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Calls rise for new global currency
Barrie McKenna and Andy Hoffman
Globe
and Mail
Thursday, Nov 19th, 2009
Tensions over two of the world's major currencies
are escalating, playing out in economic and political circles
as countries make a desperate push for crucial trade dollars.
Visiting China, President Barack Obama said he wants the country
to dismantle its currency peg to the U.S. dollar. But while
the two countries bicker over the value of the yuan, momentum
is building for a replacement for the world's reserve currency.
But International Monetary Fund director Dominique Strauss-Kahn
says the days of one country's currency as the global benchmark
are numbered. The U.S. dollar remains the currency standard,
but globalization demands a new global currency that provides
representation for the growing importance of a variety of major
economies, Mr. Strauss-Kahn said during a trip to China.
Increasing talk for a new global currency comes as friction
mounts between the United States and China over the yuan, whose
restrained value helps keep China's exports competitively priced.
During his visit to China, President Obama on Tuesday urged
China to expose the yuan to market-oriented forces and let it
rise.
Full
article here
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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