My friend and colleague Jim Vreeland is very glad with the announcement that the BRICS countries are starting a swap agreement:
As reported by the Financial Times, the governments of the BRICS (Brazil, Russia, India, China, and South Africa) – who have all suffered under-representation in the governance of the IMF – announced yesterday that they will build their own financial safety net, based on the Chiang Mai Initiative. The Chiang Mai Initiative (CMI), itself is based on the IMF – basically it’s a Asian version of the IMF (an Asian Monetary Fund). So this is the BRICS version of a monetary fund…. a BMF!
More, including ample Pulp Fiction references, at the Vreelander.