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India Joins Russia, China in Questioning U.S. Dollar Dominan

Bloomberg.com -- By Mark Deen and Isabelle Mas

July 4 (Bloomberg) -- Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars.

“The major part of Indian reserves is in dollars -- that is something that’s a problem for us,” Tendulkar, chairman of the Prime Minister’s Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France, where he was attending an economic conference.
“There should be a system to maintain the stability of the major reserve currencies,” Former Chinese Vice Premier Zeng Peiyan said in a speech in Beijing yesterday, highlighting China’s concerns about a global financial system dominated by the dollar.

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Submitted Jul 04, 2009 By: teafortwo

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fratt Champion Author Grand Rapids Posts:4,924 Points:1,666,230 Joined:Jul 2005	Message Posted: Jul 5, 2009 5:08:31 AM Ignore fratt Report Abuse Keep conserving!
Jethroy Champion Author Toronto Posts:4,042 Points:738,465 Joined:Mar 2004	Message Posted: Jul 5, 2009 5:07:08 AM Ignore Jethroy Report Abuse it has already been said but don't learn
twobroke61 Champion Author Michigan Posts:3,428 Points:617,785 Joined:Sep 2008	Message Posted: Jul 5, 2009 5:05:31 AM Ignore twobroke61 Report Abuse and this has what to do with the price of oil and gas
goldseeker Champion Author West Virginia Posts:12,869 Points:1,742,390 Joined:Sep 2005	Message Posted: Jul 5, 2009 4:58:55 AM Ignore goldseeker Report Abuse What next.
granitestater Champion Author New Hampshire Posts:4,086 Points:633,550 Joined:Oct 2008	Message Posted: Jul 5, 2009 4:58:27 AM Ignore granitestater Report Abuse there is a system--it's called the 'gold standard'. which we threw out at Bretton Woods about 65 years ago...
Mark929 Champion Author Oakland Posts:3,155 Points:616,435 Joined:Jul 2008	Message Posted: Jul 5, 2009 4:49:06 AM Ignore Mark929 Report Abuse Very political.
kfinto Veteran Author Texas Posts:400 Points:1,148,495 Joined:Apr 2005	Message Posted: Jul 5, 2009 4:48:00 AM Ignore kfinto Report Abuse The U.S. government is trillions of dollars in debt that cannot be repaid. The other governments are wise to get rid of the U.S. dollar before it becomes worthless.
bad_sailor Champion Author London Posts:2,964 Points:721,130 Joined:Dec 2007	Message Posted: Jul 5, 2009 4:39:18 AM Ignore bad_sailor Report Abuse Who cares. It doesn't affect the price of gas.
MPGKing All-Star Author New Jersey Posts:874 Points:227,570 Joined:Mar 2009	Message Posted: Jul 5, 2009 3:30:58 AM Ignore MPGKing Report Abuse I really can't blame them if we keep on printing money like crazy.
Vette1967 Champion Author Albany Posts:1,384 Points:326,195 Joined:Jun 2009	Message Posted: Jul 5, 2009 3:15:51 AM Ignore Vette1967 Report Abuse The good old American dollar can still rule if only we learn from our past mistakes. [Edited by: Vette1967 at 7/5/2009 3:18:23 AM EST]
FASTR1 Champion Author Michigan Posts:5,250 Points:834,595 Joined:May 2007	Message Posted: Jul 5, 2009 3:15:13 AM Ignore FASTR1 Report Abuse All I want is a few million, please.
