Community | June 16, 2009 | 4 comments

Nations dropping U.S. dollar dependency in favor of "supernational currency"

source: http://www.bloomberg.com/apps/news?pid=20601087&sid=aWgZ7EeTvFbk

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WakeUpPeople
Translation: Supernational currency = One world currency
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Brazil, Russia, India and China are considering buying each other’s bonds and swapping currencies to lessen dependence on the U.S. dollar, Russian President Dmitry Medvedev’s top economic adviser said.

The leaders of the so-called BRIC countries will discuss measures to promote regional currencies when they meet later today, Arkady Dvorkovich told reporters in the Ural Mountains city of Yekaterinburg before the first BRIC summit.

“There will be talk about increasing the share of mutual trade in national currencies, possibly placing part of reserves in the financial instruments of partner countries,” Dvorkovich said.

Medvedev is hosting back-to-back summits of developing economies in Yekaterinburg as he seeks to lessen the world economy’s dependence on the U.S. dollar. Medvedev will hold talks later today with Chinese President Hu Jintao, Indian Prime Minister Manmohan Singh and Brazilian President Luiz Inacio Lula da Silva.

The Russian leader reiterated his intention to push for the creation of a “supranational currency” to challenge the U.S. dollar and encouraged China and the other Shanghai group members to use each other’s currencies for trade.
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4 comments // Nations dropping U.S. dollar dependency in favor of "supernational currency"

  • cztheday
    • 0
      cztheday  

    • Actually, I think it is the BRIC countries that had better be a little careful. The economy in the United States WILL improve eventually, and we will STILL be bar far and away the largest economy in the world.

      These countries' economies are HUGELY dependent on exports. 40% of China's GNP comes from exports. The rest are in the closer to 30%. By way of comparison, exports make up just a little over 10% of the GNP of the United States. So if people in the U.S. were to decide to show our appreciation for the BRIC countries' lack of confidence in us by reducing our expenditures on imports, their economies would take a pounding...

    • 2 years ago
  • jh64487
    • 0
      jh64487  

    • eeeeeeh, we just gotta get smarter, for example, we could save assloads of money if we weren't fucking policing the planets.

      imagine if we ONLY spent what say, Russia, or China, or even England spend on National defense. man, that'd be a pretty quick solution to the problem. Why do we need anything more than a navy and an airforce anyways, we're across the flippin planet from everyone else.

      and we'll always have a decent supply of natural resources and the ability to make all the food we need.

      so it's not like were all gonna die or anything. we just have to work on diplomacy over say...sending in the troops (that mentality)

    • 2 years ago
  • Ihatethemall
    • 0
      Ihatethemall  

    • Thats for dam sure. I hope people are ready for the coming problems this country is going to be having in the next couple years.
      And calling them conspiracies isn't going to insulate you from reality when it hits.

    • 2 years ago
  • kennymotown
    • 0
      kennymotown  

    • This will tank the U.S. dollar so fast it will make our heads swim. Thanks Ronnie Reagan and Georgie Bush for taking surplus's and putting us in debt.

    • 2 years ago
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