On Sal's tourism and investment: Reply to Sal Pres. Figueiredo

COMMENT ON THE INTERVIEW OF SAL PRESIDENT JORGE FIGUEIREDO PUBLISHED IN EXPRESSO DAS ILHAS ( 30 Dezembro 2013)
by: Sheilah Ocampo Kälfors Freelance journalist and writer


Jorge Figueiredo, President of the Municipality of Sal island says in an interview by Infopress, published in Expresso das Ilhas ( 2013-12-30), that 2013 represented a "quase total" paralization of Sal's economy. He gives the following reasons:

- that the property development market suffered from the worldwide economic and financial crises. Since houses and apartments for sale faced a slump in the market, the revenue that represents 40% of the municipal growth which is generated from payments of property tax known as IUP or Impostto Unico sob Patrimonio decreased significantly.

"Without transactions in property, there is no collection of IUP and without IUP, the income of the municipality goes down. It is like wanting to make omelette without eggs", he states.

He says that tourism has had no positive effects in the island and has not created any new jobs. Unemployment in Sal is 17 percent.

In response to the above statement of the Sal Municipal President, I wish to make the following comments:

- the worldwide economic and financial crises have indeed affected many countries, especially in Europe. Thus, buying properties abroad by small and major investors decresed considerably. This has been experienced by Sal's depressed property market.

On the other hand, the Cape Verde government and specifically the Municipality of Sal can introduce some important incentives to help property development and sales, by improving infrastructures such as roads and lightings, esp. in the south part Sal where so-called "Oceanfront properties" are located. This area known as the dark side of Sal attracts criminals at night and threatens the peace and security of residents.

One major difficulty faced by those that have invested in properties here in Sal ( as well as other Cape Verde islands) is the visa requirements. In order to get a resident's visa, it is not enough that one is a property owner with a land title to prove ownership. One has to have a criminal record certificate, certificate of bank account, certificate of IUP payment, health certificate and so on. If one is late because there's no available doctor to issue a health certificate, one pays a fine of 100 euros. This visa problem is a disincentive.

- in the area of tourism, the Municipality has not improved the tourism infrastructures such as roads to Buracona and other touristic places. There are no sufficient air and water transportation to visit other islands. Without tourist attractions there will be no revenues except those that go to hotels. Tourist arrivals to Sal have increased significantly. For instance, from Scandinava alone, there are three planes arriving every week.

- in the area of entrepreneursip, there are no incentives to facilitate small and medium business . License application takes a very long waiting time. As for major investments such those in inter-island shipping - for example, the acquisition of passenger and cargo ships- the regulations and procedures are unclear.

Cape Verde has to introduce simplified rules that are easy to follow. Shipping is crucial to connect the islands socially, economically and politically. It is an urgent priority if Cape Verde has to survive as an independent and economically sustainable country# 

Cape Verde-where love does not last long

The first year we came to Sal island in Cape Verde was in 2010 - a second vacation choice after Malaysia, which is farther. We stayed in Belo Horizonte Hotel which is close to the Sta Maria beach. We were newly in love, so everything we saw in this island with a brown landscape of rocks, pebbles and few wild thorny bushes was exciting, an adventure of two people just re-starting a life together. Where else was a better beginning than a faraway island in West Africa. Africa, afterall was exotic and challenging for anyone whose interest in life went beyond sandy beaches, sunshine and blue sky.

Since we were starting life together, we sold our individual homes in Sweden and bought ourselves a nice spacious apartment with a view of the Stockholm harbour. In 2010, during a walk in Sta. Maria's small commercial center, we looked at some properties advertised on the glass wall of a British property company. The property that caught our fancy was a beach flat in a condominium  by the sea, which was obviously one of the very best locations in town. By the time we returned to Stockholm, that beach property was off the market and in the hands of the lawyer we hired to do all the transactions.

It was the following year in 2011, when we embarked on an Atlantic sailing adventure from Las Palmas, Canary to Sal, Cape Verde. It took nine days and six hours to reach Sta. Maria in Nov. 21, 2011. Today our lifestyle straddles between two continents. From the months of November to April, we live in Sal island, and travel to other islands of Cape Verde where the sceneries vary from mountains to valleys and deep ridges along the coastlines.

Living in Cape Verde if you are retired from full-time active work is ideal because there is nothing to stress about except what fish is available in the fishing wharf, or whether fruits and vegetables are newly-arrived by cargo ships from their source. As long as you are stocked with books to read on those lazy hours, energized by a sun that always rises to explore places already explored, and have occasional encounters with new friends on short holidays, life is best equated with the degree of enthusiasm you can have for a book that lumbers slowly in search of a climax.

