16 June 2009
Dollar in Danger
Posted by Joy Bischoff under: World Economy .
The purpose of this conference led by Russia is to increase regional stability and counter US involvement in the area. Because of this agenda, I find it disgusting that Medvedev is again proposing the death of the dollar. This would indeed help Russia increase power in their region by crushing our economy.
Medvedev calls for new reserve currencies
YEKATERINBURG, Russia – Russian President Dmitry Medvedev says the world needs new reserve currencies.
Medvedev told a regional summit Tuesday that the creation of new reserve currencies in addition to the dollar is needed to stabilize global finances.
Medvedev has made the proposal before. It reflects both the Kremlin’s push for greater international clout and a concern shared by other countries that soaring U.S. budget deficits could spur inflation and weaken the dollar.
Airing it at a summit meeting underlined the challenge to U.S. clout. . .
Moscow is expected to use the meeting of leaders from the Shanghai Cooperation Organization to try to cement the six-nation group as a counterbalance to the U.S. presence in strategic Central Asia.
Russian President Dmitry Medvedev opened the two-day meeting by saying the group would discuss the global financial crisis as well as the key issue the organization was created to address: regional security.
“Our organization has been created quite recently, but it has scored quite serious progress,” he said.
Late Monday, Medvedev had what he called a “most productive and useful” meeting with Afghan President Hamid Karzai and he promised that Russia will help Afghanistan create “an efficient political system.”. . .
The 8-year-old Shanghai Cooperation Organization is dominated by Russia and China and includes Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, with countries such as India, Iran and Pakistan holding observer status.Medvedev also was expected to meet with Iranian President Mahmoud Ahmadinejad. The Iranian leader postponed his arrival in this Ural Mountains city until Tuesday, according to the Iranian Embassy in Moscow, during protests in Iran over his bitterly disputed re-election. . . .
While Moscow and its neighbors have stressed solidarity with the West on the need for stability in Afghanistan, Kremlin critics say they have used their combined clout in the past to confound U.S. efforts.
In 2005, the Shanghai Cooperation Organization supported Uzbekistan’s eviction of U.S. forces from a base supporting operations in Afghanistan. In February, Kyrgyzstan announced it would evict U.S. forces from their only other Central Asian base — a decision widely seen as influenced by Russia. U.S. officials have said there is still hope for a deal to keep use of the Manas base. . .
The summit will be followed late Tuesday by the first full-fledged summit of BRIC, a group linking the emerging economies Brazil, Russia, India and China.
http://news.yahoo.com/s/ap/20090616/ap_on_re_eu/eu_russia_summit_talks_7
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