Calls grow to supplant dollar as global currency

Karim Bardeesy
Globe and Mail
Monday, July 6, 2009

The call to find an alternative to the U.S dollar as the global reserve currency is gaining momentum as France joined calls by China, India and Russia for a review of the world’s currency practices.

French Finance Minister Christine Lagarde challenged the dollar’s supremacy “in a world that has changed because of the crisis and the growing role of emerging countries.”

(ARTICLE CONTINUES BELOW)

The questioning of the U.S. dollar as the key currency for central banks by a leader of a major European economy gives renewed life to the issue at this week’s Group of Eight summit meeting in L’Aquila, Italy. The U.S. dollar has long served as the dominant medium of exchange, and tends to dominate the official money reserves that countries hold through their governments and at their central banks.

In the first quarter of 2009, 65 per cent of the world’s allocated foreign exchange holdings were held in U.S. dollars, according to the International Monetary Fund. That’s the highest in seven quarters.

Full story here.

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7 Responses to “Calls grow to supplant dollar as global currency”

1. Glen Says:
   July 6th, 2009 at 4:25 am

   A Global fiat currency and the cherry on top, a negative savings interest rate.
   Hand to mouth global slavery

   

   No To NWO Reply:
   July 6th, 2009 at 11:47 am

   No, the new currency will be backed by gold, according to Benjamin Fulford. He is in the know when it comes to finances and he has inside connections over there in Asia that told him so. There are vast quantities of hidden gold that will be used to back a world currency backed on gold. Benjamin Fulford was a prophetic writer for Forbes in the Asia regions.

2. mike Says:
   July 6th, 2009 at 4:29 am

   Look on the bright side–eliminating the dollar would provide for free toilet paper..the filthy dollars are infected…AND they would bring population reduction..in no time..

3. Madman Says:
   July 6th, 2009 at 4:43 am

   Rogers is planning on shedding the dollar… it won’t be too long, before the rest of the market does the same. The writing is on the wall, and the dollar is on the toilet paper roller.

4. truth911 Says:
   July 6th, 2009 at 6:36 am

   all these old rich bastard world leaders think they gonna get a one world government and one world money it will happen but not who you think !you will get fucked in the end

5. CJ in Roanoke Says:
   July 6th, 2009 at 7:27 am

   There is no reason to have the USD as the worlds reserve currency anymore because it is not backed by gold. The only reason the USD was selected at Breton Woods was because it had gold backing. If you look at the US on a graph, we are on an economic down trend. The future growth will be in Asia, not here.

6. Glasstone Says:
   July 6th, 2009 at 6:36 pm

   What is of matter is not that the Dollar would lose its prime status as an unit of exchange, but that its destitution could likely happen through its massive devaluation, sending unwarned Americans into a dramatic crisis and American’s hands will be full of toilet roll currency.