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India Joins Russia, China in Questioning U.S. Dollar Dominan

Bloomberg.com -- By Mark Deen and Isabelle Mas

July 4 (Bloomberg) -- Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars.

“The major part of Indian reserves is in dollars -- that is something that’s a problem for us,” Tendulkar, chairman of the Prime Minister’s Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France, where he was attending an economic conference.
“There should be a system to maintain the stability of the major reserve currencies,” Former Chinese Vice Premier Zeng Peiyan said in a speech in Beijing yesterday, highlighting China’s concerns about a global financial system dominated by the dollar.

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Submitted Jul 04, 2009 By: teafortwo

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TopGunn Champion Author Baltimore Posts:4,224 Points:1,636,735 Joined:Aug 2004	Message Posted: Jul 4, 2009 5:11:05 PM Ignore TopGunn Report Abuse Am surprised the U.S. government didn't star issung "IOU's" before California. We have already spent ourselves well into oblivion.
kruk Champion Author London Posts:2,843 Points:332,715 Joined:Jan 2007	Message Posted: Jul 4, 2009 5:06:47 PM Ignore kruk Report Abuse ong and stable dollar times are gone for good with so much debth inflation will put US amongst poor country of third world - that what arrogance can do very quickly
Ken2OD Champion Author Grand Rapids Posts:4,073 Points:994,535 Joined:Dec 2005	Message Posted: Jul 4, 2009 4:47:53 PM Ignore Ken2OD Report Abuse The U.S. Greenback is being reduced to Military Script right before our eyes. Thanks Premier Barack.
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 4, 2009 4:38:22 PM Ignore DellMan Report Abuse To all you Obama lovers out there, it is time to wake up and see the truth. He has already doubled the national debt after having only been in office 6 months. Stop blaming Bush and the Republicans. The Democrats controlled congress his last two years. The rate Obama is going the dollar will be useless before he leaves office. And to those of you, who think he can't print more money, take off your blinders a look at the facts. He is printing money so fast the presses are going to wear out before his first year is up. Stop reading and listening to only the liberal press, CNN, MSNBC, All Barrack Channel (ABC) and NBC. Try doing your own research and you will see the truth. I took Helen Thomas 40 years to finally speak up like she did this week. Obama and his friends are trying to make everything look rosy when they are not. We are in big trouble if the Dollar stops being the major currency all others are traded against. Most real economist, not those working for Obama, will tell you without a strong dollar we are in big trouble.
hangupanddrive Champion Author Michigan Posts:1,831 Points:1,157,655 Joined:Aug 2005	Message Posted: Jul 4, 2009 4:36:33 PM Ignore hangupanddrive Report Abuse Better start learning Chinese, they own most of us!!
GasholeMI Champion Author Lansing Posts:5,269 Points:756,890 Joined:Jul 2008	Message Posted: Jul 4, 2009 4:36:17 PM Ignore GasholeMI Report Abuse We need a strong dollar or simply get ready to pay more for gas (and everything else).
Brewernut All-Star Author Milwaukee Posts:854 Points:320,330 Joined:Oct 2008	Message Posted: Jul 4, 2009 4:35:51 PM Ignore Brewernut Report Abuse happy 4th Remember the troops fighting for our FREEDOM. Thank you so much. Enjoy the day and spend it with family. Because in the end that is all that matters and we can't change what has happened we can only hope that it will get better
zeddieiv Champion Author Columbia Posts:3,561 Points:1,062,830 Joined:Oct 2006	Message Posted: Jul 4, 2009 4:29:45 PM Ignore zeddieiv Report Abuse This is what happens when you elect someone as non-specific as Obama about change as he was.
ReberGas Champion Author Milwaukee Posts:1,817 Points:167,565 Joined:Nov 2008	Message Posted: Jul 4, 2009 4:28:33 PM Ignore ReberGas Report Abuse Let's have the govenment STOP SPENDING & depreciating the value of our dollar.
dpt All-Star Author Michigan Posts:571 Points:1,383,095 Joined:Mar 2005	Message Posted: Jul 4, 2009 4:28:06 PM Ignore dpt Report Abuse I meant 2007 and 2886, of course (the election was 2006)
jppezz Champion Author New Mexico Posts:3,614 Points:710,205 Joined:Jun 2008	Message Posted: Jul 4, 2009 4:25:07 PM Ignore jppezz Report Abuse get real all you liberals Obama is ruining this country right before your eyes and you don't want to see it.soon we will be a second rate power. thank you Mr. Change You Can Believe In.
netman044 Champion Author Texas Posts:3,844 Points:646,060 Joined:Sep 2005	Message Posted: Jul 4, 2009 4:22:28 PM Ignore netman044 Report Abuse One of the reasons the dollar is being attacked is the way the current administration is spending it. There is no way our nation will ever be able to repay its debt. No wonder other nations and investors don't want to invest in our economy.
