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Calls grow to supplant dollar as global currency

Posted By admin On July 6, 2009 @ 3:55 am In Money Watch | Comments Disabled

Karim Bardeesy
Globe and Mail [1]
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.”


Calls grow to supplant dollar as global currency 250509BANNER [2]

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. [1]

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URLs in this post:

[1] Globe and Mail: http://www.theglobeandmail.com/report-on-business/calls-grow-to-supplant-dollar-as-global-currency/article1207242/

[2] Image: http://prisonplanet.tv/signup.html

[3] Dollar And Stocks Drop As China Calls For New Global Currency: http://www.prisonplanet.com/dollar-and-stocks-drop-as-china-calls-for-new-global-currency.html

[4] China Calls For International Oversight Of The US Dollar, Suggests Single Global Currency Replace It: http://www.prisonplanet.com/china-calls-for-international-oversight-of-the-us-dollar-suggests-single-global-currency-replace-it.html

[5] 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

[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] Calls rise for new global currency: http://www.prisonplanet.com/calls-rise-for-new-global-currency.html

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