Tuesday, June 16, 2009

BRIC Group Unite, New Currency Needed

Russian President Dmitry Medvedev, speaking for the BRIC group on Tuesday, said that there needs to be a new reserve currency. Having made mention of this idea in previous statements, choosing to do it in a much larger capacity has a greater impact to further the agenda.

Hosting four of the largest emerging economies, the BRIC group, Brazil, Russia, India and China, announcing that a new reserve currency is needed undermines the ability of America continuing the superpower legacy.

For countries to unite and denounce the power and strength of the dollar, is an under-the-table attack at the world's superpower, the United States.

Some may argue that it is time to "de-value" the dollor on a global scale. After all, China is funding the largest portion of the debt of the US. China also claims some $2 trillion dollars in reserves.

The three other countries of BRIC, have also shown their worth in todays growing global economy.

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