Wall Street Journal Publishes Mad Desire for Failure of the ‘BRICS Bank’

June 18, 2023, 2022 (EIRNS)—In an “article” which is clearly not journalism and can only be seen as riding shotgun to NATO countries’ stepped-up attacks on South Africa, China, Argentina, and other BRICS-aligned nations, the June 16 Wall Street Journal furiously threw a mound of fake-news manure at the BRICS New Development Bank (NDB). “A Bank China Built To Challenge the Dollar Now Needs the Dollar” is a wild insistence that Wall Street rules and Wall Street power applies universally in all circumstances, and therefore the NDB must fail—in fact, the Journal breathlessly informs that it is “struggling to survive.”

The Journal has become an international leader recently in breaking “bombshell” stories which are false and from which other mainstream media soon back away. But this one is in its own class. Exemplary is a particularly contorted section in which the writers try to say that new NDB President Dilma Rousseff, a former President of Brazil, has been freshly charged with multiple crimes of corruption in Brazil since her March 2023 appointment to head the NDB. (In reality, charges were made against her nearly a decade ago, used by Wall Street to run a coup against President Rousseff in 2016, and were disproven.)

Otherwise, this voice of Wall Street just vented its desire to destroy the bank which is at the center of motions for a “de-dollarized” credit system. “It is close to bankruptcy,” claimed writers Alexander Saeedy and Lingling Wei; moreover, it is not lending, “it’s a zombie bank”; it and the Asian Infrastructure Investment Bank (AIIB) are corrupt; it is paying higher interest rates to issue bonds than it would if it dealt exclusively in dollars (!); on the other hand “it is fighting for its very survival, threatened by its dependence on the U.S. currency” (!!); and “Wall Street [is] wary of lending to a bank almost 40% owned by Russia and China.”

And then, in a loud whisper as if with a hot scoop of dirt: “To bolster its resources, the bank is in talks with Saudi Arabia, Argentina and Honduras about becoming members, according to people familiar with the matter.” But actually, large numbers of people all over the world working for a new development architecture are very “familiar with this matter” of what nations are joining the NDB—and the Journal wants the joining to stop.

Above all the Journal is determined to debunk the idea that the NDB, under Rousseff’s leadership, has a new policy which can work. It is not obediently borrowing dollars in small amounts and re-lending them for even smaller projects; but intends “to become the leading bank for emerging markets and developing countries,” as Rousseff stated at her meeting with Honduran President Xiomara Castro. The Journal’s editors made sure to drum home the lie in their headline, cited above, that no bank not on Wall Street and not using dollars can become a central international lender. And not feeling that lie sufficiently powerful, they added a kicker to the headline: “How Russia’s war in Ukraine paralyzed the Brics’s [sic] New Development Bank.”

The Journal’s trash is on the agit-prop level of World War II’s “Tokyo Rose,” and just as friendly to humanity.