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One of the world economic crisis was the lack of traditional reserve currencies, primarily the U.S. dollar and to a lesser extent, the euro. The reason for this phenomenon is obvious to all - the United States became a country that actually initiated the beginning of the financial crisis, then quickly turned to the economic. Of course, many states that had kept a large portion of their reserves in currencies, namely the U.S., there was a desire to protect their savings and withdraw them from the dollar segment. However, it continues to impede and obstruct the status of the dollar as the currency of international settlements, which makes use of it, even those that do not wish to do so.
According to most analysts, the Federal Reserve System, the Ministry of Finance of the U.S. and much of the American banking system, are responsible for the crisis. Over the last decade, fiscal policy was aimed at reduction of the cost of money increases the money supply. In order to use the enormous mass of "cheap money" thrown at the financial market, the economy is artificially stimulated consumption of increasing the money supply through development loans, are often not provided with any potential income or real savings.
In turn, this led to the fact that the market began to emerge "bubbles", especially regarding traditional investment - real estate, shares of low-cost companies. Much of the phenomenal growth of the Russian economy over the past eight years has been associated not only with high oil prices and rising production since 1998, but the spread in Russia, "cheap" credit money received from abroad. But forever is not such a practice continue to artificial rise in empty space had to stop. As a result, the world's financial system was paralyzed, and the painful phenomenon, it immediately spread to the real sector of the economy that are directly dependent on lending.
That is the financial game of American government, and therefore almost irresponsible, even before the U.S. government, the financial system put at risk the development of all countries in the world. America has once again tried to solve their problems at the expense of others. Was not very good, as the crisis struck, and the American economy. But not all opportunities for fraud have been exhausted. It is no coincidence that as soon as it became apparent that the global crisis is very serious and likely to last several years, there were plans for a special American currency "Ameri, or the division of dollars in circulation in the United States and around the world. But even the additional issuance of unsecured dollars could do a very negative impact on other countries and their citizens, who use dollars.
According to independent observers, by the end of 2008 less than 4% of the dollar money supply were the U.S. gold reserves. In the case of a sudden and rapid exchange of dollars for амеро by strict rules setting out the privileges of sharing in the United States, Canada and Mexico and the overvalued exchange rate for the other States, the countries of the world will remain with the "exported" from the United States inflation and with substantially reduced capital. In fact, such a plan - an attempt to rob the entire world to a greater or lesser extent to reduce the financial obligations to the States United States and individuals abroad who are holders of U.S. currency and, accordingly, may at any time to present a claim on its security.
Such requirements or even avoidance of the use of the dollar as the currency for the storage of reserves or international payments by a few large countries would be a very heavy blow to the American economy, which it could not survive, the more it is dangerous in terms of financial and economic crisis. So, despite all the statements from the American leadership and the leading financiers of the lack of plans to manipulate the dollar, we can not completely deny the possibility of any radical measures from the United States. What they are not addressed now, yet still retained some prospects for a relatively painless way out of crisis, could become a necessity if the prolonged crisis and its impact on the American economy is increasingly negative. In fact, now the American side holds only the desire to continue to benefit from the dollar as a global reserve currency. But if the price of this desire would be sufficiently high, the United States without hesitation throw the dollar in order to save their money and keep the standard of living in the country at an acceptable level to maintain power.
As a result, some countries have already started talking about the need to establish a new world currency, which does not belong to one country and hence would be immune from attempts by the owner to solve their problems at the expense of others. Such proposals already made by Kazakhstan, Russia, and were supported by China - one of the biggest holders of dollars around the world.
The most radical option announced the President of Kazakhstan Nursultan Nazarbayev. The new currency should be introduced for the EurAsEC member countries and should provide a stable non-cash transactions between members of this organization states. Issue, it should solely in the interest of the EurAsEC. This idea was hatched long ago the President of Kazakhstan - as far back as 2008, speaking at the opening of the 17 th session of the OSCE Parliamentary Assembly in Astana, Nazarbayev said that the devaluation of the dollar makes the multipolar financial system. And now, Nazarbayev turned to specific proposals, saying: "We have to move to a completely new global monetary system, which should be based on policy, with the currents of all countries, a single monetary unit of calculation. In its creation, issuance, management must involve all countries." New currency in Kazakhstan has even found the name - "Eurasia" or the "Altyn".
