Russia, China to push global currency at G8 summit

[tocqueville]

Source: Reuters

ROME (Reuters) – China, Russia and Brazil will use this week's G8 summit in Italy to push their view that the world needs to think about 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."

Read more: http://news.yahoo.com/s/nm/20090707/wl_nm/us_g8_summit_4

[SpiralHawk]

1. Nice work, 'conservative' Republicons

You Republicons trashed America's economy so bad while you had your Pharisitical mitts on the US government that it will continue to stink and sink for years to come. Thanks a reeking pantload for your 'conservative' Republicon Shock & Awe FAIL Freak treatment of the USA, our wealth, our integrity, and our honor.

[madrchsod]

2. good luck on establishing a world currency guys....

[Mosaic]

3. Good move

I support this important move to curb the military and economic ambitions of the Corporatists which have killed so many good people over the years.

[Psephos]

4. Who can blame them? Federal spending is out of control, and the chance of actual repayment is dim

Look to California for a preview of coming attractions.

Look to this graph for a sense of why China, Russia, Saudi Arabia, India, and others who save more than they spend think the US is going to repudiate its debt, sooner or later. Probably sooner.

http://www.washingtonpost.com/wp-dyn/content/graphic/2009/03/21/GR2009032100104.html

Congress, not the President, makes the budgets and allocates expenditures in this country, and Congress has turned the national debt of world's once-premiere economy into a sucker's game.

[TwixVoy]

5. Ruh roh

[No Elephants]

6. Yikes! The mark of the Beast.

j/k

[The2ndWheel]

7. Anything that is still regional in a global world doesn't make sense

Why do the big corporations have so much power? They're global. Governments? Even the big ones are regional.

[BadDonkey]

8. this will make the rapture peoples heads spin!

:evilgrin: