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Putin in Davos for the new world reserve currency

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posted on Jan, 29 2009 @ 03:25 AM

"Excessive dependence on what is essentially the only reserve currency is dangerous for the world economy, therefore it would be expedient to encourage an objective process for the emergence of several strong regional currencies in the future," he said.

Putin urges reserve currency move

"Today, investment banks, the pride of Wall Street, have virtually ceased to exist," Putin said.
In addition to subpar regulation, global imbalances and other factors also played a role, Putin said.
Putin said it was important not to revert to isolationism and also warned against "excessive intervention in economic activity and blind faith in the state's omnipotence ..."
Putin urged a quick but potentially painful cleanup of troubled balance sheets and urged the creation of "several strong reserve currencies in the future."

Putin: Financial system has failed[1993D85A-A6B4-43FA-B09D-1C5F14A8AC4B]

Putin has right: too much interventionism in market will make things much worse! He compared it with failed policies of Soviet Union.

And for the new world reserve currency... Well, we all know very well and Putin said it clearly that "The Age of $" is over
Khaleeji (common currency of Cooperation Council for the Arab States of the Gulf) will be introduced by 2010 and it will blow away $, and if they manage that khaleeji has gold back up...

You can watch Putin's speech here:

Putin answers questions at Davos

[edit on 29-1-2009 by Vojvoda]

[edit on 29-1-2009 by Vojvoda]

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