E-Squirrel Champion Author Orange County Posts:1,625 Points:425,805 Joined:Feb 2005	Message Posted: Jul 4, 2009 4:19:56 PM Ignore E-Squirrel Report Abuse teafortwo asks: 'Obama has been in the WhITE HOUSE for a little over 5 months now. HOW IS IT that YOU think HE caused this mess ??????????' Obama didn't "cause" this; it has multiple causes. He has helped to accelerate it considerably by increasing the national indebtedness, which results in a drop in the value of the dollar. These other countries hold lots of dollars and are unhappy about the drop. They would like to see oil sold in something other than dollars, so that they could the dollars that they presently need for oil purchases. Only a couple of whacko-liberal types would believe that the republicans control the opinion of the governments of India, China and Russia.
dpt All-Star Author Michigan Posts:571 Points:1,383,095 Joined:Mar 2005	Message Posted: Jul 4, 2009 4:18:31 PM Ignore dpt Report Abuse Umm, that's two years, 2006 and 2007 (plus part of another term in the Senate only).
Weirdomania1 Champion Author Orange County Posts:2,784 Points:514,415 Joined:Jan 2008	Message Posted: Jul 4, 2009 4:17:04 PM Ignore Weirdomania1 Report Abuse yep those republicans have some nerve... after leaving the country in shambles all they can do is critique the guy trying to pick up the pieces and he is the BAD guy here? why don't you just hide behind your bible and pray about it! Way to do nothing and think you're helping guys!!!
TerryLee Champion Author Ohio Posts:11,362 Points:2,138,990 Joined:Mar 2004	Message Posted: Jul 4, 2009 4:13:22 PM Ignore TerryLee Report Abuse If you are going to put someone down, at least get the facts Right... The last four year od Pres. Bush term the Dems. control the Congress & Senate. So please it you're going to blame put the blmae when it should be.
georgeo Champion Author California Posts:2,491 Points:101,385 Joined:May 2009	Message Posted: Jul 4, 2009 4:05:03 PM Ignore georgeo Report Abuse Lets face it, the Republicans are fighting back the only way they know: smear tactics, criticism, complaints, and condemnation. Notice that when the Republicans had a majority in the house and senate, they did not say a word about Bush and his administration. Claimed that it was treasonous to question the presidents actions.
katmandue Champion Author Detroit Posts:3,135 Points:1,168,730 Joined:Jul 2006	Message Posted: Jul 4, 2009 4:02:40 PM Ignore katmandue Report Abuse Thank you GW for running the US into a second rate country.
teafortwo Champion Author Washington Posts:3,974 Points:419,625 Joined:Feb 2009	Message Posted: Jul 4, 2009 3:58:30 PM Ignore teafortwo Report Abuse Help me out here. Seems I am a little slow ......... OBAMA has been in the WhITE HOUSE for a little over 5 months now. HOW IS IT that YOU think HE caused this mess ?????????? Just to be sure I am looking at the same issues you are.
blink25 All-Star Author Missouri Posts:783 Points:210,390 Joined:Nov 2008	Message Posted: Jul 4, 2009 3:56:21 PM Ignore blink25 Report Abuse let em question it who cares
krell58 Champion Author Missouri Posts:5,792 Points:1,143,705 Joined:Apr 2006	Message Posted: Jul 4, 2009 3:55:06 PM Ignore krell58 Report Abuse Everyone bow to the Fed.
Wildman14 Champion Author Virginia Posts:1,494 Points:416,025 Joined:Jul 2008	Message Posted: Jul 4, 2009 3:54:46 PM Ignore Wildman14 Report Abuse Go O'bonehead, go. (Internal destruction, and external collapse. What a legacy.)
flyfast Champion Author Kansas City Posts:4,491 Points:873,325 Joined:Jan 2008	Message Posted: Jul 4, 2009 3:52:10 PM Ignore flyfast Report Abuse next time they call for help don't pick up the phone
Tucker1961 Sophomore Author Seattle Posts:202 Points:21,125 Joined:Jun 2009	Message Posted: Jul 4, 2009 3:48:40 PM Ignore Tucker1961 Report Abuse Dump the Dollar and buy the Pecos!!!! Do it now!
