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At G20, Kremlin to Pitch New Global Currency

Posted By admin On March 18, 2009 @ 5:56 am In Featured Stories,Money Watch | Comments Disabled

Ira Iosebashvili
The Moscow Times [1]
Wednesday, March 18, 2009

The Kremlin published its priorities Monday for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.

The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies or using its already existing Special Drawing Rights, or SDRs, as a “superreserve currency accepted by the whole of the international community,” the Kremlin said in a statement issued on its web site.

The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries.

The Kremlin has persistently criticized the dollar’s status as the dominant global reserve currency and has lowered its own dollar holdings in the last few years. Both President Dmitry Medvedev and Prime Minister Vladimir Putin have repeatedly called for the ruble to be used as a regional reserve currency, although the idea has received little support outside of Russia.

At G20, Kremlin to Pitch New Global Currency obamadecept 340x169 [2]

Analysts said the new Kremlin proposal would elicit little excitement among the G20 members.

“This is all in the realm of fantasy,” said Sergei Perminov, chief strategist at Rye, Man and Gore. “There was a situation that resembled what they are talking about. It was called the gold standard, and it ended very badly.

“Alternatives to the dollar are still hard to find,” he said.

The Kremlin’s call for a common currency is not the first in recent days. Speaking at an economic conference in Astana, Kazakhstan, last week, Kazakh President Nursultan Nazarbayev proposed a global currency called the “acmetal” — a conflation of the words “acme” and “capital.”

Full article here [1]

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URLs in this post:

[1] The Moscow Times: http://www.themoscowtimes.com/article/600/42/375364.htm

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Russia’s Medvedev backs long-term “super currency”: http://www.prisonplanet.com/russias-medvedev-backs-long-term-super-currency.html

[4] Shocking New IMF Report: The U.S. Dollar Needs To Be Replaced As The World Reserve Currency And SDRs “Could Constitute An Embryo Of Global Currency”: http://www.prisonplanet.com/shocking-new-imf-report-the-u-s-dollar-needs-to-be-replaced-as-the-world-reserve-currency-and-sdrs-could-constitute-an-embryo-of-global-currency.html

[5] The Rest Of The World Is Calling Even Louder For A New Global Currency: http://www.prisonplanet.com/now-that-u-s-government-debt-has-been-downgraded-the-rest-of-the-world-is-calling-even-louder-for-a-new-global-currency.html

[6] UN Calls For Bank Of The World, New Global Currency: http://www.prisonplanet.com/un-calls-for-bank-of-the-world-new-global-currency.html

[7] China Voices Support For New Global Currency To Replace Dollar: http://www.prisonplanet.com/china-voices-support-for-new-global-currency-to-replace-dollar.html

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