US Dollar - 1; China, Russia - 0.... at least for now...

[johnny861]

http://business2press.com/2009/03/24...erve-currency/

China, Russia call to replace dollar as global reserve currency

Zhou Xiaochuan, the governor of the Chinese Central Bank, is calling to replace the dollar as the main global reserve currency, citing the dangers of the current economic crisis on heavily relying on one currency essentially controlled by the west.

Zhou said, “A super-sovereign reserve currency managed by a global institution could be used to both create and control global liquidity.” Zhou wants the global currency to be overseen by the International Monetary Fund (IMF). Zhou added creating a new global currency would, significantly reduce the risks of a future crisis,”

China says it wants a new global currency that is weighted with the values of the major currencies of the world including the dollar, the yen, and the sterling, among others.

China is believed to have at least $1.2 trillion in US currency of its $2 trillion strong currency reserves.

China’s concern is if the U.S. begins to print money, its own currency will lose significant value.

Most recently, about a week ago, the top Russian bank was also pushing for a new global reserve currency for the same reasons and to also strengthen Russian influence in the world.

Analysts don’t believe the dollar will be replaced anytime soon.

[Ash]

I'm no economist but I think this cold Heineken I'm drinking is pretty good.

[tricky]

lol at china and russia EVER agreeing to all the details of how this would actually happen

[PETA]

Originally Posted by johnny861

http://business2press.com/2009/03/24...erve-currency/

China, Russia call to replace dollar as global reserve currency

Two states with soft currencies calling to replace the dollar? Where have people run in the current crisis? The dollar.

They have a combined GDP worth slightly more than half of ours. No one is forcing them to use our currency as a world standard. Fuck 'em frankly.

[Sinacle]

i thought the world standard was gold. Thus the reason we have the federal reserve. Fuck did die hard teach you nothing

[Uhm]

LOL @ Die Hard

[johnny861]

Originally Posted by Sinacle

i thought the world standard was gold. Thus the reason we have the federal reserve. Fuck did die hard teach you nothing

no... we were sneaky enough to move away from the gold standard and convince the world to trade mostly in dollars.

[Hubb]

Originally Posted by St. Stalin the Apathetic

Two states with soft currencies calling to replace the dollar? Where have people run in the current crisis? The dollar.

They have a combined GDP worth slightly more than half of ours. No one is forcing them to use our currency as a world standard. Fuck 'em frankly.

signed