Sunday, March 22, 2009

China backs talks on dollar as reserve -Russian source - Reuters

MOSCOW, March 19 (Reuters) - China and other emerging nations back Russia's call for a discussion on how to replace the dollar as the world's primary reserve currency, a senior Russian government source said on Thursday. Russia has proposed the creation of a new reserve currency, to be issued by international financial institutions, among other measures in the text of its proposals to the April G20 summit published last Monday.

Calls for a rethink of the dollar's status as world's sole benchmark currency come amid concerns about its long-term value as the U.S. Federal Reserve moved to pump more than a trillion dollars of new cash into the ailing economy late Wednesday.

4 comments:

silverandgold said...

This is the start of the decline of the dollar. If the US Dollar becomes second choice for trade life as we know it will never be the same. Protect yourself by owning Gold and Silver or mining companies!

Louis Paquette said...

I couldn't agree more, you're preaching to the converted; Gold is my single largest holding. Thanks for dropping by.;-)

txtface said...

Echoes of when Sadam made same proposal! If this topic does come up at G20 it could make the markets look like sea-sick dogs.

Louis Paquette said...

I think the dollar could be reaching a tipping point! Have seen a lot of headlines like this lately!

Got gold?;-))

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