| Author | Message | ||
     Der_schuler Comedian Username: Der_schuler Post Number: 1156 Registered: 01-2009 Posted From: 24.14.147.0 Rating: N/A |
The point is that no body in the emerging world cares for US...as simple as that...if OPEC denounces dollar....and china sells its USD reserves in huge bulk, India's participation or not wont make a difference at all....china has almost 6-10 times more reserves than us..... India for the first time is diplomatically towing the right path..its better to leave a fading power in its trail than to come across a raising power as a rougue....if you want to understand how USD is loosing ground around the world, all you need to do is to see how countries apart from India and China are pegging their currency w.r.t USD. Even Chile has made its dollar twice as pricey as it was 10 years ago......w.r.t USD | ||
| Ashton Comedian Username: Ashton Post Number: 1375 Registered: 05-2008 Posted From: 208.53.157.30 Rating: N/A |
What about Euro & Australian,Nz dollar? | ||
| Redplanet Side Hero Username: Redplanet Post Number: 3876 Registered: 05-2008 Posted From: 24.91.69.137 Rating: N/A |
Aligning with untrustworthy China on challenging the Dollar When India is enjoying good relationship with US involving Trade in $. | ||
| Der_schuler Comedian Username: Der_schuler Post Number: 1154 Registered: 01-2009 Posted From: 24.14.147.0 Rating: N/A |
What part of that description made you believe that India is believing china??? They have no other resort left. I posted 3 days back, the amount of de leveraging going on in the world w.r.t dollar is tremendous....Taiwan,Japan together shed almost 60 billion USD in the forex market last year. Its a fact that US and USD are the waning powers of the world..if IMF predictions can be taken as a de facto, the current FX opinion is that by 2015, 1 USD=== 11 INR..... Go to Europe and Asia and you can clearly witness how is US taken now...if u sit here and think that this country is going great guns...well thats a bad call...There is absolutely no respect....for USA as a financial and diplomatic power in the world today | ||
| Ashton Comedian Username: Ashton Post Number: 1370 Registered: 05-2008 Posted From: 208.53.157.30 Rating: N/A |
I asked a Chinese friend what he thought of the BRIC. I was surprised when he matter of factly replied: "We will lead the others to rule the world." | ||
| Movieanalyst Junior Artist Username: Movieanalyst Post Number: 788 Registered: 03-2008 Posted From: 98.180.196.219 Rating: N/A |
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| Redplanet Side Hero Username: Redplanet Post Number: 3868 Registered: 05-2008 Posted From: 24.91.69.137 Rating: N/A |
Bad decession. Never ever trust Chinxa. Singh mgmt team ki mind D's anukuntunna | ||
| Ashton Comedian Username: Ashton Post Number: 1355 Registered: 05-2008 Posted From: 208.53.157.30 Rating: N/A |
http://www.bloomberg.com/apps/news?pid=20601087&sid=aR7yfqUw Tb4M 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 are 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. Singh is preparing to join leaders from the Group of Eight industrialized nations -- the U.S., Japan, Germany, Britain, France, Italy, Canada and Russia -- at a summit in Italy next week which is due to tackle the global economy. China and Brazil will also send representative to the summit. As the talks have neared, China and Russia have stepped up calls for a rethink of how global currency reserves are composed and managed, underlining a power shift to emerging markets from the developed nations that spawned the financial crisis. “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. Fiscal and current-account deficits must be supervised as “your currency is likely to become my problem,” said Zeng, who is now the head of a research center under the government’s top economic planning agency. The People’s Bank of China said June 26 that the International Monetary Fund should manage more of members’ reserves. Russian Proposals Russian President Dmitry Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the dollar’s future as a global reserve currency. Russia’s proposals for the Group of 20 major developed and developing nations summit in London in April included the creation of a supranational currency. “We will resume” talks on the supranational currency proposal at the G-8 summit in L’Aquila on July 8-10, Medvedev aide Sergei Prikhodko told reporters in Moscow yesterday. Singh adviser Tendulkar said that big dollar holders face a “prisoner’s dilemma” in terms of managing their holdings. “That’s why I’m telling them to do this,” he said. He also said that world currencies need to adjust to help unwind trade imbalances that have contributed to the global financial crisis. “The major imbalances which led to the current situation, the current account surpluses and deficits, have to be addressed,” he said. “Currency adjustment is one thing that suggests itself.” Emerging-Market Dependence For all the complaints about the dollar, emerging markets such as India remain dependent on the currency of the U.S., the world’s largest economy and a $2.5 trillion export market. The IMF said June 30 that the share of dollars in global foreign- exchange reserves increased to 65 percent in the first three months of this year, the highest since 2007. Tendulkar said that the matter needs to be taken up in international talks, and that it emphasizes the need for those talks to go beyond the traditional G-8. “They can meet if they want to,” he said. “The G-20 has a wider role, has representation of the countries that are likely to lead the recovery process.” To contact the reporters on this story: Mark Deen in Aix en Provence, France at markdeen@bloomberg.net; Isabelle Mas in Aix en Provence, France at imas2@bloomberg.net. |
