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Foreign Exchange

Russia calls on G20 for new currency

According to the Moscow Times, the Kremlin has published its priorities for the upcoming G20 meeting, one of which is the creation of a supranational reserve currency. It wants the IMF to investigate the possibility of increasing the reserve currencies in its Special Drawing Rights.

I had to laugh when I read that. As a wit on a bulletin board wrote: “You spend 73 years telling the rest of the world that its capitalist money is the black-hearted source of all human evil. Then 15 years whooping it up because your oil is giving your dismal financial system some ill-deserved credibility for a while. Then three years wishing you had some of everybody else's currency instead of your own toilet-paper roubles. And then you demand to be part of a super-reserve currency that treats you just as if none of the above had ever happened.”

I reckon Russia’s got two hopes of creating a new international currency, as the market always says: Bob Hope and no hope. Still, it is a dynamic place and there are tentative signs that the era of dollar strength has come to an end now that the US has decided to print more money.

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