The hours of monotony and boredom are tolerable because as I said, energy is from within not outside. It is making things happen not waiting for things to happen. It is smiling first hoping to get a smile back. Since we have been coming to this island every year, the problem of visa has surfaced everytime. During the first three years, we did have an intermediary doing the visa round for us but it had become one problem and another, if not the instability of agency then the rising cost of agency itself. This year, we decided to do it ourselves because a Cape Verdean friend with position in the local government promised to help with the long process.

As it stands today, and I stress today because rules and regulations here are in constant motion, the requirements for a residential visa are: Property title, proof of tax payments, proof of economic sustainability (bank accounts), police criminal record and health certificate. In all these various offices, you pay a fee for the certification. It appears that we are now late with our visa which expires on Jan. 6th, just because no doctor is available until Jan 8th, to give us a health clearance. So we have to pay a fine of 100 euros each. And while those sittting behind these tables are taking life without stress, we- the minority population that tries to inject much needed financial resources into a deeply-starved economy are stressed beyond the limits of love and loving.#

US Pres.Obama visits Sweden

Sweden's Prime Minister Fredrik Reinfeldt states ahead of the visit of US President Barak Obama that the most important issues on the agenda are free trade, environmental technology and the global security situation, with special focus on Syria.

"There will be a whole deal on free trade, climate policy and the state of the world," Reinfeldt said. "The real controversial issues concern free trade."

It is reportedly unlikely that Reinfeldt will take up issues such as Guantanamo, drone attacks and NSA electronic surveillance, although the Swedish PM denies that any subject has been ruled out.

The Swedish PM is on record as saying that Sweden doesn't believe that a military solution is available for the Syrian conflict. Reinfeldt says however that he can understand the risks of not responding if chemical weapons can be proved to have been used in Syria.

Swedish Foreign Minister Carl Bildt comments on the fine weather that has greeted Obama in Stockholm:

"Well, first ever bilateral visit by a US President to Sweden has started. Sun shining."

Stockholm is indeed showing its best side on Wednesday with blue skies, 20C temperatures and glittering water are on offer for anyone seeking to tackle the traffic and head in to town in the hope of a glimpse of the man who can.

Obama has landed (for the second time today) at Stockholm's Grand Hôtel for a little lunch and meeting with US ambassador to Sweden, Mark Brzezinski.

The Grand Hôtel, which lies directly opposite the Royal Palace on Blasieholmen in central Stockholm is owned by the Wallenberg dynasty through the family's investment firm Investor.

US President Barack Obama visits Stockholm Synagogue, Wednesday to honour the memory of Raoul Wallenberg, whose relatives asked for his help in establishing the fate of the deceased Swedish diplomat.

The US president does not ride alone. The US entourage extends to some 600 people including some hundred or so journalists who follow the President wherever he goes. Furthermore the vehicle he is now travelling in, nicknamed "The Beast", follows along wherever the President goes.

Sweden's Television questions whether the massive security operation is part of a show of power. The conclusion appears be that the party equates to what is needed for the world's most powerful leader to do go about his business.

After Obama's stop in Stockholm the party will continue to St.Petersburg for a G20 meet.

The brass band begins playing. Barack Obama is walking down the steps of Air Force One. He has just shaken hands with foreign minster Carl Bildt, Vice-PM Jan Björklund and Centre Party and Christian Democrat leaders Annie Lööf and Göran Hägglund respectively.


Earlier:

  US President Barack Obama will arrive in Stockholm on Wednesday morning in a delicate position as a Nobel Peace Prize laureate likely to face pressure to explain his motives for plans to strike Syria.
Obama is set to land in Stockholm's Arlanda airport early on Wednesday morning for a busy two-day schedule including meets with Nordic prime ministers and the Swedish royal family.

He may reprise some of the arguments he made when he picked up his Nobel prize in Oslo in 2009, when he effectively made a case for when a US president may choose to wage war - to protect American security, for humanitarian reasons, or to prevent the spread of weapons of mass destruction.

Obama headed for Sweden and the G20 summit in Russia after making important political headway at home when top Republican leaders firmly backed his plan to punish Syrian President Bashar al-Assad for a chemical weapons attack.

The US president decided to seek congressional approval in a surprise development on Saturday, saying he is ready to launch "limited" action despite Russia's decision to prevent the UN Security Council framing a mandate for action.

