Latin America fights Western influence, launches own international bank

In a bid to diminish the power of the US-dominated IMF and counterbalance the influence of Western investors, seven Latin American countries have agreed to form a “Bank of the South.”

Seven South American leaders — representing Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela — signed an agreement to launch the development lending institution, a project first floated in 2007, with a startup capital of $20 billion.

The plan aims to give the regions a greater voice at international organizations like the International Monetary Fund (IMF), which is seen by many Latin American leaders as an institution that allows wealthy Western countries, particularly the United States, to exert undue influence on the region.

rawstory.com...

Very interesting news. I wonder how this will affect the currency and stock markets?
Would it be prudent to seek investment opportunities down south now?

hmmm, interesting.
all i can say is good luck, and beware the jackals...

Good. It's competition that forces institutions to provide a more valuable product at a more competitive price.

Whenever a monopoly on money creation exists, the people have no freedom of choice over what they store their hard-earned value in.

Having choices and competition is like having separate flood compartments on a ship. If it springs a leak, the rest of the ship remains buoyant. However, if everyone is in the same compartment, one leak can bring the entire ship down.

Internationally, a one-world currency would mean everyone putting their eggs into one basket, and no one who relies on the stability of economics will have any control over it.