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Brazil, Russia, India, China, and South Africa (the so-called Brics) are to establish alternatives to the World Bank and the International Monetary Fund, which they find too biased towards Europe and the US.

The “New Development Bank” to rival the World Bank will be launched at a Brics summit in the Brazilian city of Fortaleza next week, with all agreed except where to put the main headquarters, Russian finance minister Anton Siluanov said Wednesday (9 July).

The two options currently being considered are Shanghai or New Delhi, Siluanov said. Russia didn’t push to get the bank in Moscow, but will seek management posts instead, he said.

The project will see each of the Brics contribute €1.4 billion to the bank’s funds over the next seven years, with the bank’s maximum capital set at €73 billion

http://euobserver.com/economic/124920

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‘Fossil fuels subsidised by $10m a minute, says IMF’ by Damian Carrington in the Guardian (quote and graphics sourced from).

 ‘Fossil fuel companies are benefiting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund.

The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments.

The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.

…Another consequence would be that the need for subsidies for renewable energy – a relatively tiny $120bn a year – would also disappear, if fossil fuel prices reflected the full cost of their impacts.’

The vast subsidy derives largely from polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.Lord Nicholas Stern, an eminent climate economist at the London School of Economics, said: “This very important analysis shatters the myth that fossil fuels are cheap by showing just how huge their real costs are. There is no justification for these enormous subsidies for fossil fuels, which distort markets and damages economies, particularly in poorer countries.

Stern said that even the IMF’s vast subsidy figure was a significant underestimate: “A more complete estimate of the costs due to climate change would show the implicit subsidies for fossil fuels are much bigger even than this report suggests.”

The IMF, one of the world’s most respected financial institutions, said that ending the subsidies to fossil fuels would cut global carbon emissions by 20%. That would be a giant step towards taming global warming, an issue on which the world has made little progress to date.

Ending the subsidies would also slash the number of premature deaths from outdoor air pollution by 50% – about 1.6m lives a year.

Furthermore, the IMF said the resources freed by ending fossil fuel subsidies could be an economic “game changer” for many countries, by driving economic growth and poverty reduction through greater investment in infrastructure, health and education and also by cutting taxes that restrict growth.

Another consequence would be that the need for subsidies for renewable energy – a relatively tiny $120bn a year – would also disappear, if fossil fuel prices reflected the full cost of their impacts.

The IMF estimate of $5.3tn in fossil fuel subsidies represents 6.5% of global GDP. Just over half the figure is the money governments are forced to spend treating the victims of air pollution and the income lost because of ill health and premature deaths. The figure is higher than a 2013 IMF estimate because new data from the World Health Organisation shows the harm caused by air pollution to be much higher than thought.

Coal is the dirtiest fuel in terms of both local air pollution and climate-warming carbon emissions and is therefore the greatest beneficiary of the subsidies, with just over half the total. Oil, heavily used in transport, gets about a third of the subsidy and gas the rest.

The biggest single source of air pollution is coal-fired power stations and China, with its large population and heavy reliance on coal power, hosts $2.3tn of the annual subsidies. The next biggest fossil fuel subsidies are in the US ($700bn), Russia ($335bn), India ($277bn) and Japan ($157bn), with the European Union collectively allowing $330bn in subsidies to fossil fuels.

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These numbers are fucking insane…

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ocean titties and other jazz

since edc is coming back soon, i’m making more fun bras to sale. super expensive to make but they are such great decorations for your boobies :)

Ex-IMF chief Dominique Strauss-Kahn, who denies charges of pimping, has told a court in northern France that he took part in only a few rare sex parties.

He said prosecutors had greatly exaggerated the frequency of his “licentious evenings”. There had only been 12 in three years, he said.

Mr Strauss-Kahn is accused of helping procure sex workers for a prostitution ring based at a hotel in Lille.

He has argued that he did not know the women were prostitutes.

Although using prostitutes is not illegal in France, supplying them or assisting in supplying them is. Prosecutors have been quoted as saying Mr Strauss-Kahn, 65, played a pivotal role in facilitating the orgies, describing him as the “party king”.

If found guilty, the one-time potential candidate for the French presidency could face up to 10 years in jail and a €1.5m (£1.13m) fine.

‘He did it for fun’

As he took the stand on Tuesday, Mr Strauss-Kahn said: “I committed no crime, no offence.”

“The prosecution gives the impression of unbridled activity,” he told the court. But, he added: “There were only 12 parties in total - that is four per year over three years.”

“If someone does not understand why Putin walked out [of the G20 meeting]:

"The meeting in Australia was the last chance to negotiate before canceling the peace agreements reached in 2010.

"In 2010, the G20 reached a compromise: U.S. dumps its "controlling interest” in the IMF, and the colonialist tool comes under collective management, in which China, Russia, India, Brazil, Germany, France, Turkey would play a big role and have the ability to steer the regional operations of the Fund.

“For this concession, the United States received the support of other major economies for its mild recovery from the crisis, which they themselves organized.

"Putin, as the unofficial leader of the BRICS, clearly stated that it was not possible to agree: Obama could not, as a puppet of the neocons, organize the implementation of the agreement about the future of the IMF on the U.S. side.

"In a month, we will remember no other events at the summit besides cuddling with koalas.

"Because now the real war begins.”

- V.Brig

Via Borotba