By George Whitten, Jerusalem Bureau Chief
MOSCOW/AQUILA (BosNewsLife) — Russian President Dmitry Medvedev has called for a new global currency to replace the dollar as the World’s Reserve Currency.
At the summit of leaders of the eight most influential nations, the G-8, Medvedev showed a new coin to illustrate what he said was a “united future world currency”, BosNewsLife monitored Monday, June 21.
The coin, which bears the words “unity in diversity”, was minted in Belgium and presented to all the G-8 leaders attending the gathering in the Italian city of Aquila.
“We are discussing both the use of other national currencies, including the ruble, as a reserve currency, as well as supranational currencies,” Medvdev told reporters.
NEW ECONOMIC HIERARCHY
The Russian leader said he envisions a new economic hierarchy which would allow emerging-market giants such as Russia and China to drive the global agenda as the world emerges from the first global recession since the 1930s.
“We really live at a unique time, and we should use it to build a modern, prosperous and strong Russia, a Russia that will be a co-founder of the new world economic order,” Medvedev added.
Russia, alongside China and India, have all questioned the dollar’s future as a global reserve currency over the past year. Earlier this year, China called for the creation of a new global “supranational currency” such as the International Monetary Fund’s special drawing rights (SDR’s), to add stability to global financial markets.
The United Nations earlier this year published a report which called for the replacement of the U.S. Dollar and the creation of a global reserve bank and a new world currency to protect emerging markets from the “confidence game” of financial speculation.
This item is out of date!
The original story on the Russian President showing “New World Currency” at the G-8 meeting took place at the G-8 meeting in L’Aquila, Italy last year.