Wednesday, March 25, 2009

New 1-World Currency
At G-20 Summit Next Month

(AO Newswire) -- The Moscow Times newspaper is reporting that the Kremlin has published its priority topics for discussion at the upcoming G-20 Summit meeting in London on April 2.

Russian leaders will call for the creation of "supranational" reserve currency to be issued by international institutions as part of a reformation of the global financial system. Russian leaders are prepared to push for the International Monetary Fund to research the possibilities of creating a new reserve currency such as a "super-reserve" currency that would supercede individual nations.

Both Russian President Medvedev and Prime Minister Putin want a new system to replace the United States dollar as the defacto global currency.

Western analysts have responded to the Kremlin's announcement citing little enthusiasm for the Russian proposal. The Russian idea would involve a subset of regional currencies to support a new supracurrency and Russian leaders propose that the Russian Ruble be one of those regional currencies. Financial experts note that Russia is in no financial shape to have the Ruble be considered as a stable currency worth the status of being a regional reserve currency.


Post a Comment

<< Home