Skip to comments.Russians to U.S.: Give us the Fed
Posted on 01/29/2009 12:49:17 PM PST by Tailgunner Joe
DAVOS, Switzerland (Fortune) -- The Russians are upset that the U.S. dollar is the world's principal reserve currency, and this week in Davos they have been putting forward suggestions for how to fix the issue. First came Prime Minister Vladimir Putin, who called in a speech on Wednesday for efforts to "facilitate the emergence of several reserve currencies."
On Thursday it was the turn of German Gref, a former Economics Minister who is now CEO of Russia's largest bank, state-owned Sberbank. His proposal during a panel discussion went even further than Putin's: In the absence of any serious competitors to the dollar, he advocated international control of U.S. monetary policy.
The biggest risk facing the world, he said, is that the U.S. dollar plays a global role but is managed narrowly "in the vested interests of only one country." In other words, he's pushing for the U.S. Federal Reserve to be governed more like an international institution than "merely" as the U.S. central bank.
Pressed by Fortune to explain what he means, Gref acknowledged that he hasn't yet worked out the mechanisms for how Russia and other countries would have a formal say in U.S. monetary policy.
But he insisted that the dollar's status as both the U.S. currency and as a global one is "one of the three to four main reasons for this crisis." Moreover, if the situation isn't changed, "we will stay in the same international crisis."
(Excerpt) Read more at money.cnn.com ...
After all, it is an international socialist Russia is dealing with here.
The next four years of democRAT economic policy should resolve this issue without foreign influence.
Putnum is in a bad series of numbers for control freaks. They are doing a lot of demanding.
I heard it on coastocoastam in between the UFO stories.
I’m just amazed he could stand there and say it with a strait face myself...
“several reserve currencies”
“Just make dollar A BIT weaker. Then when it’s weak, we’ll help you, and stuff”
Same old camel-nose tactics
I'll bet. I know I haven't.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
This is rather comical for a nation which until recently had citizens who trusted our currency more than their own.
How’s that’s oil income going Putie...
Aren’t the Russians getting money from the stimulus package?
Let’s compromise. Give ‘em the Euro.
Well, we are becoming socialist also so what’s the harm?
Be patient, Vladimir, It's probably on Obama's agenda.
Oh yea, now there is a good idea! ROFL, lets make sure they control 9% Nancy’s bank account first, make sure they know how do do it...
LMAO and maybe monkeys will fly out of mah butt.
Well, after all, don’t the US Federal Reserve bankers secretly run Russia to begin with??? [/sarc]
They should worry more about the ruble, which is plumetting.
And the Chinese are hardly in a position to complain since they have been manipulating the exchange rates and pretty much caused this situation.
That is what an ounce of gold will cost you in Moscow.
Its not automatically the dollar. Its the dollar because its the safest and most stable. When another currency is safer and more stable, people will automatically start to use that one.
Prior to Reagan, the Swiss franc and the german deutchmark were a lot more popular, because they were stable and the dollar wasn’t. Reagan changed that. Right now as the dollar is losing value would be the right time for the international players to shift into another currency, except for the fact that the others are losing value faster than the dollar. Its not our fault. We’re doing all we can to destroy the dollar, but everyone else is worse than we are.
The sad part in all this is that there will be Nutty Globalists who will listen to Ras Putin and acquiesce to him...
Anything with “Davos” mentioned should scare every hard-working American
Not really-- the Euro in some ways, for example, interest rate gyrations, is more stable & so is the Swiss Franc and Japanese Yen.
The dollar is the most stable currency in widespread use: there are trillions of dollars in dollar denominated accounts abroad because of the legacy of Bretton Woods and the massive trade deficits we have run.
That's the real reason the Euro cannot replace the dollar: European (esp. German) mercantilist policies effectively prevent enough Euros from circulating outside the Euro zone.
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