| Russia will promote idea of global currency at G-20 summit|
[b]At G20, Kremlin to Pitch New Currency[/b]
By Ira Iosebashvili
The Moscow Times
17 March 2009
MOSCOW - The Kremlin published its priorities Monday for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.
The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies or using its already existing Special Drawing Rights, or SDRs, as a "superreserve currency accepted by the whole of the international community," the Kremlin said in a statement issued on its web site.
The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries.
The Kremlin has persistently criticized the dollar's status as the dominant global reserve currency and has lowered its own dollar holdings in the last few years. Both President Dmitry Medvedev and Prime Minister Vladimir Putin have repeatedly called for the ruble to be used as a regional reserve currency, although the idea has received little support outside of Russia.
Analysts said the new Kremlin proposal would elicit little excitement among the G20 members.
"This is all in the realm of fantasy," said Sergei Perminov, chief strategist at Rye, Man and Gore. "There was a situation that resembled what they are talking about. It was called the gold standard, and it ended very badly.
"Alternatives to the dollar are still hard to find," he said.
The Kremlin's call for a common currency is not the first in recent days. Speaking at an economic conference in Astana, Kazakhstan, last week, Kazakh President Nursultan Nazarbayev proposed a global currency called the "acmetal" -- a conflation of the words "acme" and "capital."
He also suggested that the Eurasian Economic Community, a loose group of five former Soviet republics including Kazakhstan and Russia, adopt a single noncash currency -- the yevraz -- to insulate itself from the global economic crisis.
The suggestions received a lukewarm response from Foreign Minister Sergei Lavrov on Saturday.
Nazarbayev's proposal did, however, garner support from at least one prominent source -- Columbia University professor Robert Mundell, who was awarded the Nobel Prize in 1999 for his role in creating the euro.
Speaking at the same conference with Nazarbayev, he said the idea had "great promise."
The Kremlin document also called for national banks and international financial institutions to diversify their foreign currency reserves. It said the global financial system should be restructured to prevent future crises and proposed holding an international conference after the G20 summit to adopt conventions on a new global financial structure.
The Group of 20 industrialized and developing countries will meet in London on April 2.
Click [url=http://www.themoscowtimes.com/article/600/42/375364.htm]HERE[/url] to read full article.
| 2009/3/18 3:48||Profile|
| Re: Russia will promote idea of global currency at G-20 summit|
Brother, GOD Bless you in these days.
As those attending the [b]2007[/b] G-8 meeting were present and just before their meeting - I was listening to the bbc program called The Interview and was on the computer at the same time, so I did not catch the name of the man they interviewed who had an English/American accent, but they were discussing the national id card - and this man being interviewed said, that a national id card would not work internationally and that we'd need to go straight to the chip.
About three months ago, the talk over the news was just flipping a switch and going 'digital' where all 'currencies' would be equal.
This global currency idea is not just coming from Russia. This past October, when Gordon Brown called for "Bretton Woods 2" and called for the IMF and World Bank to handle this crisis - that was announcing to the world that a global economy was on it's way.
But that they're allowing Russia to now say what London has been saying all along, is very significent.
Eschatologically - we're seeing Daniel 7 play out right before our eyes.
Thank you for posting this.
And pardon my saying this but - I thank the brother who posted DW's January Sermon and opening my eyes to listen to many more TSC Sermons from this year and before by doing that.
When I look at their choir and congregation - of every race & nation represented and "as one", I'm so encouraged by THE SAINTS.
They're in the heart of 'that city' and yet their faith and courage is off the charts compared to the most of the church - and again, I mean that for our encouragement and not in a negative way. I believe it is time for us to Exhort and Encourage one another - Comfort ye my people while we still have this means of communication.
GOD Bless His Church universal with HIS Peace/Faith/Love.
| 2009/3/18 10:44|
| rather than starting another thread -|
[b]U.N. panel says world should ditch dollar[/b]
Wed Mar 18, 2009 7:32am EDT
By Jeremy Gaunt, European Investment Correspondent
LUXEMBOURG (Reuters) - The world should ditch the dollar as its reserve currency in favor of a shared basket of currencies, a U.N. panel of experts will recommend next week.
Currency specialist Avinash Persaud, a member of the panel, told the Reuters Funds Summit in Luxembourg on Wednesday that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.
"It is a good moment to move to a shared reserve currency," he said.
Central banks hold their reserves in a variety of currencies and gold, but the dollar has dominated as the most convincing store of value -- though its rate has wavered in recent years as the United States ran up huge twin budget and external deficits.
Persaud said that the United States was concerned that holding the reserve currency made it impossible to run policy, while the rest of world was also unhappy with the generally declining dollar.
"There is a moment that can be grasped for change," he said.
"Today the Americans complain that when the world wants to save, it means a deficit. A shared (reserve) would reduce the possibility of global imbalances."
Persaud said the panel had been looking at using something like an expanded Special Drawing Right, originally created by the International Monetary Fund in 1969 but now used mainly as an accounting unit within similar organizations.
The SDR and the old Ecu are essentially combinations of currencies, weighted to a constituent's economic clout, which can be valued against other currencies and indeed against those inside the basket.
Persaud said there were two main reasons why policymakers might consider such a move, one being the current desire for a change from the dollar.
The other reason, he said, was the success of the euro, which incorporated a number of currencies but roughly speaking held on to the stability of the old German deutschemark compared with, say, the Greek drachma.
Persaud has long argued that the dollar would give way to the Chinese yuan as a global reserve currency within decades.
A shared reserve currency might negate this move, he said, but he believed that China would still like to take on the role.
found at thetreeofliberty.com
| 2009/3/18 11:05|
| Re: Russia will promote idea of global currency at G-20 summit|
Things are moving rapidly; it seems we are in the season. Bear in mind these passages as we approach the end of the age:
"Then He said to His disciples, "The harvest is plentiful, but the workers are few. Therefore beseech the Lord of the harvest to send out workers into His harvest." Matt9:37-38
"And I saw another angel flying in midheaven, having an eternal gospel to preach to those who live on the earth, and to every nation and tribe and tongue and people; and he said with a loud voice, "Fear God, and give Him glory, because the hour of His judgement has come; and worship Him who made the heaven and the earth and the sea and springs of waters." Rev14:6-7
| 2009/3/23 0:14||Profile|
| Re: China is now calling for a global currency|
BEIJING (AP) -- China is calling for a new global currency controlled by the International Monetary Fund, stepping up pressure ahead of a London summit of global leaders for changes to a financial system dominated by the U.S. dollar and Western governments.
The comments, in an essay by the Chinese central bank governor released late Monday, reflect Beijing's growing assertiveness in economic affairs. China is expected to press for developing countries to have a bigger say in finance when leaders of the Group of 20 major economies meet April 2 in London to discuss the global crisis.
Gov. Zhou Xiaochuan's essay did not mention the dollar by name but said the crisis showed the dangers of relying on one nation's currency for international payments. In an unusual step, the essay was published in both Chinese and English, making clear it was meant for an international audience.
"The crisis called again for creative reform of the existing international monetary system towards an international reserve currency," Zhou wrote.
[url=http://finance.yahoo.com/news/China-calls-for-new-global-apf-14726105.html]China is now calling for a global currency.[/url]
| 2009/3/24 11:42||Profile|