Banks, Brazil | featured news

Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.

The United States has not seen a balanced budget since 2001. Although private banks in the U.S. hold the majority of the country’s debt, over 52% according to MSNBC, the Treasury Department and the Federal Reserve Board estimate that foreign governments hold 4.4 trillion of the country’s $14 trillion debt in Treasury securities.