This article says it could happen this year. Earlier than previously expected (which was 2019).
The article notes that "the findings will intensify arguments about control over global international organizations such as the World Bank and the IMF, which are increasingly out of line with the balance of global economic power.
The other BRIC nations are also listed among the largest economies as well with India at 3rd and Russia 6th. And most of the BRIC nations are growing faster than the US in GDP.
Meanwhile, China downplays the report much as they downplay their ongoing accumulation of gold reserves. China prefers to operate in a low profile manner.
All these changes are part of the process that will lead to monetary system change in our view. The question that remains is what will be the timing for major change? The key signs to watch for remain:
- end of the petrodollar for oil trading
-significant decline in the US dollar index (monitored at the top right of this blog) which also results in a significant increase in the price of gold (and silver).
-continued bypassing of the US dollar in major global trade deals around the world
-any crisis which moves the IMF into the position of the global lender of last resort (instead of the US FED). Adoption of the SDR as a reserve currency (perhaps in combination with a digital cryptocurrency for use outside the IMF that ties into the internal SDR)
-a rise in the BRIC bank as a real competitor to the IMF/World Bank along with adoption of other currencies than the US dollar in that institution (currently scheduled to startup in 2015)