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Wednesday, December 31, 2014

On December 31, 2014 by Conspiracy Realism   No comments
Chinese President Xi Jinping (L) and Russian President Vladimir Putin

An analyst says China and Russia are moving toward creating a new world order to counter the economic policies of the US and Europe.

Mike Billington, with the Executive Intelligence Review, told Press TV that China and Russia are cooperating with each other to set up a new economic paradigm in the world through the BRICS association (comprising of Brazil, Russia, India, China, and South Africa) and to provide an alternative banking system to avoid the decaying economic structures of the US and Europe.
“The point is that the BRICS nations are indeed a new paradigm. They have recognized that the West is self-destructive,” Billington said. “What is happening is not money, it is development. It is the question of the destruction of physical economy of Europe and the United States as opposed to the burst of real physical development.”
He referred to China’s development plans in Africa, including the building of railroads, and said the colonial powers only want to extract the raw materials that they need from these countries, while China is building new railroads just for the sake of the African people.
“The Chinese need raw materials, too, as colonial powers did, but they are paying for it with real development,” Billington said.
Russia and China recently decided to use their own currencies in trading in response to the latest round of US sanctions against Moscow over the Ukrainian crisis.
On Monday, an agreement signed at the end of October came into effect, allowing a currency swap of CNY 150 billion (up to USD 25 billion) between the two countries in an effort to reduce the influence of the US dollar and foreign exchange risks.
Russia has been hit with a series of sanctions by the US and the European Union, which have accused Moscow of playing a role in the ongoing crisis in eastern Ukraine, a claim Russia has repeatedly rejected.

Press TV