This is a two-part interview of Joseph Stiglitz, Professor of Economics, Columbia University and Nobel prize winner, interviewed on Democracy Now by Amy Goodman and Juan Gonzalez, focused on challenging the U.S. -dominated World Bank and the International Monitary Fund at by the BRICS countries — Brazil, Russia, India, China and South Africa.
The formation of the group was announce in Brazil by the five nations. The group will meet Shanghi.
This meeting if BRICS will be pivotal at the time when dollar in the United States is about the fall to zero or record lows and its overall economy is about to collapse.
Notice that U.S. in not a member of BRICS. However, no doubt it will be included in any discussions of the world finance and economy.
In September, the U.S. is about to drop from number one to two behind China. This is not well-know in the United States and, consequently, should have negative effect on the leaders throught the world.