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India Joins Russia, China in Questioning U.S. Dollar Dominance
Mark Deen and Isabelle Mas
Bloomberg News
Saturday, July 4, 2009
July 4 (Bloomberg) — Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars.
“The major part of Indian reserves is in dollars — that is something that’s a problem for us,” Tendulkar, chairman of the Prime Minister’s Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France, where he was attending an economic conference.
Singh is preparing to join leaders from the Group of Eight industrialized nations — the U.S., Japan, Germany, Britain, France, Italy, Canada and Russia — at a summit in Italy next week which is due to tackle the global economy. China and Brazil will also send representative to the summit.
(ARTICLE CONTINUES BELOW)
As the talks have neared, China and Russia have stepped up calls for a rethink of how global currency reserves are composed and managed, underlining a power shift to emerging markets from the developed nations that spawned the financial crisis.
“There should be a system to maintain the stability of the major reserve currencies,” Former Chinese Vice Premier Zeng Peiyan said in a speech in Beijing yesterday, highlighting China’s concerns about a global financial system dominated by the dollar.
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13 Responses to “India Joins Russia, China in Questioning U.S. Dollar Dominance”
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July 4th, 2009 at 4:44 am
The amerikan sheeple ever ignorant & arrogant have not a clue of the disaster which now faces THEIR VERY SURVIVAL…
THOUGHTCONTROL Reply:
July 5th, 2009 at 8:53 am
MIKE; FLEETS ENEMA ……….STAT!!!!!!!!!!!!!! YOU SEEM TO HAVE AMERIKKKA STUCK UP YOUR ASS BECAUSE THATS THE SHIT COMMING OUT YOUR MOUTH.
July 4th, 2009 at 5:46 am
I see some poor guy in the printers, sobbing into a pile of AMERO’s he designed that won,t get used..
Seriously this is a really fast and low way to get more than the market level,
It makes a card system almost mandatory, imagine printing a Worlds worth of currency in note – paper/plastic money, coinage.
It also opens the way for massive shakeups in every country, eg average US blue collar wage is 5 to 7? so I am told.
Min Aussie wage is round the $15 range.
so?
are they going to increase the US wages..I think not!
If they try dropping ours by half, they will see riots PDQ, and ditto in other places.
adjusting the ratios..oh come on!
This is yet another global one world bullshit idea they will try and get away with.
The banksters already showed the world just HOW BAD it is to all be so linked and interdependant, and gee what a fall of dominos we have now, Imagine the whol kit,n,caboodle going down.
As it stands the bigger investors and traders who ALSO made multibillions off of it, are the ones that are loosing, and sorry, serves em bloody well right!
Why? we the people of the world should be the ones to pay for their! Ineptitude??
Their greed and debt, and hype and plain LIES created this mess, banking supervision and oversight…yeah! overlooked a whole LOT of shonky deals didn’t they?
theres that funny Law of Diminishing Returns someone should be remembering.
We haven’t got it, to give to them, hard enough eating and getting by, and 3rd world eating is 50% of a persons income, why? they should also be ripped off more is..there really isn’t a word for how low these stupid selfish smug and suited people are is there?
I hear the chinese are just coming over and buying up california mostly, maybe an auction of a few more states, and your US government can clear some debts, never mind how the citizens feel, martial law means you havent the right to feel anything.
They took that freedom, along with your rights, a while back, while you were sleeping.
July 4th, 2009 at 5:53 am
ps. buying gold is futile, usa 1930 and au 1959 governments have powers to take it all and pay, or not, as they see fit.
Have to smile, chinese buying homes in USA and paying for them in US$ that they just want to offload as close to valueless, just before they do become hyperinflated, whatever way it goes, they win. ouch!
Madman Reply:
July 4th, 2009 at 11:08 am
You have a point… buy something like food, ammo, guns, etc.. before you push money into vast amounts of silver and gold.
Silver has been falling a little lately, so now’s as good a time as any to get say, 20 or 40 rounds, and stash them somewhere. I heard silver was going to go to 290 some dollars an ounce… and gold will nearly be 5 grand… so with that, you shouldn’t have to have huge reserves in gold or silver to at least get some groceries till the dust settles.
I’d much rather have Food, Guns and Ammo, than a huge pile of silver and gold… in the end that stuff looks pretty, but won’t really keep you alive if you run out of food.
Silver and Gold to me, is a trade item, in oh, say 6 to months out, from a economic collapse… after the riots, looting, etc are over and people feel somewhat safe to go back on the street, and open up their businesses, etc.
Just my two cents.
July 4th, 2009 at 12:29 pm
#####PETITION OF THE CITIZENS OF EUROPEAN UNION COUNTRIES AGAINST LISBON TREATY RATIFICATION#####
Sign:
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Say “no” to a one world (criminal) government!!
**INFO**
- – -a member state is unable to ban a particular chemical on its own, not even if it believes it causes cancer. Only the non-elected Commission can propose a change in the relevant EU legislation. Not a National Parliament … not the European Parliament …Not the voters.
Environmentalists want to forbid 267 chemicals. The Commission will only investigate 7 of them. The 260 unwanted chemicals cannot be banned by voters in any member state by means of any election.- – -
READ ALL:
http://www.wiseupjournal.com/?p=943
&
EU ACTIVITIES, LIST:
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http://www.video.google.com/vi.....9472554607
(wiseupjournal.com/?p=173)
July 4th, 2009 at 1:49 pm
I am an IDIOT.
July 4th, 2009 at 8:49 pm
The American experiment is officially over. We now live in a sort of quasi-capitalistic version of the Soviet Union, where the press parrots whatever the financial Politburo wants declared as the truth, where most of the businesses that matter have been effectively nationalized, and where the wealth of the nation is made off with by those running the place. Kind of like an African or Central American nation, where the treasury is looted by whoever is leaving power, only to be replaced by a different corrupt regime also intent on looting whatever prosperity was missed by their predecessor.
Turns out this time wasn’t so different after all. Human nature hasn’t changed much over a couple hundred years, which is the average life of a democracy.
Last one out, turn off the lights.
No to NWO Reply:
July 5th, 2009 at 10:20 pm
Agreed. Power is a fatal flaw of human beings.
July 5th, 2009 at 7:24 am
Of all the stories on this site that you thought were important, the fact that India, Russia and China are fed up with the American dollar will be the number one in terms of importance. This will absolutely change my way of life and your way of life…for the worst. America will be a third world nation like Mexico, corruption will abound, things like electricity (that we take for granted) will triple in price and not always be available. The dollar being lost as a world currency will adversely effect every American, you better get self sufficient, and fast.
kebcreation Reply:
July 5th, 2009 at 2:09 pm
I owe my soul to the company store….
No to NWO Reply:
July 5th, 2009 at 10:21 pm
I owe my soul to no one!
July 16th, 2009 at 12:53 pm
[...] India Joins Russia, China in Questioning U.S. Dollar Dominance Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion … http://www.prisonplanet.com/in.....nance.html – Cached – Similar – [...]