findcheap Champion Author Los Angeles Posts:4,643 Points:1,029,690 Joined:Apr 2007	Message Posted: Jul 5, 2009 3:10:56 AM Ignore findcheap Report Abuse Euro is new reserve currency
ccf_jeff Champion Author St. Louis Posts:9,689 Points:1,604,270 Joined:Sep 2005	Message Posted: Jul 5, 2009 3:08:24 AM Ignore ccf_jeff Report Abuse That's not good. Not good at all. GasMiserAZ, we are indeed the world's largest economy, but that doesn't mean we can't fall. Rome was once the world's largest economy. AIG was the world's largest insurance company. GM was once the world's largest auto manufacturer and the list could go on and on. We are like a family living beyond its means - WAY beyond its means. We are trillions of dollars in debt and are expected to run a deficit this year alone in excess of another trillion dollars and are borrowing more to buy gas guzzlers to crush and throw in our dumps. Just because you're big, doesn't mean you can't get in over your head, as some of the earlier examples prove. Many people making high six figure salaries have gone bankrupt. All it takes is living beyond one's means and taking on too much debt. Donald Trump was pretty big and yet he went bankrupt 3 times I believe. At one time Argentina was the 2nd largest economy in the world and yet they defaulted on their debt. Many world economists are saying that the U.S. is headed that way and a major rating agency said the U.S. is in danger of losing its AAA credit rating. That's what happened to AIG shortly before they went under. Check out this chart showing the historical % increase in our money supply. No wonder India, China & Russia are all calling for a review of using our currency as an international standard and of holding hundreds of billions of our IOUs. See too, Matt Taibbi's piece on how Goldman Sachs has influential members throughout the administration and has been a beneficiary of massive amounts of government money to bail them out and the companies that owed them billions. They were the first to be paid off by AIG. They also have been at the heart of each of our major bubbles - the dot.com bubble and the housing bubble and have profited handsomely from them despite being fined for illegal activity. I think that is the type of oligarchy Simon Johnson, the chief economist at the International Monetary Fund during 2007 and 2008, was speaking of when he wrote the excerpt below in his article: The Quiet Coup The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
alaric76 Champion Author New Jersey Posts:11,218 Points:2,053,070 Joined:Nov 2004	Message Posted: Jul 5, 2009 3:06:38 AM Ignore alaric76 Report Abuse all part of the plan to destroy this country from within.
joel27nc Champion Author Raleigh Posts:5,513 Points:884,770 Joined:Mar 2008	Message Posted: Jul 5, 2009 2:26:46 AM Ignore joel27nc Report Abuse Ya think?
spiderjay Champion Author Little Rock Posts:2,250 Points:580,205 Joined:Oct 2005	Message Posted: Jul 5, 2009 1:38:50 AM Ignore spiderjay Report Abuse ITS CUS OUR GOVERMENT IS SPENDING MONEY LIKE THEY WERE LEAVES ON TRESS
GasMiserAZ Champion Author Phoenix Posts:12,056 Points:698,425 Joined:Aug 2008	Message Posted: Jul 5, 2009 12:52:19 AM Ignore GasMiserAZ Report Abuse I'm going to repeat whet I said more than 4 hours ago for those of you that think that America is dying: . . . Keep in mind people...the United States has far and away the world's largest economy. Second place, Japan, is less than 1/3 of the USA. China less than that. Russia's economy is only 1/10 of the USA. India even less. They can talk all they want in their summits. As long as the USA is the world's dominant economy, the Dollar will be the world's dominant currency.
FlyNFool Champion Author South Carolina Posts:3,551 Points:718,320 Joined:Aug 2008	Message Posted: Jul 5, 2009 12:47:20 AM Ignore FlyNFool Report Abuse Thanks to the messiah Obama, our dollar is worth crap, can you blame anyone for trying to dump them.
FuelBarge Champion Author Long Island Posts:4,137 Points:1,094,245 Joined:Aug 2005	Message Posted: Jul 4, 2009 10:15:57 PM Ignore FuelBarge Report Abuse I don't blame any country for trying to dump their dollars. I would too if I could. The fact that we are now making them up out of thin air is going to force their overall value even lower.
kelsielee Champion Author Atlanta Posts:3,384 Points:662,425 Joined:Sep 2008	Message Posted: Jul 4, 2009 10:08:46 PM Ignore kelsielee Report Abuse Not a good time for holders of American dollars to unload them.
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Jul 4, 2009 9:11:51 PM Ignore jay4 Report Abuse Come on, you crypto-fascists on the far right, this started well before Obama so look at the falling dollar value during the Shrub's reign!
fizbos Champion Author Maine Posts:2,092 Points:1,037,660 Joined:May 2006	Message Posted: Jul 4, 2009 9:04:20 PM Ignore fizbos Report Abuse Another response to Obama financial policies!
