Russia, China to push global currency at G8 summit

Russia, China to push global currency at G8 summit

ca.news.yahoo.com

ROME (Reuters) - China, Russia and Brazil will use this week's G8 summit in Italy to push their view that the world needs to think about a new global reserve currency as an alternative to the dollar, officials said on Tuesday.

As leaders of the Group of Eight rich nations and the major developing powers traveled to Italy for a three-day summit starting on Wednesday, it seemed unlikely the currency debate would get a specific mention in summit documents

(visit the link for the full news article)

I've been seeing these stories popping up in my local newspapers for the past week. Honestly it seems that individual currencies are going to be a thing of the past if these massive political powers go forward with there plans to unite the planet with a one world currency, then further down the line with a UN controlled government. It's time to take a stand against this unstoppable force

ca.news.yahoo.com
(visit the link for the full news article)

The world already has a global currency, it is only used AS a global currency for major international trade, and governmental transactions.

IT is called the United States Dollar.

China and Russia are trying to make a NEW global currency, because America is *RECKLESSLY* destroying the value of the dollar, and endangering the ENTIRE global financial system that was created on the BACK of the dollar with the introduction of the Bretton Woods system, and then cannibalized by Nixon.

en.wikipedia.org...
en.wikipedia.org...

-Edrick

reply to post by Big Oil

The case of China, which has up to 70 percent of its $1.95 trillion in official currency reserves in the dollar, underlines the fact that the dollar is still the most important reserve currency.

From your article.

I'm curious as to who is going to make this new global currency. With the problem with hackers and counterfeiting, it would seem we need something electronic with a tracking number encrypted? That way, it can't ever be used illegally if it's been hacked and stolen and is time sensitive as well for more verification.

No more petty cash type transactions. We have to eliminate the threat of theft and illegal activity. If the governments won't comply, than apparently they're also involved in criminal activities.



[edit on 7-7-2009 by aleon1018]

Actually another single currency actually exists but doesn't exist at the same time and it aint the USA dollar it's called the IMF Special Drawing Rights (XDR) but this a far too simple explanation of it.

I thought there was reports of talks of India, China and Russia starting a new reserve currency the other day as well.

reply to post by SR


Yes, China and Russia have looked to the XDR as an example of how their new proposed currency would be managed, and function.

Just as long as they don't use the IMF as the issuer, and completely do away with the entire "WESTERN" monetary control structure... they should do ok.

A modified and NON IMF version of the XDR would be a great international currency for Governmental obligations, central banking transactions and such.

Much less dependent upon a single (Backward and Broken) economy for its value.

But seriously... they should NOT use ANYTHING from the IMF.

-Edrick