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Abstract
Funded at $100 billion each, the BRICS Contingent Reserve Arrangement (CRA) and New Development Bank (NDB) represent ‘sub-imperial’ finance, insofar as, by all indications, they fit into – instead of providing alternatives to – the prevailing world systems of sovereign debt and project credits. Balance of payments constraints for BRICS members will not be relieved by the CRA, which requires an IMF intervention after just 30% of the quota is borrowed. In this context the NDB would appear close to the Bretton Woods Institution model, promoting frenetic extractivist calculations based on US dollar financing and hence more pressure to export.
Notes
1. Luxemburg, The Accumulation of Capital, 397.
2. Bond et al., The Accumulation of Capital.
3. Wolpe, The Articulation of Modes of Production.
4. Marini, “Brazilian Interdependence,” 22.
5. Harvey, The New Imperialism, 185–186.
6. Bond, Fanon’s Warning; and Bond, “Removing Neocolonialism’s APRM Mask.”
7. Bond, Elite Transition.
8. World Bank, The Changing Wealth of Nations.
9. World Bank, The Little Green Data Book, v–vi.
10. High Level Panel on Illicit Financial Flows, Track it!
11. South African Reserve Bank, Quarterly Bulletin, 39.
12. Mandeng, “Does the World really need a Brics Bank?’
13. “$100bn BRICS Monetary Fund to be Operational in 30 Days.”
14. Campbell, “BRICS Bank Challenges.”
15. Weisbrot, “BRICS’ New Financial Institutions.”
16. Bello, “The BRICS.”
17. Desai, “The BRICS are building a Challenge.”
18. Whitney, “Putin leads BRICS Uprising.”
19. “World Bank welcomes China-led Infrastructure Bank.”
20. “The Banco del Sur initiates Operations.”
21. Bond, Against Global Apartheid.
22. Fry, “Kim crowned World Bank President.”
23. Coleman, “South Africa’s Chance.”
24. Mnyandu, “BRICS will play a Profound Role.”
25. Ibid.
26. Mboweni, “BMF Corporate Update Gala Dinner.”
27. Kasrils, “The ANC’s Faustian Moment.”
28. Cobbett, “Mboweni’s Pay Increase.”
29. Matavire, “Mboweni.”
30. BRICS Business Council, The Energy and Green Economy Working Group.
31. “$100 billion BRICS Lender.”
32. Böhm et al., “Greening Capitalism?”
33. Durden, “China’s Record Dumping.”
34. Ibid.
35. Bond, “Sub-imperialism.”
36. Stratfor, “Monography for Comment.”
37. Ibid.
38. Onyango-Obbo, “Return to Crisis.”
39. Mohammed, “The State of the South African Economy.”
40. Mataboge, “Nkoana-Mashabane.”
41. Laverty, “Globalization in Emerging Markets.”
42. Ernst & Young, Africa Attractiveness Survey.
43. Amabhungane, “Is this what our Soldiers died For?”
44. Patel, “Analysis.”
45. Hosken and Mahlangu, “We were Killing Kids,” (emphasis added), 1.
46. Msimang, “Will the Real Superpower?”
47. Heitman, “Rooivalk Attack Helo makes Combat Debut.”
48. Shear, “A Brief (Brutal) History of the Rooivalk.”
49. Pauw, “Khulubuse Zuma’s R100 billion Oil Deal.”
50. Nkoana-Mashabana, “Speech by the Minister of International Relations and Cooperation” (emphasis added).
51. De Wet, “Zuma to Business.”
52. Mminele, “South Africa and the G20.”
53. Kganyago, “South Africa as a Financial Centre.”
54. Mbeki, “Tackling Illicit Capital Flows.”
55. The High Level Panel on Illicit Financial Flows, Track It!
56. National Planning Commission, “Positioning South Africa.”
57. “SADC Banks on own Development Bank.”
58. Mungadze, “DBSA to cut Equity Investments.”
59. Barron, “Development Bank of Southern Africa.”
60. Ibid.
61. Paton, “Are the Right People leaving DBSA?”
62. Molatlhwa, “DBSA not backing Down.”
63. Rademeyer, “WikiLeaks exposes SA Spy Boss.”
64. These are the precise notes I typed at that meeting.
65. Robinson, “The Transnational State and the BRICS.”
66. Pew Research Global Attitudes Project, “Climate Change.”
67. Bond, “Sub-imperialism.”
68. Tandon, “On Sub-imperialism.”
69. Martin, “South Africa.”
70. Shubin, “BRICS viewed from Russia.”
71. Maqutu, “New Visa Rules a Danger.”
72. ABD et al., African Economic Outlook 2015. For more on these potentials, see Bond and Garcia, BRICS.