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The New Development Bank could well evolve into an alternative financial power centre, depending on how well the Brics 5 play their cards.

WASHINGTON –  Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.

The business communities of the BRICS countries - Brazil, Russia, India, China and South Africa - are considering the use of their local currencies to do business with each other, rather than converting first to another currency, such as the dollar, which generates losses.

In the next 24 hours the media runs amok. There was not much of a New Year’s celebration in the Western Hemisphere. People were afraid. They were speculating what may happen. Some planned a run on the banks to withdraw their money, though not knowing what to do with it in a system that may collapse. They couldn’t even convert their cash dollars and euros into Bricsos, as the Bricsowas to be only a virtual currency. Some planned to convert their bank accounts into BRICS currencies. They would be safe. Others continued to trust the dollar, the existing system, no matter how defunct it was. They figured Washington will again find a solution to save them.