Suggestions of Kazakhstan in Russia felt directed not only against the dollar but also against the ruble. The world has long known the desire of Moscow to make the ruble currency for regional settlement on the territory of its own zone of influence. As a result, a few days after the statement Nazarbayev followed by the reaction of Russia with a proposal to replace the dollar of the new global reserve currency and to request the issuance of the international financial institutions. The proposals in London G-20 summit were published on 16 March at the official website of the President of Russia Dmitry Medvedev. The reform of the international monetary and financial system, Russia proposes to start with the expansion of reserve currencies on the basis of the development of regional financial centers and the creation of supra-national reserve currency, issued by international financial institutions. When the ruble to the list of regional reserve currencies that will undoubtedly lead to a significant increase of its role in the global financial system. Therefore, according to experts, the policy of the Government of the Russian Federation aimed not so much against the dollar, but in favor of the ruble, a claim to the role of a regional reserve currency.
In turn, the chairman of the People's Bank of China Zhou Syaochuan proposed to deprive the United States dollar of the international reserve currency and replace it with a new global system under the supervision of the IMF. In his statement appeared on the official site of the National Bank of China, that is the main goal is to create a reserve currency, "not tied to individual countries, and preserving stability in the long term." According to Zhou, replacing the dollar may reach SDR (Special Drawing Rights IMF), which were created by IMF in 1969 and used as units of the fund. Course SDR is determined by the value of a basket of four major currencies: U.S. dollar, euro, yen and pound sterling. They can add a currency other leading world economies, believes the head of the Chinese Central Bank.
According to most analysts, the Federal Reserve System, the Ministry of Finance of the U.S. and much of the American banking system, are responsible for the crisis. Over the last decade, fiscal policy was aimed at reduction of the cost of money increases the money supply. In order to use the enormous mass of "cheap money" thrown at the financial market, the economy is artificially stimulated consumption of increasing the money supply through development loans, are often not provided with any potential income or real savings.
In turn, this led to the fact that the market began to emerge "bubbles", especially regarding traditional investment - real estate, shares of low-cost companies. Much of the phenomenal growth of the Russian economy over the past eight years has been associated not only with high oil prices and rising production since 1998, but the spread in Russia, "cheap" credit money received from abroad. But forever is not such a practice continue to artificial rise in empty space had to stop. As a result, the world's financial system was paralyzed, and the painful phenomenon, it immediately spread to the real sector of the economy that are directly dependent on lending.
That is the financial game of American government, and therefore almost irresponsible, even before the U.S. government, the financial system put at risk the development of all countries in the world. America has once again tried to solve their problems at the expense of others. Was not very good, as the crisis struck, and the American economy. But not all opportunities for fraud have been exhausted. It is no coincidence that as soon as it became apparent that the global crisis is very serious and likely to last several years, there were plans for a special American currency "Ameri, or the division of dollars in circulation in the United States and around the world. But even the additional issuance of unsecured dollars could do a very negative impact on other countries and their citizens, who use dollars.
According to independent observers, by the end of 2008 less than 4% of the dollar money supply were the U.S. gold reserves. In the case of a sudden and rapid exchange of dollars for амеро by strict rules setting out the privileges of sharing in the United States, Canada and Mexico and the overvalued exchange rate for the other States, the countries of the world will remain with the "exported" from the United States inflation and with substantially reduced capital. In fact, such a plan - an attempt to rob the entire world to a greater or lesser extent to reduce the financial obligations to the States United States and individuals abroad who are holders of U.S. currency and, accordingly, may at any time to present a claim on its security.
Such requirements or even avoidance of the use of the dollar as the currency for the storage of reserves or international payments by a few large countries would be a very heavy blow to the American economy, which it could not survive, the more it is dangerous in terms of financial and economic crisis. So, despite all the statements from the American leadership and the leading financiers of the lack of plans to manipulate the dollar, we can not completely deny the possibility of any radical measures from the United States. What they are not addressed now, yet still retained some prospects for a relatively painless way out of crisis, could become a necessity if the prolonged crisis and its impact on the American economy is increasingly negative. In fact, now the American side holds only the desire to continue to benefit from the dollar as a global reserve currency. But if the price of this desire would be sufficiently high, the United States without hesitation throw the dollar in order to save their money and keep the standard of living in the country at an acceptable level to maintain power.
As a result, some countries have already started talking about the need to establish a new world currency, which does not belong to one country and hence would be immune from attempts by the owner to solve their problems at the expense of others. Such proposals already made by Kazakhstan, Russia, and were supported by China - one of the biggest holders of dollars around the world.
