Medvedev continues push for new world reserve currency

June 19, 2010

Russian President Medvedev is once again pushing for a new global reserve currency, and he wants the Russian ruble to be a major part of the basket of currencies that backs it. As reported by Bloomberg News, Medvedev spoke to the St. Petersburg International Economic Forum on June 18th, where he said: “Only three, five years ago it seemed like a fantasy to create a new reserve currency. Now we are seriously discussing it.” He said that talks with China on the subject are continuing as Russia also continues the process of divesting itself of US treasury bonds. The Russian President made headlines at a G20 meeting in 2009 when he presented the delegates with a sample gold coin that he proposed as the design for the new currency. Stamped upon it were the words: “Unity in Diversity: United Future World Currency.” Mevedev also told the audience in St. Petersberg that, “We really live at a unique time, and we should use it to build a modern, prosperous and strong Russia… that will be a co-founder of the new world economic order.”

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