Glenn Diesen - Greater Eurasia Podcast Paulo Nogueira Batista: Decline of the IMF & Rise of the BRICS New Development Bank
Nov 21, 2025
Paulo Nogueira Batista Jr., former IMF Executive Director and founding Vice President of the BRICS New Development Bank, shares insights on the shifting dynamics of international finance. He discusses how the IMF has been weaponized for geopolitical purposes, leading to the rise of BRICS institutions. Topics include the cautious approach to de-dollarization, the implications of freezing Russian reserves, and the challenges China faces in assuming a dominant role. Batista ultimately critiques the West's declining influence and highlights the need for new global currency frameworks.
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Washington Institutions Frozen In Time
- The IMF and World Bank remain stuck in 20th-century governance and resist fundamental reform.
- Paulo Nogueira Batista Jr. argues this freeze drove BRICS to build alternative institutions like the New Development Bank.
Weaponization Undermines Global Trust
- Western powers increasingly weaponize financial tools including the dollar, SWIFT, IMF and World Bank.
- Batista says this weaponization undermines credibility and prompted BRICS to create parallel institutions.
Dollar's Trust Eroded By U.S. Actions
- The dollar lost its safe-haven trust because the U.S. itself undermined confidence by coercive policies.
- Batista believes once trust is lost it is hard to regain, driving global hedging away from the dollar.