Obama does not currently have any one-on-one meetings scheduled with Russian President Vladimir Putin, but the two leaders will run into each other at the inevitable photocalls of the G20 summit in St Petersburg on Friday.

Officials say however, that with press conferences in Sweden planned for Wednesday and in Russia on Friday, the president will be able to make forceful interventions in the debate back home.

When he arrives in Stockholm, Obama will hold talks with Sweden's Prime Minister Fredrik Reinfeldt, in the first-ever bilateral visit by an incumbent US president to the country.

They will discuss climate change, defense and security cooperation and trade and development, as well as key foreign policy challenges including Syria and Egypt, a senior US official said.

Obama will then celebrate the life of Raoul Wallenberg, the Swedish diplomat who rescued thousands of Jews from Nazi-occupied Hungary - on the first day of Rosh Hashanah, the Jewish New Year.

On Wednesday evening, Obama will attend a dinner hosted by Sweden for the President of Finland and the prime ministers of Denmark, Iceland and Norway. He is due to leave Sweden on Thursday afternoon. (Reports from THE LOCAL, Sept. 4, 2013)

Benigno Aquino Sr and Ferdinand E. Marcos - friends or foes

( A Facebook friend forwarded this article to me, on the relationship between iethe Senator and former Pres. F. Marcos, as revealed in an interview of Roque Ablan, by Gemma Nemenzo. I feel that this article coincides with the anniversary of the assasination of Ninoy Aquino, on August 21st.)

 

Benigno Simeon "Ninoy" Aquino, Jr. was a Filipino Senator and was assassinated last August 21, 1983. Who ordered to kill him? Many accuse Former President Ferdinand Marcos. But...

Ferdinand E. Marcos and Ninoy Aquino are more than friends. I'm going to share to you an article written by Nemenzo, Gemma from Filipinas (August 2008). The title of the article is "A Different Take: An Interview with Rep. Roquito Ablan." A lot of you may not know him, but during the Marcos Era, he was a "force" back then. Filipinos are made to believe that Ferdinand E. Marcos and Ninoy Aquino were really arch nemesis, rivals, and even foes. But from this interview, we can see a different view on what was really happening during those times. So here it is...


While writing a book about Upsilon Sigma Phi, the fraternity both Ferdinand Marcos and Ninoy Aquino belonged to, Filipinas managing editor, Gemma Nemenzo, did a one-on-one interview with Congressman Roquito Ablan of Ilocos Norte.

Ablan had the unique privilege of being close to both Ninoy, his batchmate in Upsilon (batch 1950), and Marcos, the undisputed lord of Ablan's province. With such proximity to the two political superstars of that era, the congressman had a ringside view of what was happening behind the scenes of the Marcos-Aquino saga.

Is he credible? People close to Marcos confirm that Roquito Ablan then had a direct line to the former president. Upsilonians also know that he and Ninoy Aquino remained close friends.

Here are excerpts from the interview:
I first met Ninoy at the University of the Philippines (UP) when we were neophytes in 1950. He was a professional absentee from classes. I was working with LUSTEVECO then so I had an open expense account so I would gas up Ninoy's car.

The two of us were the most hazed neophytes in our batch. Our initiation lasted one year and one semester. We joined Upsilon because it was "the only frat in UP"; to be an Upsilonian, you must be good.

Ninoy and FM (Ferdinand Marcos) were more than friends. When Ninoy was in detention, he and FM would speak with scrambler telephones. During FM's state visit to the U.S. in 1982, the two of them talked for an hour about good times.

FM was actually considering Ninoy as his successor. He admired Ninoy for his being a courageous fighter and his vigor. They were on the same wavelength.

In fact, Ninoy's "Iron Butterfly" speech against Imelda and the Folk Arts Theater was edited by FM. I know because I was the intermediary. From the very beginning, FM gave instructions to the military to be lenient with Ninoy.

I met up with Ninoy in New York on April 22, 1983, which was my birthday. He told me he needed a passport. secretary of Foreign Affairs Collantes had earlier issued a memo stating no renewal for Ninoy's passport. So I checked with FM on the phone and Joey Ampeso, a consular officer assigned in New Orleans and an Upsilonian, was asked to assist Ninoy, which he did.

During that New York meeting, Ninoy also told me that he went to see his doctor and his medical exam might require him to rest for six months because of some heart complication. In July that year, Ninoy was told by the State Department that FM was sick and that "if I don't go home, I will not be president."

