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WASHINGTON — The president of the World Bank said on Monday that America’s days as an unchallenged economic superpower might be numbered and that the dollar was likely to lose its favored position as the euro and the Chinese renminbi assume bigger roles.
“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” the World Bank president, Robert B. Zoellick, said in a speech at the School for Advanced International Studies at Johns Hopkins. “Looking forward, there will increasingly be other options to the dollar.”
Mr. Zoellick, who previously served as the United States trade representative and as deputy secretary of state under President George W. Bush, said that the euro provided a “respectable alternative” for financing international transactions and that there was “every reason to believe that the euro’s acceptability could grow.”
In a bid to diminish the power of the US-dominated IMF and counterbalance the influence of Western investors, seven Latin American countries have agreed to form a “Bank of the South.”
Seven South American leaders — representing Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela — signed an agreement to launch the development lending institution, a project first floated in 2007, with a startup capital of $20 billion. Notably, Bloomberg news service reports that Chile, Colombia and Peru did not sign on to the bank.
The plan aims to give the regions a greater voice at international organizations like the International Monetary Fund (IMF), which is seen by many Latin American leaders as an institution that allows wealthy Western countries, particularly the United States, to exert undue influence on the region.
TEHRAN – Iranian President Mahmoud Ahmadinejad ordered the use of the euro instead of the dollar as the basic foreign currency in the Forex Reserve Fund calculations.
The Mehr News Agency reported that this order was issued in line with a decision made in this regard by the board of trustees of the Forex Reserve Fund.
Prior to this, the Islamic Republic of Iran had announced that it had stopped selling oil in dollars and started using euro in its oil transactions
TEHRAN – A 50-percent block plus a single share of the Telecommunication Company of Iran worth 77.985 trillion rials (some $7.8 billion) was offered on the stock market on Sunday as the biggest ever transaction deal made in the country.
Originally posted by Spectre0o0
reply to post by Exuberant1
why nickels? i've been going for the small denomination silver coins.
Originally posted by sanchoearlyjones
reply to post by Exuberant1
What Your specifically talking about with "nickels" is called "junk silver".