Focus2 Champion Author Illinois Posts:3,999 Points:1,210,780 Joined:Mar 2006	Message Posted: Jul 4, 2009 8:59:40 PM Ignore Focus2 Report Abuse Create another currency, just another reason to take our savings if you still have any left.
wt0826 Sophomore Author Ontario Posts:124 Points:53,275 Joined:Jun 2009	Message Posted: Jul 4, 2009 8:56:22 PM Ignore wt0826 Report Abuse This looks like the beginning of the end of the American empire. There are many that are not satisfied with the status quo, and who can blame them. In the short term, however, India, China and Russia among many others will continue to support the collapsing giant USA.
leeso1 Champion Author San Diego Posts:2,637 Points:435,105 Joined:May 2009	Message Posted: Jul 4, 2009 8:55:37 PM Ignore leeso1 Report Abuse soooo sick of this...
BlueVanGroup Champion Author Colorado Posts:2,238 Points:571,435 Joined:May 2008	Message Posted: Jul 4, 2009 8:41:35 PM Ignore BlueVanGroup Report Abuse There is no way to pay back the massive debt the Washington elite are heaping onto us (and our children and our children's children and ...) except to trigger hyperinflation. A multi-trillion-dollar debt isn't so bad if you drive the dollar's value so low that it takes a million dollars to buy a loaf of bread. Hyperinflation may seem a palatable option for the debtors-in-chief, but it's a very bad deal for the debt holders. (If you knew the value of XYZ stock would plummet, would you want it in your portfolio?) If the debt holders all try to dump their dollars at the same time, they could trigger the collapse they're trying to avoid (at least until they dump theirs), so they have to be careful. Of course, we common citizens are screwed.
BlackHorse Champion Author Twin Cities Posts:2,454 Points:618,785 Joined:Dec 2002	Message Posted: Jul 4, 2009 8:41:28 PM Ignore BlackHorse Report Abuse so where will they go, the Euro? the Pound? Nah, the rupie of the rupel? hardly, the yen? nope by the way, what is china's curancy? and who cares?
milespergallon Champion Author Illinois Posts:4,973 Points:1,046,195 Joined:Feb 2007	Message Posted: Jul 4, 2009 8:41:02 PM Ignore milespergallon Report Abuse Easy. Don't send them anymore financial support. That should cut done on their' holdings'. And, WE could get their holding down much more by having them REPAY their debt to us! Simple enough to me!
Bussman Champion Author Dallas Posts:1,700 Points:518,490 Joined:Nov 2008	Message Posted: Jul 4, 2009 8:31:24 PM Ignore Bussman Report Abuse "Change we can believe in"!!!
acknot Champion Author Seattle Posts:1,490 Points:769,335 Joined:Sep 2003	Message Posted: Jul 4, 2009 8:28:54 PM Ignore acknot Report Abuse Obama will destroy us.
GGW Veteran Author Austin Posts:329 Points:582,155 Joined:Dec 2005	Message Posted: Jul 4, 2009 8:24:35 PM Ignore GGW Report Abuse How can you expect other countries to respect our dollar when they see us throwing Trillions at PORK? [Edited by: GGW at 7/4/2009 8:25:16 PM EST]
e3p0 Champion Author Columbus Posts:2,179 Points:583,090 Joined:Mar 2006	Message Posted: Jul 4, 2009 8:17:06 PM Ignore e3p0 Report Abuse They can all bite me. If it wasn't for Americans and our advances, they would still be living in tents.
fcdriver Champion Author Tennessee Posts:2,829 Points:595,520 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:15:35 PM Ignore fcdriver Report Abuse keep conserving
2granny Champion Author Michigan Posts:4,212 Points:483,825 Joined:Apr 2009	Message Posted: Jul 4, 2009 8:13:21 PM Ignore 2granny Report Abuse How can we expect the dollar to be strong with a national debt at staggering levels never seen before and no doubt heading even higher. Rising inflation will only make things worse. Nobody should be surprised by this article. Well said,aarrt.
Slyguy1060 Champion Author Michigan Posts:6,509 Points:1,250,275 Joined:Feb 2007	Message Posted: Jul 4, 2009 8:12:03 PM Ignore Slyguy1060 Report Abuse Yeah Miner, it is only a matter of time and you will see the One World Government come to power. Who knows, Obama might yet become king of the world.