In early August, FM and Ninoy talked about the latter returning to the Philippines and FM told him not to come home yet because he (FM) was weak and he couldn't protect Ninoy.

On August 17, there was an earthquake in Laoag, Ilocos Norte, so I had to be there as acting governor. I sent two planes to meet Ninoy in Taipei but the first plane, which carried a top officer, could not locate him because he was using a passport with a different name. FM's instructions were to bring Ninoy to Basa Air Base, load him in the presidential helicopter and bring him here to Manila, to protect him.

On August 20, I left Laoag at 10 in the evening so I could be in Manila in time to meet Ninoy at the airport. I didn't think much of it then, but my plane was grounded (by someone who knew the chain of command) and the second plane was prevented from taking off When I was driving to the international airport, my car was delayed because of a rally of another Upsilonian, Doy Laurel, in front of Baclaran Church. I arrived at the airport 12 minutes after Ninoy was shot. Someone met me and said "wala na si Ninoy (Ninoy is gone)." I cried like a baby when I found out what happened. If I arrived on time I could have escorted Ninoy from the aircraft and he would not have been shot, or I would have been shot along with him on the stairs.

Almedalen- where Swedish political parties struggle for legitimacy

All the Swedish political parties, media, political observers and cause-oriented groups, ordinary citizens are all converged this week in Almedalen, Gotland for a week of party presentations, discussions, seminars, interviews and speeches by the party leaders.
Almedalsveckan has been arranged on Gotland for over forty years. It all started in 1968 when Olof Palme spoke from a truck at the gunpowder tower in Almedalen.

The early years of political speech has evolved to become the largest political meeting place. Through democracy and openness during the week anyone who wants to debate the social issues attend. (Almedalen website)  It is basically the same issues tackled every electoral year. The only difference is which one is prioritised. There is education and schooling, which means calls for more places for a fast-growing children population that need day care services, so that their parents can go back to work after a year's maternity leave. Then there is also shortage of places in the nursing homes for the elderly for the increasing number of old people needing 24-hour care.

Unemployment is an urgent situation to be addressed, especially of the younger population that expresses their anger against the system through the use of violence and destruction of public properties.

The biggest problem that confronts all politicians and all electoral years is how to handle the unstoppable flow of refugees and asylum-seekers to Sweden, especially for those claiming reunification with families. This problem leads to the double-edged question of where to house them and what will they do for a living. Surely, they cannot depend on welfare benefits for the rest of their stay in Sweden.

The other day, the daily SvD published an article that pointed out the inequity of refugee-taking among the Swedish counties; that economically well-off counties take few while poorer counties have received more. The so-called "richer" counties are over-populated and do not have housing areas for refugees. Most of those living in these counties have work or incomes and can afford the high cost of living.

The minister of industry who heads the Center party-which used to be the farmers' party before, says that the countryside should be made more attractive, labour-market wise so that people, esp. refugees and immigrants can make a life there. However, based on existing realities, refugees and immigrants prefer to live in suburbs already populated by people from their own countries, or where their friends and relatives are living. Therefore there is Tensta, Rinkeby, Södertälje, Hässelby, plus other ghettos spread out in Stockholm's suburbs.

Sweden Democrats or Sverige Democrater is an extreme rightist party that gained its popularity by advocating lesser refugee and asylum-taking. It rationalises it by stating that there are many unemployed immigrants in Sweden, so why take on more and aggravate the employment crises. The other political parties cannot honestly admit that the refugee and asylum-taking burden is unequally- shared not just in Sweden but in Europe, even the Middle East where most of these Muslims are coming from. The Middle East with rich oil revenues don't give a damn about their own people in say, Syria?


Right now, we are all concerned with over-population in certain counties where work is hard to find. A workless situation is a bonfire waiting to ignite into flame. Work, housing, places for the young and the old, schooling, the environment's degradation, our commitment to humanity that should not be abused, and how much we have to pay in the form of taxes, so that everybody enjoys a quality of life that is above average, and where the burden of creating such a quality of life is equally-shared by all and do not rest alone in the hands of the working population. This is the highest form of solidarity in a society.#

What is Islam?

I treat topics like Christianity, Protestantism and Islam from a scientific point of view. My belief in an Almighty power that could be akin to religion is purely private to me and as in all matters of private nature, I hold it close to my heart.

I have a good friend who just finished a political thriller that deals with the terrors of Islam. I have edited it and offered comments that I thought should make the book less subjective. It is a novel based on very contemporary events and has hair-raising effects on what promoters of Islam are prepared to do to gain dominance in countries with very secular traditions. The following was sent to me by another friend who watches how Europe is slowly changing its socio-political and cultural landscape.





