Global outlook murky, Brics new bank a breath of fresh air

It is an interesting point that Russia is one of the BRICS: http://en.wikipedia.org/wiki/BRICS.

The Slog.

The global economy is deteriorating fast, says the Market Oracle. The global economic outlook is rising says the Economic Times. The outlook is uncertain says Janet Yellen. Chinese output grew 7.5% in the 2nd quarter of 2014 says Beijing. We’re not impressed said the Asian markets, as they fell overnight.

Yes, it’s that clear. But something of some significance did happen yesterday: The Brics founded a new joint bank as a rival to the IMF/World Bank cartel.

Small potatoes for now. ut another small pin in the Hindenburg of Western hegemony.

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