Ruble Reserve Currency May Not Be So Crazy

Ruble Reserve Currency May Not Be So Crazy

www.times.spb.ru

One of Russia’s official policy goals is for the ruble to become a leading regional reserve currency. President Dmitry Medvedev presented his vision in general terms almost a year ago at the St. Petersburg economic forum. More recently, at the Group of 20 meeting in London on April 2, Medvedev suggested against a background of financial volatility that “It would be wise to support the creation of strong regional currencies and to use them as the basis for a new reserve currency.”

(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
Russia Dumps the U.S. Dollar for Euro as Reserve Currency
Russia, China cooperate on new currency proposals: Kremlin

There is another thread about Russia dumping the dollar as currency reserve, which I linked below, and this thread is about the goal of the Russian government to make the ruble a leading regional reserve currency.

However, in the past i have posted articles in which both Russian, and Chinese officials, which included Putin, have stated their goal is to create a new global economy in which Russia, China, India, and some other countries will create, but in which Russia, and China would be the ones having all the power over this new currency.

Here is one of the examples, but this is an excerpt to a story from 2009.

Russia and China are coordinating proposals on a new global currency that could replace the US dollar as a reserve currency to prevent a repeat of the global economic crisis, the Kremlin said on Monday.
"We have received proposals from our colleagues in China, detailed proposals," President Dmitry Medvedev's top economic adviser Arkady Dvorkovich said. "Our positions are very similar.

Link can be found below

www.times.spb.ru
(visit the link for the full news article)

To add what other members and I have found, i will link some of the articles which are related to the OP.

I give credit for the following article to "thehumbleone".

KAZAKH President Nursultan Nazarbayev has won backing for his plan for a single world currency from an intellectual architect of the euro currency, Nobel-prize winner Professor Robert Mundell.

Nazarbayev, speaking at an economic forum in the glitzy new capital he has built on the Kazakh steppe, defended his proposal for the "acmetal'' world currency saying it might "look kind of funny'' but was not.

And he received intellectual support from the Canadian economist Prof Mundell, who helped lay the intellectual groundwork for Europe's single currency.

"I must say that I agree with President Nazarbayev on his statement and many of the things he said in his plan, the project he made for the world currency, and I believe I'm right on track with what he's saying,'' Prof Mundell said, adding the idea held "great promise''.

www.abovetopsecret.com...

This has been the goal from the beginning, and part of the reason why we are in the current world economic crisis, which will get worse so that people accept anything, and everything TPTB decide to do claiming it will be to "save the world".

I give credit to the following article and excerpt to "burntheships".

A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.

www.abovetopsecret.com...

We have our own monopoly money dollar here in Canada. Anothe huge country reaching to the Arctic. Lots of oil. With a population a fraction of Russia's, our dollar volume of export is about he same as Russia.

And we're sort of a second rate country.

Russia has a long way to go before it's ruble is significant in currency markets.

And it's economy and prospects for growth aren't at all encouraging.


Mike

[Double Post - Sorry]

[edit on 24-5-2009 by mmiichael]