Monday, Mar 23, 2009
YES! I agree with this, the US has for too long rules the world of paper money!!
MSN: China backs talks on dollar as reserve -Russian source
I like this idea - as the likes of the US & UK need to be told STOP PRINTING money and pay your debts!!
Posted by waitingfor hpc @ 09:30 AM (363 views) Add Comment
4 Comments
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1. uncle tom said...
It's an interesting concept.
Any global currency has to have a clear reference point for value, and Gold on its own is too distant from everyday life (and too volatile in price) to work effectively.
Such currency could be founded on a composite of core commodities, representing energy, food and construction.
These might be: Oil, Gas and Ethanol; Corn, Rice and Pork; Steel, Concrete and Pine
All of which could be precisely defined, and whose open market value would determine the value of the currency.
One for the IMF I think - not a small group of disaffected nations.
2. Potnoddle said...
Look like a recipie for disaster; can and should we trust an unelected technocrats.
3. stillthinking said...
A bit clever of the Russian finance minister to suggest the new reserve currency would take 30 years to create. I would think that as soon as an alternative source was in place the move would be fairly rapid !
There shouldn't be any illusions that dumping the US dollar as a reserve currency will do anything other than collapse that currency. Perhaps the combined nations can slow down their offloading, but who will maintain the purchase price?
4. quiet guy said...
@waitingfor hpc
"the likes of the US & UK need to be told STOP PRINTING money and pay your debts!!"
Too late!!
Listen to the first minute and a half of:
http://www.youtube.com/watch?v=2bLe9Sy4q8g