buckoMD Champion Author Maryland Posts:3,240 Points:711,950 Joined:Jul 2007	Message Posted: Jul 4, 2009 3:47:02 PM Ignore buckoMD Report Abuse With our debt, this was inevitable.
w4kh Champion Author Riverside Posts:6,846 Points:1,272,520 Joined:May 2004	Message Posted: Jul 4, 2009 3:46:57 PM Ignore w4kh Report Abuse 1896, William Jennings Bryan would have been a great spokes person for these folks... And, given that the US has taken lots of others down the economic tubes with this "recession", small wonder this is on the table now... If the European Community can have a common currency (the Euro for those who have slept through the past 25 years) why not a world-wide currency (might need a name change from "Euro", though) and move away from the dollar and towards a world-wide marketplace?
kidrockTX Champion Author Fort Worth Posts:3,854 Points:507,845 Joined:Sep 2008	Message Posted: Jul 4, 2009 3:45:03 PM Ignore kidrockTX Report Abuse with obama over the U.S. the dollar is not going or will it ever be worth anything only a piece of paper with ink on it
stugha Champion Author Massachusetts Posts:2,161 Points:266,065 Joined:Sep 2006	Message Posted: Jul 4, 2009 3:43:04 PM Ignore stugha Report Abuse I hope this administration don't trust these three.
kruk Champion Author London Posts:2,843 Points:332,715 Joined:Jan 2007	Message Posted: Jul 4, 2009 3:36:10 PM Ignore kruk Report Abuse they start to see huge inflations for US dollar - soon they will dump dollar
Paw5X Champion Author Gary Posts:5,689 Points:1,539,945 Joined:May 2005	Message Posted: Jul 4, 2009 3:34:45 PM Ignore Paw5X Report Abuse What do you mean inflation is coming. It's been here for sometime now.
snewwee Champion Author Detroit Posts:4,969 Points:1,010,105 Joined:Sep 2007	Message Posted: Jul 4, 2009 3:30:42 PM Ignore snewwee Report Abuse I thought gold was the standard?
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 4, 2009 3:25:19 PM Ignore korklenut Report Abuse Obama's spending will cause huge problems for us in the near future. Other countries are losing confidance in the dollar. Inflation is coming big time.
ssect8 Champion Author Hartford Posts:3,071 Points:1,218,125 Joined:Jun 2006	Message Posted: Jul 4, 2009 3:21:29 PM Ignore ssect8 Report Abuse I don't blame them, Obama and the democr@ps are going to double the national debt to 20 trillion over the next 10 years. To get to the first 10 trillion the time period was from George Washington to George Bush, and now these turkeys are going to do it in a mere 10 years. The US dollar is not going to be worth anything. Wake up all you people who voted for Obama and his party.
CUBBUC Champion Author Florida Posts:3,123 Points:425,040 Joined:May 2008	Message Posted: Jul 4, 2009 3:20:10 PM Ignore CUBBUC Report Abuse After reading that garbage...a different topic..Happy Independence Day to everyone!
hoosierdaddyno1 All-Star Author Indiana Posts:937 Points:469,615 Joined:Oct 2008	Message Posted: Jul 4, 2009 3:17:44 PM Ignore hoosierdaddyno1 Report Abuse Yea, we are down a little but look at the track record of all the other currencies
ItisAJeepThing Champion Author Tucson Posts:11,121 Points:1,170,180 Joined:Oct 2006	Message Posted: Jul 4, 2009 2:53:20 PM Ignore ItisAJeepThing Report Abuse God help US if the dollar ever loses its role as the major reserve currency.
Minster Champion Author Wichita Posts:2,236 Points:779,790 Joined:Oct 2007	Message Posted: Jul 4, 2009 2:53:13 PM Ignore Minster Report Abuse dose not sound good.
Whitedog59 Rookie Author Louisiana Posts:3 Points:1,735 Joined:Jul 2009	Message Posted: Jul 4, 2009 2:50:16 PM Ignore Whitedog59 Report Abuse Obamanomics 101 destroy your economy by deficit spending. Nothing good has come from or will come from the Obama steal from us package.
REKEY Champion Author South Carolina Posts:3,617 Points:725,250 Joined:May 2008	Message Posted: Jul 4, 2009 2:49:41 PM Ignore REKEY Report Abuse Maybe all the US companies employing thousands of these people should come home. Then see if their fears change.
