You want proof that Barack Obama is destroying our economic status? Financial leaders from Brazil, Russia, India and China have met to basically declair that the dollar should no longer be top currency in the world.
Thanks alot Barack!
“….Mr Medvedev earlier reaffirmed his doubts about the future of the US dollar as the world’s standard reserve currency and called for a major shift in attitude worldwide.
“The current set of reserve currencies and the main reserve currency – the US dollar – have not managed to perform their functions,” he said.
Following the BRIC summit, the dollar slid from a month high against the euro in trading in New York, with the euro buying 1.3838 dollars at 07:00 (AEST) compared to 1.3793 dollars late on Monday.
China has backed Russia’s moves for a revamp of the global financial system, saying there is a need for a new supra-national currency besides the US dollar to prevent a repeat of the global economic crisis.
Medvedev’s chief economic aide, Arkady Dvorkovich, said Russia could consider investing its reserves not only in the United States and European countries but also in the financial instruments traded by BRIC states.
He also suggested the International Monetary Fund should revise the basket of currencies used to value its financial products to include the Russian ruble and the Chinese yuan.
The idea for the BRIC grouping was spawned after research by US investment bank Goldman Sachs suggested the four economies were developing at such a pace they could be world leaders by 2050.
Elena Sharipova, analyst at Renaissance Capital in Moscow, said the group’s “transformation into a real international structure is a long way off, but BRIC is clearly emerging as a new power centre”.
The BRIC states are expected to be major buyers of the first bonds that the IMF is working to issue.
China has said it is considering buying up to $US50 billion ($63 billion) worth of the new instrument, while Russia and Brazil could buy up to $US10 billion ($12.5 billion) each…”