REUTERS REPORT:
"Beging (Reuters) - The United States has plundered global wealth by
exploiting the dollar's dominance, and the world urgently needs other
currencies to take its place, a leading Chinese state newspaper said on
Friday.
The front-page commentary in the overseas edition of the People's Daily said
that Asian and European countries should banish the U.S. dollar from their
direct trade relations for a start, relying only on their own currencies.
A meeting between Asian and European leaders, starting on Friday in Beijing,
presented the perfect opportunity to begin building a new international
financial order, the newspaper said.
The People's Daily is the official newspaper of China's ruling Communist
Party. The Chinese-language overseas edition is a small circulation offshoot
of the main paper".
http://www.reuters.com/article/GCA-CreditCrisis/idUSTRE49N1XX20081024
MY COMMENTS:
This is a serious proposition, imagine if countries will accept only their
preferred currency instead of using the US
Dollar. The exporting countries can ask for payment in their preferred
currency. this may save them from (1) currency fluctuation and (2) loss
during conversion, this way even (3) the World Bank operations will be
affected?
Maurice D.
