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Tuesday, July 14, 2009

The dollar is doomed!

Russian President Dmitry Medvedev is so serious about a new global reserve currency, he brought a demo to the G-8 meeting.


Would have been cooler if he pulled it
from behind Barack Obama's ear...


“This is a symbol of our unity and our desire to settle such issues jointly,” Medvedev said as he called for a “united future world currency.” The Russian didn’t really go into detail about how the money would be balanced or what nations would contribute, but we take note of two items:

Medvedev is the first to suggest that a new world reserve currency would actually be used by everyday people. The previously proposed Special Drawing Rights currency was supposed to be one of those shadow monies that doesn’t really exist… just this invisible running tab swapped back and forth between nations. Yet Medvedev suggested on Friday that his money be used by people around the world.

Second, we haven’t heard if there is physical gold in that coin… but we doubt the Russians picked that color just by chance.
--from "Canada’s Coming Crisis, Goldman’s Profits, Russia’s Dollar Replacement and More!" by Addison Wiggin and Ian Mathias

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