MINER Champion Author Pittsburgh Posts:8,426 Points:2,468,370 Joined:Jul 2002	Message Posted: Jul 4, 2009 8:10:00 PM Ignore MINER Report Abuse Does this tie in with that "One World Society" we used to read about now & then.
mplato Champion Author Columbia Posts:4,226 Points:1,013,635 Joined:Jun 2004	Message Posted: Jul 4, 2009 8:06:53 PM Ignore mplato Report Abuse looks like the All Mighty Dollar is not well liked in some parts of the world....but when they want the All Mighty Dollar to pay for a disaster....they have their hands out for it
GasMiserAZ Champion Author Phoenix Posts:12,056 Points:698,425 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:06:18 PM Ignore GasMiserAZ Report Abuse Keep in mind people...the United States has far and away the world's largest economy. Second place, Japan, is less than i/3 of the USA. China less than that. Russia's economy is only 1/10 of the USA. India even less. They can talk all they want in their summits. As long as the USA is the world's dominant economy, the Dollar will be the world's dominant currency.
Chummy37 All-Star Author Calgary Posts:845 Points:453,775 Joined:Jan 2008	Message Posted: Jul 4, 2009 8:00:56 PM Ignore Chummy37 Report Abuse This can't be good for us!
paulydel Champion Author Delaware Posts:4,203 Points:465,080 Joined:Jan 2008	Message Posted: Jul 4, 2009 7:59:03 PM Ignore paulydel Report Abuse With Obama taking us to new lows and printing our dollar out of existance this is the only wise move they could make before we become a third world country. the US dollar is becoming worthless.
JustjoeWI Veteran Author Milwaukee Posts:400 Points:237,190 Joined:Sep 2008	Message Posted: Jul 4, 2009 7:54:35 PM Ignore JustjoeWI Report Abuse We stick our nose in everything
Dale Jr. Champion Author Illinois Posts:11,266 Points:2,255,650 Joined:May 2004	Message Posted: Jul 4, 2009 7:53:02 PM Ignore Dale Jr. Report Abuse They have to protect their own hide.
aarrrt Champion Author San Diego Posts:2,980 Points:712,275 Joined:May 2008	Message Posted: Jul 4, 2009 7:52:21 PM Ignore aarrrt Report Abuse How can we expect the dollar to be strong with a national debt at staggering levels never seen before and no doubt heading even higher. Rising inflation will only make things worse. Nobody should be surprised by this article.
DeHavilland Champion Author Toronto Posts:3,214 Points:1,001,695 Joined:Jun 2007	Message Posted: Jul 4, 2009 7:51:19 PM Ignore DeHavilland Report Abuse Is this the decline of the American Empire? With these countries taking our technology, manufacturing, jobs and money too, this could be the end of western domination of the marketplace. Man, I hope not. I hate to think we'll have to take our orders from Calcutta or Beijing. All this is being done to us by multinational corporations looking for a fast profit by sending our work and technology where they hope to pay little for labour and not have to worry about any human rights or workplace safety.
hybridaholic Champion Author Wisconsin Posts:3,322 Points:588,910 Joined:Dec 2008	Message Posted: Jul 4, 2009 7:51:07 PM Ignore hybridaholic Report Abuse Let some other currency take over for the dollar, then we can help junk it too.
GasMiserAZ Champion Author Phoenix Posts:12,056 Points:698,425 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:50:24 PM Ignore GasMiserAZ Report Abuse heysailor, countries have been trying to get rid of the Dollar's world dominance for the last 40 years. This is nothing new. Also, Comrade Obama is making the Dollar very, very weak with his trillion dollar shopping sprees!
PokerAce Champion Author Baton Rouge Posts:4,852 Points:940,305 Joined:Jan 2008	Message Posted: Jul 4, 2009 7:49:46 PM Ignore PokerAce Report Abuse I guess they have all those dollars because of all the JOBS the U.S. has lost to INDIA and CHINA .... and of course he made the comments in FRANCE .... go figure .....
Kato51 Champion Author Atlanta Posts:2,819 Points:1,271,995 Joined:Jul 2005	Message Posted: Jul 4, 2009 7:47:34 PM Ignore Kato51 Report Abuse This doesn't sound good for any of us over here. Lets take care of ourselves first.
GasMiserAZ Champion Author Phoenix Posts:12,056 Points:698,425 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:44:18 PM Ignore GasMiserAZ Report Abuse Yeah...okay. I'll run right out Monday and convert all my holdings to Rubles......ha ha ha ha ha ha ha ha ha! Hold your breath Medvedev!
Bonanza Champion Author Boston Posts:6,211 Points:1,571,665 Joined:Jun 2004	Message Posted: Jul 4, 2009 7:42:56 PM Ignore Bonanza Report Abuse It's time America looks out for America