The Bank Continue reading
The American political system, so highly polarized between conservative Republicans and moderate Democrats, has experienced in the last year some interesting changes on the left-hand margin of the national political scene. From Bill de Blasio Continue reading
US Federal Reserve Chair, Janet Yellen, testified before the US Congress on July 15-16. The central focus of her testimony was to confirm that US Continue reading
We all know the saying Too big to fail. In managing the crisis the banks have caused, the governments of the industrialised countries have adopted a new doctrine that might be summed up as Too big to jail.
The Sixth Summit BRICS Summit took place in Fortaleza, Brazil and on July 15 of 2014 they announced the establishment of a bank dedicated to financing large scale infrastructure, and a contingent reserves agreement (CRA) of some one hundred billion dollars distributed in accounts of the five central banks. With a capital base authorized at 100 billion US dollars, and already paid to the extent of ten billion, the New Development Bank is prepared to issue instruments in dollars and access needed funds in the international capital markets at low rates. The object of the Bank, whose seat is Shanghai, is to finance works of great importance in BRICS countries, issue guarantees and purchase shares of publicly held enterprises.
In territories once intended for photocopiers, computer terminals, desks and meeting rooms, there are homes, streets, shops and churches. Patches of mirror-glass cladding contrast with the ubiquitous orange bricks and concrete blocks of self-built Latin American houses, with a petrified ooze of sloppy mortar from the joints. There are no lifts, meaning that some residents have to walk up and down 28 storeys by stair, and that the upper levels of the 47-storey tower are unoccupied. Balustrades are often absent or imperfect, such that fatal falls are a hazard of living there, a risk the residents run in order that they can have a home, and one in the centre of the city.