China

Russkis, ChiCom Plot the Death of the U.S. Dollar

|

The U.K. Telegraph reports that "the Kremlin's chief economic advisor" recommends that the dollar be replaced as the world's reserve currency with an International Monetary Fund-issued set of "drawing rights," backed by a basket of commodities and currencies, to include….gold, Mr. Bernanke. Gold. According to the Telegraph, "Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week."

Celestine Bohlen at Bloomberg.com says that the dollar may be staggering, but our ancient foes the Russians and Chinese are not about to take it out anytime soon.