Unfortunately it's always one step forward two steps back with that situation.
World News Thread & Breaking News!!
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Unfortunately it's always one step forward two steps back with that situation.
Miragedriver
Brigadier
Equation
Lieutenant General
World's Largest Indoor Arena Opens in the Philippines
Asia News Network - Sunday, Jul 20, 2014
MANILA - It's all systems go for Monday's inauguration of the Philippine Arena in Bocaue town, Bulacan province, "the world's largest domed indoor arena," which will be the main site of the centennial celebration of the Iglesia Ni Cristo (INC) on July 27 where more than 1 million of its members are expected to congregate.Located in a 50-hectare complex called Ciudad de Victoria or City of Victory, which is part of the INC's centennial project, it has a bowl-shaped structure inspired by the narra, the Philippine national tree, according to the world-acclaimed architectural firm Populous, its concept designer. The firm also designed the huge 23,000-seat O2 Arena in London, as well as various huge sports arenas and stadiums in the world.The Philippine Arena is more than twice the size of The O2 in London and even of the large indoor arenas in the United States, which was why it was a big challenge to design and build. The Philippine Arena "pushed the boundaries of arena design" and is now considered the world's largest indoor arena, Populous said in its website.During its groundbreaking in August 2011, INC executive minister Eduardo V. Manalo said the arena and other massive architectural marvels to be built in the City of Victory had been designed to bring glory to God and honour to the country.
Nice! But no way it's bigger than AT&T stadium (home of the Cowboys) or even Reliant stadium (home of the Texans).
The key word here is "arena". So I guess being a complete indoor facility with a seating capacity of 46,000 or more, than what about the Fords Arena and dozens of others buildings?
plawolf
Lieutenant General
Would have been better if he got his basic facts right...
Miragedriver
Brigadier
Since I know just enough about world economics to be dangerous to myself when I read these articles, could you enlighten us on the facts omitted or distorted?
plawolf
Lieutenant General
For starters, he missed South Africa entirely from the article.
The BRICS development bank is set up by 5 partners, not 4.
Each is contributing $10bn in capital. There is a $100bn agreed contingent reserve arrangement (CRA), but that's a very different thing to currency reserve as mentioned in the article.
The BRICS development bank is also not modelled on the IMF, the whole point of setting it up is to establish a different way of doing things compared to the US dominated IMF. The most striking difference is that all 5 BRICS founding members are equal partners and shareholders.
His headline economic numbers are also pretty suspect.
USA 2013 GDP was $16.8tn, but China's was only $9.28tn. That $16.2tn figure he quoted would have to be PPP adjusted GDP. Its standard practice to explicitly state when a measurement is PPP because all figures are assumed to be nominal unless so stated. To omit it is either intellectual dishonesty, sloppiness, or just not knowing the difference.
I haven't got time to check, but based on all this, ii would not quote any of the figures he used unless I checked them myself first.
SamuraiBlue
Captain
It will take lot more time then what this author claims since BRICs has two major components missing.
1.Global Commodity Market utilizing the new currency
2.Global Insurance Market utilizing the new currency.
They'll need to persuade OPEC into changing the interaction currency but most unlikely since presently the middle east nation's have pegged their own currency to the US Dollar.
The demise of the dollar would not be happening from rivalry of competing banks but the transition of energy source which is starting to happen. Within two~three decades this planet may change from a Hydrocarbon society into a hydrogen society.
The only major issue I have with article is that the author believes cyber-currency like bitcoin would be included in new reserve currency basket. That's never going to happen as cyber currencies are not issued by any central banks, thus they are not controlled by any governments. That reason alone precludes its inclusion since no central banks are going to give up its currency control/manipulation role.
The real question to ask here is not whether dollar would be replaced as a reserve. It's whether US dollar's reserve status would be supplemented with other currencies. Any international deals, settlements without the use of US dollar reduces it status as reserve.
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AssassinsMace
Lieutenant General
I saw on I think was GPS 360 the US law behind the $9 billion fine imposed on BNP of France makes it possible for any governmental entity within the US to fine another country for whatever reason making that kind of power vulnerable to being abused. All because of the dollar being the standard. If Obama is willing to use it against allies, there will be support to shift away from the dollar and not with just BRICS countries.
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In response to BNP fines, French finance minster has already suggested diversification from dollar. He was being "diplomatic" by saying "this is not a fight against dollar imperialism." I would worry when allies start to use terms like dollar imperialism.
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