China backs Russia's call for a rethink of the US dollar's status as world's sole benchmark currency

[Emit]

China backs talks on dollar as reserve -Russian source

By Gleb Bryanski

MOSCOW, March 19 (Reuters) - China and other emerging nations back Russia's call for a discussion on how to replace the dollar as the world's primary reserve currency, a senior Russian government source said on Thursday. Russia has proposed the creation of a new reserve currency, to be issued by international financial institutions, among other measures in the text of its proposals to the April G20 summit published last Monday.

Calls for a rethink of the dollar's status as world's sole benchmark currency come amid concerns about its long-term value as the U.S. Federal Reserve moved to pump more than a trillion dollars of new cash into the ailing economy late Wednesday.

Russia met representatives of China, India and Brazil ahead of the G20 finance ministers meeting last week, as the big emerging powers seek to up their influence on decisionmaking globally. Their first ever joint communique did not mention a new currency but the source said the issue was discussed.

"They (China) did not formally put forward their position for the G20 summit but unofficially they had distributed their paper regarding the same ideas (the need for the new currency)," the source told Reuters, speaking on condition of anonymity.

~snip~

http://www.reuters.com/article/usDollarRpt/idUSLJ93633020090319

[lib2DaBone]

1. Here we go.. if this happens.. Even CNBC wont be able to Spin us out of it...

[stillcool]

2. youza! better hurry up and spend...

that stimulus money..build those bridges and schools, get things shaking. This could be our last hurrah for a long time.

[Emit]

3. Wonder who the 'senior Russian government source' was and how credible he or she is?

[stillcool]

6. China, Russia, and Iran...

Who knows? I really don't know what our status is in the world today. I read a few articles recently..one said that we almost have the Middle-east sewn up, and that would ensure our prominence for a long time. But then I read where Saudi Arabia was cozying up to China, and Iran was making nice with Afghanistan.. and India was a wild-card. Then I read something about our military not being as over-powering as it once was, so added to our economic mess we were pretty weakened. All I know is we sure made a lot of people rich.

[Emit]

7. I don't know what to believe, either. You can add this,too: Russia confirms Iran missile contract

Reports: Russia confirms Iran missile contract

MOSCOW – Russian news agencies cited a top defense official Wednesday as confirming that a contract to sell powerful air-defense missiles to Iran was signed two years ago, but saying no such weapons have yet been delivered.

Russian officials have consistently denied claims the country already has provided some of the S-300 missiles to Iran. They have not said whether a contract existed.

The state-run ITAR-Tass and RIA-Novosti news agencies and the independent Interfax quoted an unnamed top official in the Federal Military-Technical Cooperation Service as saying the contract was signed two years ago. Service spokesman Andrei Tarabrin told The Associated Press he could not immediately comment.

Supplying S-300s to Iran would change the military balance in the Middle East and the issue has been the subject of intense speculation and diplomatic wrangling for months.

Israel and the U.S. fear that, were Iran to possess S-300 missiles, it would use them to protect its nuclear facilities — including the uranium enrichment plant at Natanz or the country's first atomic power plant, which is now being built by Russian contractors at Bushehr.

cont'd: http://news.yahoo.com/s/ap/20090318/ap_on_re_eu/eu_russia_iran

[RC]

4. Something else to thank bu$h for.

His gifts just keep on giving.

[nadinbrzezinski]

5. Ah another sign of the coming end of Empire....

call me surprised... NOT