WilW Champion Author Atlanta Posts:7,327 Points:1,720,145 Joined:Aug 2004	Message Posted: Jul 4, 2009 2:41:01 PM Ignore WilW Report Abuse The USA is on track to become the next "third world" country as long as the weakest of our species continue to breed unabated. Mother Nature may choose to cull our herd.
eagleeye2008 Champion Author Wisconsin Posts:3,992 Points:757,240 Joined:Jul 2008	Message Posted: Jul 4, 2009 2:33:52 PM Ignore eagleeye2008 Report Abuse BETTER IDEA !!!! HAVE INDIA GIVE ALL THOSE "EXTRA" DOLLARS TO US WISCONSIN "GAS BUDDYS !!! WE WILL MANAGE THEM WITH "SMILES" !!!!
srchr Champion Author San Jose Posts:2,468 Points:688,620 Joined:Apr 2008	Message Posted: Jul 4, 2009 2:33:24 PM Ignore srchr Report Abuse unconstrained EPA kills dollar
BornToulouse Veteran Author Georgia Posts:411 Points:71,315 Joined:Jul 2009	Message Posted: Jul 4, 2009 2:32:54 PM Ignore BornToulouse Report Abuse There are times I feel but a pawn in a very big macro-economic game. A game where Kings/Governments never lose...and pawns continue to fight never-ending economic battles on a daily basis. Would it be better to be back on a "gold" standard? Some have proposed this. Some have even proposed getting rid of monies as we know it currently altogether. All I know is I had better spend my last 200 dollars at Walmart and Sams Club on food before the dollar devalues or prices go higher...just my thoughts
skippypa Champion Author Hawaii Posts:3,494 Points:759,165 Joined:Jun 2008	Message Posted: Jul 4, 2009 2:31:33 PM Ignore skippypa Report Abuse America no longer has the strong hold on the world economy......better watch out before America becomes a 3rd world country.
roadkillGA Champion Author Georgia Posts:3,382 Points:485,950 Joined:Jun 2008	Message Posted: Jul 4, 2009 2:30:24 PM Ignore roadkillGA Report Abuse Unless we bring our jobs back home, outsourcingg will cause prices to rise BUT at least we are employing people in other countries while our economy goes south. Dod Obamanation include outsource jobs in the jobless? NOT!
teafortwo Champion Author Washington Posts:3,974 Points:419,625 Joined:Feb 2009	Message Posted: Jul 4, 2009 2:27:05 PM Ignore teafortwo Report Abuse OIL and other fuels, and energy are traded around the world. Transportation vehicles are now built and traded around the world; as well as many other goods and services. We have had a GLOBAL ECONOMY for quite some time. The greedy shenanigans of members of the US banking and investment markets (throw the OIL BILLiONAIRES in here), along with similar behavior in the American housing and mortgage markets have left a FEW people EXTREMELY wealthy. BUT, the U.S. and WORLD economy is NOW a shredded, deflated, chaotic mess. This article (read it, it is not very long) is about how the other countries no longer trust the American DOLLAR or American business practices. This GREED has had disastrous affects on the global economy, and they rightly trace it back to America. AMERICA was once thought of worldwide as the KEYSTONE of economic stability. This GREED and stupidity, of a few, has created world wide CHAOS and will have far reaching consequences. The most frightening thing is the worst is yet to come. Happy Independence Day. [Edited by: teafortwo at 7/4/2009 2:33:32 PM EST]
DocWyeth Champion Author Pennsylvania Posts:12,753 Points:1,144,185 Joined:Aug 2005	Message Posted: Jul 4, 2009 2:22:50 PM Ignore DocWyeth Report Abuse our govt is a joke but I didn't vote for them. Did you?
MustangKen Champion Author Denver Posts:3,765 Points:631,950 Joined:Apr 2007	Message Posted: Jul 4, 2009 2:21:02 PM Ignore MustangKen Report Abuse Get us back to the Gold standard so that our money actually has value. [Edited by: MustangKen at 7/4/2009 2:21:26 PM EST]
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Jul 4, 2009 2:20:30 PM Ignore nojsts Report Abuse No one likes our dollar but they like the U.S. jobs they have.
coreymore1 Champion Author Texas Posts:9,894 Points:1,179,135 Joined:Sep 2005	Message Posted: Jul 4, 2009 2:18:34 PM Ignore coreymore1 Report Abuse Our gvt monetary policy is a joke.
coreymore1 Champion Author Texas Posts:9,894 Points:1,179,135 Joined:Sep 2005	Message Posted: Jul 4, 2009 2:18:03 PM Ignore coreymore1 Report Abuse Our govt can't just print more money, like our pres thinks.
FISHERW All-Star Author Winnipeg Posts:516 Points:284,215 Joined:Apr 2009	Message Posted: Jul 4, 2009 2:17:49 PM Ignore FISHERW Report Abuse Go Bigger