A perspective by Dr. Peter Hammond. Dr. Hammonds doctorate is in
Theology. He was born in Capetown in 1960, grew up in Rhodesia and converted
to Christianity in 1977.
Adapted from Dr. Peter Hammond's book: Slavery, Terrorism and Islam: The
Historical Roots and Contemporary Threat:al

Islam is not a religion, nor is it a cult. In its fullest form, it is a
complete, total, 100% system of life.

Islam has religious, legal, political, economic, social, and military
components. The religious component is a beard for all of the other
components.

Islamization begins when there are sufficient Muslims in a country to
agitate for their religious privileges.

When politically correct, tolerant, and culturally diverse societies agree
to Muslim demands for their religious privileges, some of the other
components tend to creep in as well..

Here's how it works:

As long as the Muslim population remains around or under 2% in any given
country, they will be for the most part be regarded as a peace-loving
minority, and not as a threat to other citizens. This is the case in:
United States -- Muslim 0..6%
Australia -- Muslim 1.5%
Canada -- Muslim 1.9%
China -- Muslim 1.8%
Italy -- Muslim 1.5%
Norway -- Muslim 1.8%

At 2% to 5%, they begin to proselytize from other ethnic minorities and
disaffected groups, often with major recruiting from the jails and among
street gangs.
This is happening in:

Denmark -- Muslim 2%
Germany -- Muslim 3.7%
United Kingdom -- Muslim 2.7%
Spain -- Muslim 4%
Thailand -- Muslim 4.6%

From 5% on, they exercise an inordinate influence in proportion to their
percentage of the population.
For example, they will push for the introduction of halal (clean by Islamic
standards) food, thereby securing food preparation jobs for Muslims.
They will increase pressure on supermarket chains to feature halal on their
shelves -- along with threats for failure to comply.

This is occurring in:

France -- Muslim 8%
Philippines -- 5%
Sweden -- Muslim 5%
Switzerland -- Muslim 4.3%
The Netherlands -- Muslim 5.5%
Trinidad & Tobago -- Muslim 5.8%

At this point, they will work to get the ruling government to allow them to
rule themselves (within their ghettos) under Sharia, the Islamic Law. The
ultimate goal of Islamists is to establish Sharia law over the entire world.


When Muslims approach 10% of the population, they tend to increase
lawlessness as a means of complaint about their conditions.
In Paris, we are already seeing car-burnings. Any non Muslim action offends
Islam, and results in uprisings and threats, such as in Amsterdam , with
opposition to Mohammed cartoons and films about Islam.
Such tensions are seen daily, particularly in Muslim sections, in:

Guyana -- Muslim 10%
India -- Muslim 13.4%
Israel -- Muslim 16%
Kenya -- Muslim 10%
Russia -- Muslim 15%

After reaching 20%, nations can expect hair-trigger rioting, jihad militia
formations, sporadic killings, and the burnings of Christian churches and
Jewish synagogues, such as in:

Ethiopia -- Muslim 32.8%

At 40%, nations experience widespread massacres, chronic terror attacks, and
ongoing militia warfare, such as in:

Bosnia -- Muslim 40%
Chad -- Muslim 53.1%
Lebanon -- Muslim 59.7%

From 60%, nations experience unfettered persecution of non-believers of all
other religions (including non-conforming Muslims), sporadic ethnic
cleansing (genocide), use of Sharia Law as a weapon, and Jizya, the tax
placed on infidels, such as in:

Albania -- Muslim 70%
Malaysia -- Muslim 60.4%
Qatar -- Muslim 77.5%
Sudan -- Muslim 70%

After 80%, expect daily intimidation and violent jihad, some State-run
ethnic cleansing, and even some genocide, as these nations drive out the
infidels, and move toward 100% Muslim, such as has been experienced and in
some ways is on-going in:

Bangladesh -- Muslim 83%
Egypt -- Muslim 90%
Gaza -- Muslim 98.7%
Indonesia -- Muslim 86.1%
Iran -- Muslim 98%
Iraq -- Muslim 97%
Jordan -- Muslim 92%
Morocco -- Muslim 98.7%
Pakistan -- Muslim 97%
Palestine -- Muslim 99%
Syria -- Muslim 90%
Tajikistan -- Muslim 90%
Turkey -- Muslim 99.8%
United Arab Emirates -- Muslim 96%

100% will usher in the peace of 'Dar-es-Salaam' -- the Islamic House of
Peace.. Here there's supposed to be peace, because everybody is a Muslim,
the Madrasses are the only schools, and the Koran is the only word, such as
in:

Afghanistan -- Muslim 100%
Saudi Arabia -- Muslim 100%
Somalia -- Muslim 100%
Yemen -- Muslim 100%

Unfortunately, peace is never achieved, as in these 100% states the most
radical Muslims intimidate and spew hatred, and satisfy their blood lust by
killing less radical Muslims, for a variety of reasons.