The most radical option announced the President of Kazakhstan Nursultan Nazarbayev. The new currency should be introduced for the EurAsEC member countries and should provide a stable non-cash transactions between members of this organization states. Issue, it should solely in the interest of the EurAsEC. This idea was hatched long ago the President of Kazakhstan - as far back as 2008, speaking at the opening of the 17 th session of the OSCE Parliamentary Assembly in Astana, Nazarbayev said that the devaluation of the dollar makes the multipolar financial system. And now, Nazarbayev turned to specific proposals, saying: "We have to move to a completely new global monetary system, which should be based on policy, with the currents of all countries, a single monetary unit of calculation. In its creation, issuance, management must involve all countries." New currency in Kazakhstan has even found the name - "Eurasia" or the "Altyn".
Suggestions of Kazakhstan in Russia felt directed not only against the dollar but also against the ruble. The world has long known the desire of Moscow to make the ruble currency for regional settlement on the territory of its own zone of influence. As a result, a few days after the statement Nazarbayev followed by the reaction of Russia with a proposal to replace the dollar of the new global reserve currency and to request the issuance of the international financial institutions. The proposals in London G-20 summit were published on 16 March at the official website of the President of Russia Dmitry Medvedev. The reform of the international monetary and financial system, Russia proposes to start with the expansion of reserve currencies on the basis of the development of regional financial centers and the creation of supra-national reserve currency, issued by international financial institutions. When the ruble to the list of regional reserve currencies that will undoubtedly lead to a significant increase of its role in the global financial system. Therefore, according to experts, the policy of the Government of the Russian Federation aimed not so much against the dollar, but in favor of the ruble, a claim to the role of a regional reserve currency.
In turn, the chairman of the People's Bank of China Zhou Syaochuan proposed to deprive the United States dollar of the international reserve currency and replace it with a new global system under the supervision of the IMF. In his statement appeared on the official site of the National Bank of China, that is the main goal is to create a reserve currency, "not tied to individual countries, and preserving stability in the long term." According to Zhou, replacing the dollar may reach SDR (Special Drawing Rights IMF), which were created by IMF in 1969 and used as units of the fund. Course SDR is determined by the value of a basket of four major currencies: U.S. dollar, euro, yen and pound sterling. They can add a currency other leading world economies, believes the head of the Chinese Central Bank.
While an increasing number of economists supported the idea of creating a new world reserve currency, which should replace the U.S. dollar, the United States are making vigorous efforts to convince the world community to force the dollar. Thus, on 24 March, U.S. President Barack Obama said that the position of the dollar is very strong and confident in the stability of the American economic system will grow. But these statements are very hollow against the backdrop of information about the real situation. According to currency strategist IHS Global Insight Yen Randolph, the pressure on the dollar strengthened in mid-year. "Increase investor anxiety over the anticipated budget deficit of U.S. $ 1 trillion. U.S., moreover, that President Barack Obama prepares to take in January a package of tax breaks in the amount of 4-6% of GDP to stimulate the economy - said Randolph. - Weakening dollar will also be supported by the difference in interest rates in favor of European currency. "
In addition to heads of White House opposition to the idea of a new world reserve currency were Finance Minister Timothy Geytner United States and head of the Federal Reserve Ben Bernanke. At hearings in Congress, they rejected even the possibility of discussions on this issue. It is clear that Washington is not without reason to fear that the new currency with the dollar potesnit leading positions, and thus put an end to U.S. global dominance.
Without a doubt, no matter how the events unfolded in the context of the economic crisis does not stop, Moscow need to make every possible effort to make ruble an international status, as well as an effective tool for strengthening the financial system of Russia and will defend our country from outside influence. In any case, it was understood that if the talks on the establishment of a new international currency has already begun at the level of Heads of State, sooner or later, this transition occurs.
In addition to heads of White House opposition to the idea of a new world reserve currency were Finance Minister Timothy Geytner United States and head of the Federal Reserve Ben Bernanke. At hearings in Congress, they rejected even the possibility of discussions on this issue. It is clear that Washington is not without reason to fear that the new currency with the dollar potesnit leading positions, and thus put an end to U.S. global dominance.
Without a doubt, no matter how the events unfolded in the context of the economic crisis does not stop, Moscow need to make every possible effort to make ruble an international status, as well as an effective tool for strengthening the financial system of Russia and will defend our country from outside influence. In any case, it was understood that if the talks on the establishment of a new international currency has already begun at the level of Heads of State, sooner or later, this transition occurs.
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