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Posted on 07/07/2009 4:02:30 PM PDT by FromLori
hina, Russia and Brazil will use this week's G8 summit in Italy to push their view that the world needs to start seeking a new global reserve currency as an alternative to the dollar, officials said on Tuesday.
As leaders of the Group of Eight rich nations and the major developing powers traveled to Italy for a three-day summit starting on Wednesday, it seemed unlikely the currency debate would get a specific mention in summit documents.
But both G8 member Russia and emerging power Brazil -- which like China and India is a member of the "G5" that joins the second day of the summit on Thursday -- echoed China's calls for the currency debate to be taken up by world leaders.
Top Kremlin economic aide Arkady Dvorkovich said China and Russia would "state their stance that the global currency system needs smooth evolutionary development.
Brazilian President Luiz Inacio "Lula" da Silva said he was keen to explore "the possibility of new trade relations not dependent on the dollar" and India has also said it is open to the debate.
The debate is highly sensitive in financial markets, which are wary of risks to U.S. asset values. China and other nations promoting the debate take care to avoid undermining the dollar, with Lula saying it would be vital "for decades" to come.
China, which has up to 70 percent of its $1.95 trillion in official currency reserves in the dollar, underlines that the dollar is still the most important reserve currency.
But it believes over-reliance on the dollar has exacerbated the financial crisis and sees the International Monetary Fund's special drawing rights (SDRs), based on a basket of currencies, as a viable alternative for the future.
(Excerpt) Read more at moneynews.newsmax.com ...
The imminent bankruptcy of America under Obama is clear.
who can blame them?
our financial elite got greedy.
We’re RUNNING to Gomorrah...
I agree, assuming that you're including rapacious, opportunistic politicians among them.
The One Worlders, usually castigated here, have been warning of this for a long time.
lmao used it thank you!
Given the proclivities of these three nations, I say we name the new currency the “pinko!”
yep.
barnie frank, chris dodd, chuck u schumer, et al belong in jail with madoff.
I like it better than the Amero snicker.
Just an interesting observation of the white skinned blue eyed guys who created the FREE INDUSTRIALIZED WEST. Didnt the guys who have a lot of shared experiences? Right down to religion? Lot of common heritage ....historically arent they the guys who rode to the crusades together?
Its those blue eyed guys who built modern man, his laws and his commerce!
NoW, tell me how are the new adolescents on the block going to compete with the worlds largest economies? How can these guys contemplate swinging against a country who has year and years of infrastructure built?
Only two ways.
If we cave in or get destroyed by our “leader”
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