'Before I was nine I had learned the basic canon of Arab life. It was me
against my brother; me and my brother against our father; my family against
my cousins and the clan; the clan against the tribe; the tribe against the
world, and all of us against the infidel. -- Leon Uris, 'The Haj'


It is important to understand that in some countries, with well under 100%
Muslim populations, such as France, the minority Muslim populations live in
ghettos, within which they are 100% Muslim, and within which they live by
Sharia Law.
The national police do not even enter these ghettos. There are no national
courts, nor schools, nor non-Muslim religious facilities.. In such
situations, Muslims do not integrate into the community at large. The
children attend madrasses. They learn only the Koran. To even associate with
an infidel is a crime punishable with death.
Therefore, in some areas of certain nations, Muslim Imams and extremists
exercise more power than the national average would indicate.


Today's 1.5 billion Muslims make up 22% of the world's population. But their
birth rates dwarf the birth rates of Christians, Hindus, Buddhists, Jews,
and all other believers.
Muslims will exceed 50% of the world's population by the end of this
century.

Adapted from Dr. Peter Hammond's book: Slavery, Terrorism and Islam: The
Historical Roots and Contemporary Threat

 

 

 

 

G- 8 versus BRICS

 G-8 - a forum for the governments of eight of the world's wealthiest countries, excluding Brazil 6th, India 9th and China 2nd. is meeting in Irland today.The forum was established in 1975 summit hosted by France.

G8 today is facing criticism for its failure to resolve conflict in Syria, reduce globalization problems such as Third World Debt, global warming, the Aids epidemic, lack of transparency, tax inequality where certain global companies such as Amazon, Google and Apple do not pay tax in markets where they earn huge profits and trade liberalization between USA and EU.

Critics say the G8 has now become unrepresentative of the world's most powerful economies. In particular, China has surpassed every economy but the United States, while Brazil has surpassed Canada and Italy acc. to IMF. India is already larger than Brazil, and according to the IMF and the CIA Factbook, has surpassed Japan in terms of purchasing power parity. This has given rise to the idea of enlarging G8 to the G8+5, which includes these other economically powerful nations. (Source:Wikepedia)

The BRICs countries consisting of Brazil, Russia, India and China had a financial summit in South Africa last March and tackled major projects designed to challenge the existing financial systems. It has agreed to dump the Euro and create its own development bank.

The BRICS nations financial summit in South Africa from 26 to 28 March is officially called "BRICS and Africa: Partnership for Development, Integration and Industrialisation".

In this financial meet, the heads of the emerging economies – Brazil, Russia, India, China and South Africa (BRICS) – agreed to cut their foreign currency reserves in euro, having sold €45 billion of the currency in 2012, according to data gathered by the International Monetary Fund.

After the cut, the euro represents just 24% of the BRICS foreign reserves, the lowest level since 2002 – the year when euro coins and banknotes first entered circulation – and down from a peak of 31% in 2009, according to reports in the financial press.

The move reportedly due to the developing world’s disillusionment with the status quo of world financial institutions. The World Bank and IMF continue to favor US and Europe over BRICS nations. And in 2010, the US failed to ratify a 2010 agreement which would allow more IMF funds to be allocated to developing nations.

Once a loose political affiliation, the BRICS bloc is now a serious economic contender in the world economy, representing 40% of the world’s population, and accounting for one fifth of global GDP.

The five countries hold foreign-currency reserves of $4.4 trillion (€3.4 trillion), and need an institution to safeguard this tremendous wealth. The reserve will also protect members from short-term liquidity volatility and balance-of-payment problems.

Is the G-8 coming together with BRICS for a better and more effective global management of the world's resources and fair distribution of wealth and profits. This is a question that defies any easy answer.

When leaders of the world's wealthiest countries meet to decide on the fate of the less wealthy, the poor and the deeply-marginalised countries whose state of poverty remains unchanged and whose freedom from wars and ethnic conflicts is the least priority, one wonders what these organizations really achieve other than securing its members' continued access to wealth and power.#