Posted on 09/24/2009 8:18:57 AM PDT by BAW
The embattled US dollar is expected to come under scrutiny at a summit of developing and industrialized nations following China-led calls to review its role as a reserve currency.
The dollar issue is bound to surface at the two-day meeting in Pittsburgh as US President Barack Obama and other leaders of the Group of 20 economies debate a new framework for tackling the so called global "economic imbalances" blamed for fuelling the latest financial crisis.
"Though not clear how the plan would be enforced, it would involve measures such as the US cutting its deficits and saving more, China reducing its reliance on exports and Europe making structural changes to boost business investment," analysts at French bank Societe Generale said in a report.
Some argue that the financial crisis resulted from imbalances between savings and investment in major economies, which have led to large current deficits, as evident in the United States, and surpluses, as enjoyed by China.
Beijing was the first to call for a new global currency as an alternative to the US dollar as the US deficit rocketed -- the White House estimates it could reach nine trillion dollars over a decade.
(Excerpt) Read more at news.yahoo.com ...
Thanks for the ping
Whatever website that is, it tried to attack my computer.
Funny you should say that my wife tried to go there on her computer and the page was blank. It is a UN derivative page of 0bama getting the new currency from the UN. a newly formed organisation to the UN- like ACORN SEIU is to 0bama.
I had to do a spyware and AVG run today wonder if I got crap from that place.
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