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Putin pushes for convertible ruble, innovation economy
MOSCOW, May 10 (RIA Novosti) - Russian President Vladimir Putin called Wednesday for work on making the national currency convertible to be completed, oil and gas to be traded in rubles on a domestic exchange, and an innovation-based economy.
In his annual state of the nation address before both houses of parliament, ministers and reporters, the president also said human rights and freedoms had to be upheld to ensure economic growth and corruption had to be eradicated for the good of the nation.
Putin said work on making the national currency fully convertible should be completed by July 1, almost six months ahead of the original January 1, 2007 deadline.
In an effort to promote the national currency, the president called for the establishment of a ruble-denominated oil and natural gas stock exchange in Russia.
"The ruble must become a more widespread means of international transactions. To this end, we need to open a stock exchange in Russia to trade in oil, gas, and other goods to be paid for in rubles," he said.
Asian Finance Ministers Seek Common Currency
The New York Times
May 5, 2006
HYDERABAD, India, May 4 — Finance ministers from China, Japan and South Korea announced tentative steps on Thursday to coordinate their currencies in ways that could ultimately produce a common regional currency like the euro.
South Korea, Japan and China will "immediately launch discussions on the road map for the system to coordinate foreign exchange policy," the ministers said in a joint statement. "We agreed on further study of related issues, including the usefulness of regional currency units."
Although an Asian monetary union is a distant goal, the Asian Development Bank has been pushing the idea of an Asian currency unit, or A.C.U., over the past year. The unit's value would be set by an index of participating currencies.
The idea has gained popularity among several Asian finance ministers as a step toward harmonizing regional monetary policies.
Originally posted by Astronomer70
If Iran starts trading in Euro's or some other basket of currencies rather than the dollar, the dollar will not plunge and drive the U.S. into a depression. I don't know where that particular bit of wisdom came from, but it is incorrect.
The value of the dollar will undoubtedly fall somewhat, but it needs to do that anyway as it is over valued right now thanks to the Japanese, Chinese, et al buying massive quantities of T-Bills. The Chinese have already ceased their huge purchases so as not to get caught short down the road. Deficit spending is weakening the dollar just as surely as if the government was simply printing more & more money--which it is not doing. Tax reductions, housing, and defense spending have served to keep the economy robust & fairly strong, but it cannot continue to absorb the cost of the war in Iraq on credit indefinitely. At some point the piper must be paid.
Originally posted by Muaddib
For a while now myself and at least one other member have been talking about this alliance between Russia and other Asian countries, and if any of you would have been listening to what other nations have been saying, you would realize that this has been the plan for a long time, to weaken the image of the United States, weaken our economy and create a new superpower, or a coalition of powers, since most of these countries couldn't do it by themselves.
Originally posted by df1
The US demopublican leadership is complicit in this effort to weaken the US and to create a new super power. The patriot act is all about creating a US society that is more regulated in manner similar to EU countries and the point of a new super power is to create an external bogeyman to play on the fears of americans. Im greatly amused at the ignorance that is displayed by the "faux patriots" that are constantly critical of the EU governments while being supporters of the "patriot act" legislation that is being used to bring about the EU styled society that they purport to despise.
A Word From A Dollar Bear
Robert Lenzner and Daniel Kruger , 01.10.05
Warren Buffett's vote of no confidence in U.S. fiscal policies is up to $20 billion.
The dollar has fallen savagely against the euro for the past three years, and the trade deficit is running $55 billion a month. Is the currency rout over? Can the trade deficit be fixed with a rise in interest rates or an upward revaluation of the Chinese currency? Warren Buffett, the world's most visible dollar bear, says the answer to both these questions is no. His bet against the dollar, reported at $12 billion in his last annual report (for Dec. 31, 2003), has gotten all the bigger. Now his Berkshire Hathaway has a $20 billion bet in favor of the euro, the pound and six other foreign currencies.