Former World Bank economist Peter Koenig believes the development of the BRIC’s Bank will mark a major step towards de-dollarization and a new monetary order. Koenig said, the BRIC’s nations are leading the way in the movement away from the dollar and towards a new viable alternative.

The economist warned that the global financial system is on the edge of a massive recession which will dwarf the recession of the 1930’s.

The dollars importance is already in decline. Ten years ago 90% of the world’s reserves were denominated in dollars, today that figure stands at 60%.

In Koenig's opinion the American government is attempting to destabilize the BRIC nations. He cites the slandering of Brazilian government and depreciating the Russian ruble by fraud and manipulation.

The BRIC’s influence is the world is growing and now accounts for 30% of the globes GDP and 45% of the world’s population.