Tuesday, June 22, 2010

Russian President Shows "New World Currency" At G-8 Summit




  • read more on www.worthynews.com
    MOSCOW/AQUILA (Worthy News) — Russian President Dmitry Medvedev has called for a new global currency to replace the dollar as the World's Reserve Currency.
    At the summit of leaders of the eight most influential nations, the G-8,  Medvedev showed a new coin to illustrate what he said was a "united future world currency", Worthy News learned on Monday, June 21st.
    The coin, which bears the words "unity in diversity", was minted in Belgium and presented to all the G-8 leaders attending the gathering in the Italian city of Aquila.
    "We are discussing both the use of other national currencies, including the ruble, as a reserve currency, as well as supranational currencies," Medvdev told reporters.

  • read more on www.bloomberg.com
    July 10 (Bloomberg) -- Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a "united future world currency."
    "Here it is," Medvedev told reporters today in L'Aquila, Italy, after a summit of the Group of Eight nations. "You can see it and touch it."
    The coin, which bears the words "unity in diversity," was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

  • Medvedev, who has repeatedly called for a supranational currency to match the dollar, said discussions with China are continuing on broadening the global options. The world may need as many as six reserve currencies, Medvedev said.
    "It's something that's obviously needed," he said at the St Petersburg International Economic Forum. "Developing a financial center in Moscow will considerably help to strengthen the rouble's position as one of the reserve currencies." Medvedev's comments underline Russia's ambition to reassert its global power following the financial crisis. Gross domestic product shrank 7.9 % last year, the worst contraction since the fall of communism in 1991, after the credit crunch sent commodity prices plunging.
    "If the world depended completely on the dollar, the situation would have been more difficult," Medvedev said.

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