Moscow is convinced the West is abusing its control of international financial institutions to try to show BRICS who is boss
May 25-26th the fifth meeting of high-ranking security officials from BRICS was held in Moscow.
The Russian host Security Council Secretary Nikolai Patrushev had this assement to share with his counterparts from Brazil, India, China and South Africa:
"The West has increasingly been using international financial institutions as an instrument of pressure.
"Overall capital outflows from the BRICS economies have amounted to at least $3.5 trillion in the past ten years.
"Capital outflows in the past three years account for over one half of this."
The figure seems immense until you consider China alone holds more than $2 trillion in US dollar-denominated "assets" -- mainly US bonds of increasingly dubious value.
Further on Petrushev warned that aside from financial pressure BRICS should be on guard against Western information war and particularly the attempts to use internal divisions to try to destabilize member states:
"The tendency of the past five years indicates that information pressure and attempts to artificially fuel national, religious and cultural disagreements will primarily be used to deter our countries."
Petrushev was certain the new BRICS Development Bank would help maintain BRICS economic security and thus enhance the stability of its members.