A lot of shaking is going on these days prior to the G20 summit to be held on April 4th.
In a congressional hearing on Capitol Hill, U.S. Rep. Michele Bachmann, a Minnesota Republican, asked U.S. Treasury Secretary Timothy Geithner: "Would you categorically renounce the United States moving away from the dollar and going to a global currency as suggested this morning by China and also by Russia, Mr Secretary?"
Geithner replied, "I would, yes."
She posed the same question to Federal Reserve Chairman Ben Bernanke, who said: "I would also."
Chinese central bank chief Zhou Xiaochuan on Monday urged a wider use of Special Drawing Rights created by the International Monetary Fund as a global reserve asset in 1965.
Zhou's comments followed remarks by Russia last week which said it would put forward a proposal at a meeting of the Group of 20 in London on April 2 for the creation of a new global reserve currency.
Russia said its proposal had broad support among other key emerging market economies including Brazil, India, China, South Korea and South Africa.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency "that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies".
U.S. President Barack Obama and his top two economic officials on Tuesday dismissed suggestions by emerging economic powers that the world move away from using the dollar as the world's main reserve currency.
"I don't believe that there's a need for a global currency," Obama told a prime-time televised news conference, adding that the dollar is "extraordinarily strong right now".
The International Monetary Fund said earlier that the single global currency idea highlighted concerns about the stability of the global financial system, after both China and Russia earlier urged an overhaul of the global monetary system.
India wants a Global currency, Iran and Chavez position are well known on this issue.
Meanwhile in Europe, Greece, Spain and Italy cruise with changes in the Euro currency stated Le Monde. The Euro is loosing ground with the US currency. East Europe is on the Trail to bring down West Europe.
Are we gonna stay stubborn to keep our priviledge and therefore again rise the resentment of the majority of the countries and people of the world or will we bow to be fair.
Are we ready to confront everybody, military, financially and socially to keep a priviledge that is not legitime anymore.
May a Wind of Fairness blow on our continent.
Snowy