Aust has been invited by China to join the BRICS Development Bank. http://www.dnaindia.com/money/report-what-is-the-brics-development-bank-2002600

It seems the rules of this organisation have yet to be fully determined. If this bank won't allow member countries to create at least half of the new money, then we will be no better off than under the present Rothschild cartel of Central Banks.
http://www.afr.com/p/special_reports/opportunityasia/china_steps_up_pressure_for_infrastructure_QiThrgbn7j521HjYL6TlrN

Aust has broken with US $ trade hegemony by trading in Yuan directly with China and saving on currency costs. We also have broken with their view of the Ebola threat by banning travel from African affected countries. We seem to paying lip service to US wars in the Middle East with token gestures and not falling in line on what really matters to us, which is a positive step.

The argument is that if we get in on a ground level of the BRICS Bank, we can have a say in how this new Bank will function. How should this BRICS Development Bank be set up ?

Do the lack of comments reflect the ignorance of OLO readers ? This is a topic far more important than gay marriage, terrorism and all the other contrived agendas of social and political division.

I don't know arjay why no one is taking this seriously but i'm hearing our federal government has buckled under pressure from the USA into not supporting it.
We exported $100 billion of our resources to them last financial year(2nd Japan $50 billion) so i would have thought we should collaborate more with them.The chinese to me are pragmatic when it comes to doing business.

Right about bowing out due to pressure from America.

Another nail in the coffin of American dollars holding countries to ransom.

The Dollar Decline Continues: China Starts Direct Convertibility With Asia’s #1 Financial Hub
Earlier this week some of the biggest financial news of the year made huge waves all over Asia.

Yet in the Western press, this hugely important information has barely even been mentioned.

While this is ignored in the US so far, it’s front page news in Asia.

So what’s the news?

The Chinese government announced that the renminbi will become directly convertible with the Singapore dollar… effective immediately.

http://www.globalresearch.ca/the-dollar-decline-continues-china-starts-direct-convertibility-with-asias-1-financial-hub/5411067

Arjay
You believe in a government right to print money, remember?

Not really, Arjay

>>Do the lack of comments reflect the ignorance of OLO readers?<<

More likely is because - as usual - you have your facts wrong. As in...

>>Aust has been invited by China to join the BRICS Development Bank<<

That is simply not the case. Australia has not been invited by anyone to join the BRICS Development Bank. Apart from anything else, it is no longer called the BRICS Development Bank, it is now called the New Development Bank (NDB). But hey, what's in a name, eh - and we haven't been invited to that party either.

What is up for grabs is participation in the Asian Infrastructure Investment Bank (AIIB), to which twentyone countries have already signed up, ranging from (alphabetically) Bangladesh to Vietnam. Considering the need for infrastructure investment is expected to be in the trillions of dollars this decade, the AIIB can only be a Good Thing, and I expect our government will eventually see the logic of being inside the tent, and sign up.

Although quite why you are so excited by it, Arjay, given that your understanding of international finance can fit neatly on the back of a postage stamp, is a mystery.