Russia To Advocate Need For New Reserve Currency At G8 Summit

[Joanne98]

Source: WSJ

MOSCOW (Dow Jones)--Russia will continue to advocate at the meeting of the Group of Eight leading nations this week the need to develop a new international reserve currency, the Kremlin's top economic adviser Arkady Dvorkovich said Tuesday.

Dvorkovich told journalists that there is a more immediate opportunity for some currencies to play a bigger regional role as reserve currencies and that this opportunity should be addressed during the G8 meeting, due to start Wednesday in the Italian town of L'Aquila.

"We will, alongside China, stress the need to gradually develop a global financial system, which will be based on several new strong regional currencies," Dvorkovich said. "With time, those new currencies will then take on a more global character."

He added, however, that Russia isn't trying to undermine the position of the U.S. dollar as a reserve currency.

Kremlin Web site: www.kremlin.ru


Read more: http://online.wsj.com/article/BT-CO-20090707-706644.html

[Vidar]

1. Bad for the US, but probably good for the world.

[whosinpower]

2. Can you blame them?

The global economic crisis would be indicitive that there is far too much reliance on the faith and trust of the US greenback....and that faith and trust has been squandered. Any other nation in the world who overspent to the degree that the US has would of folded long ago.

hint - it isn't the stimulus that is the problem....and it isn't healthcare either....it is your bloated defense spending.