Russia introduces the new ‘World Currency’ ~ say hello to Global Governance

Posted on June 19, 2010 by

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Dmitry Medvedev, the Russian president, said Moscow was bidding to help lead efforts to build a new world economic order after the old system collapsed in the global financial crisis.

Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”

The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency “concerns everyone now, even the mints,” Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

SOURCE: Bloomberg.

Responding to criticism that Russia’s approach to building an innovation economy was driven from the top down and state interference could hinder development, Mr Medvedev said the state would concentrate its efforts on fostering a good business climate. “No matter how many state-owned companies we have, modernization will happen, above all, through private business. And only if there is competition,” he said. “The state should not tear down the apples from the tree of economics. What the government should do is help grow our apple orchard, develop our economic environment.”

Mr Medvedev said he was cutting the list of strategic enterprises five fold in order to reduce the role of the state in the economy and foster more private initiatives. SOURCE : ft.com

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