Wednesday, March 18, 2009

Kremlin to Pitch New Currency at G20

If you haven't gotten it up to now, understand it now: a new reserve currency is coming. Even the Kremlin is getting in on the act and promoting its own version.

The Kremlin published its priorities Monday for the 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, according to the Moscow Times.

The next round of inflation will also be global.


No comments:

Post a Comment