BRICS Summit, New Delhi 2012 - World's rising economies look toward a world beyond the US Dollar

I've posted this as an embed in the blog because it wouldn't load on the video section.

Would we all agree that we are heading for a more 'multi-polar' economic model, perhaps a Global reserve currency?  How does that affect your business, or your home, your financial security?

Oil prices are a separate matter of course, which tie in with this.  The queues for petrol at my local filling station, people panic buying because of an impending fuel-workers' strike, this morning stretched up the road and round the corner out of sight. 

If I can clumsily attempt to articulate what is on my mind -

 "if the US dollar collapses, will Big Oil's tendency to try and dominate world reserves be hindered or helped?  Oil pretty much dominates, in turn, the world economy.  China, for example, cannot manufacture all that they do if there is no oil to lubricate their machinery.  Thus, wars are fought for control over it, as we saw most recently in Libya, and might be about to see again in Las Malvinas in the South Atlantic.  Will a more or less economically-interdependent system foster greater co-operation, or greater competition?  Will the 'military-industrial-complex' in the US be able to survive the collapse of the dollar?  Perhaps the dollar will plunge, but not completely collapse?  All roads seem to lead to an ultimate confrontation between US/NATO + Allies versus China/Russia + Allies.  Until then, lots of little wars and everybody can sell arms to each other.  But on the whole, 'more multipolar' = 'more unstable', right?"   

Can think of questions this raises in multiple directions.  Open floor.

And yes, I've been criticised for 'watching too much RT'...

I became aware of this clip not through Russia Today, about whose bias you can read at my own blog here on Multiply, but via AG Marshall's blog, who in recent years has become an online friend.  We've spoken often enough, he is aware of SLG, albeit probably a bit busy to visit here that often.  In defence of my choice of news TV then (one which uses more internet-alternative sources, and simply gives a parallel view to the usual BBC, Sky etc, thus a balance), I would say it, and Reuters, are probably the best sources for this topic.  For the recent UK budget, I read BBC.  I check all over the web.  Euronews, Economist, Xinhua, Hurriyet, LA Times, Entekhab, NZ Herald, RIA Novosti, Outlook India, local and regional.  Sad that such a disclaimer is even necessary.

So.. Brazil, Russia, India, China and South Africa.  Alternatives, or reforms, to the World Bank and possibly the IMF.  Times they are a-Changin'.

A few useful, international links on the general subject will follow in the replies - I don't regard the BRICS as much different to the World Economic Forum, G20 etc (and of course the secret one that happens about the same time).  Be interesting to see how this unfolds.  I just wish I understood it better!