The bank is also seen as “a declaration of the independence of the emerging community of nations” and a signal of its intention to open new ways of funding and underwriting development in emerging economies. It intends being an alternative to the International Monetary Fund (IMF) and wants to become a strong voice in the lobby for reforms of existing international financial institutions (IFIs).

Looks like the era of US and Britain threatening economic sanctions is over. By March this year, there will be new controllers of world fiscal economics.

@chessmaster, true. USA and by extension, Britain are powerfull due to their control of the USD. Once they loose this control and another currency such as the Yuan becomes an alternative world reserve, its a spiral all the way to the bottom for their economies.
The US and Britain should not be issuing economic threats to any one atthe moment. This is not in 2002 when they could strangle Zimbabwe and Equador through the use of currency. Zimbabwe abd Equador abandoned their currency and till today use the USD.

check this article
The Media Won't Touch This Story About The End Of The US Dollar

Read more: http://articles.business...sanctions#ixzz2KaUYfFnE

It's ironic. The United States fashioned its Iranian sanctions assuming that oil trades occur in US dollars. That assumption – an echo of the more general assumption that the US dollar will continue to dominate international trade – has given countries unfriendly to the US a great reason to continue their moves away from the dollar: if they don't trade in dollars, America's dollar-centric policies carry no weight! It's a classic backfire: sanctions intended in part to illustrate the US's continued world supremacy are in fact encouraging countries disillusioned with that very notion to continue their moves away from the US currency, a slow but steady trend that will eat away at its economic power until there is little left.

Read more: http://articles.business...sanctions#ixzz2KaUi7Sx5

The part in red shows exactly what will happen within a Uhuruto government. Other African countries will start replacing the USD with the Yuan over time hence a loss to USA.

I agree completely.Nations are becoming tired of being forced to follow US when it throws sanctions left right and center.

@segemia - The US is still has military might.When it losses control of the waters then things will become interesting.

@segemia. very true. The US does not create any wealth. It mainly makes its money coz USD is the world's reserve. If this unique position is eroded, the US economy will cramble like a pack of cards.

http://theeconomiccollap...-every-month-since-2001
Any economy that constantly consumes far more wealth than it produces is eventually going to be in for a very hard fall. Many point to relatively stable GDP numbers as evidence that the U.S. economy is doing okay, but the truth is that we have had to borrow increasingly massive amounts of money to keep GDP numbers up at that level. The U.S. government is going to run an all-time record deficit of about 1.65 trillion dollars this year and average household debt in the United States has now reached a level of 136% of average household income.

http://www.jimpinto.com/...ngs/creatingwealth.html

Politicians keep insisting that America must get back to creating wealth. But they want to do it by getting Americans to borrow more money to buy more "stuff", most of which is made offshore.