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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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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
Retowered Champion Author Colorado Posts:4,142 Points:1,721,075 Joined:May 2004	Message Posted: Jul 4, 2009 2:15:09 PM Ignore Retowered Report Abuse We need a change that is for sure.
1fulltank Champion Author Buffalo Posts:2,980 Points:575,900 Joined:Nov 2008	Message Posted: Jul 4, 2009 2:15:00 PM Ignore 1fulltank Report Abuse US dominance in decline in other areas also.
MikLamb Champion Author Texas Posts:3,038 Points:1,197,190 Joined:Jun 2006	Message Posted: Jul 4, 2009 2:12:19 PM Ignore MikLamb Report Abuse Oil, good. US Dollar, bad.
Gerg001 Champion Author San Bernardino Posts:2,402 Points:675,620 Joined:Feb 2006	Message Posted: Jul 4, 2009 2:12:14 PM Ignore Gerg001 Report Abuse And who's fault is it?
uglytom Champion Author Florida Posts:3,096 Points:678,140 Joined:Jul 2007	Message Posted: Jul 4, 2009 2:11:04 PM Ignore uglytom Report Abuse Investments?
mysub Champion Author Las Vegas Posts:4,293 Points:1,361,465 Joined:Apr 2006	Message Posted: Jul 4, 2009 2:09:59 PM Ignore mysub Report Abuse we don't need any of the three of them to survive.
Dipstick1 Champion Author Amarillo Posts:5,110 Points:1,471,840 Joined:Jan 2006	Message Posted: Jul 4, 2009 2:09:53 PM Ignore Dipstick1 Report Abuse I don't feel like my dollars are worth much, either.
car253 Champion Author Ohio Posts:2,002 Points:543,875 Joined:Oct 2008	Message Posted: Jul 4, 2009 2:09:14 PM Ignore car253 Report Abuse Obama promised CHANGE. That is all we will have left with his economic policies.
hoof11 All-Star Author Pennsylvania Posts:669 Points:44,995 Joined:May 2009	Message Posted: Jul 4, 2009 2:08:49 PM Ignore hoof11 Report Abuse Oh No We Will Have To Change American Money To Spend At Dunkin And 7 Eleven
REVLAW Champion Author San Antonio Posts:5,398 Points:1,028,115 Joined:Jul 2007	Message Posted: Jul 4, 2009 2:06:41 PM Ignore REVLAW Report Abuse Of the currencies within the foreign exchange market, the dollar has traditionally been the most certain and stable for monetary exchange. A cyclical nature is evident in all things, including currency.
balljars Champion Author Michigan Posts:3,628 Points:720,300 Joined:Aug 2008	Message Posted: Jul 4, 2009 2:04:34 PM Ignore balljars Report Abuse They best stick by the dollar, its served them well over the years.
strykerdadjim Veteran Author Idaho Posts:463 Points:514,910 Joined:Nov 2008	Message Posted: Jul 4, 2009 2:04:09 PM Ignore strykerdadjim Report Abuse We're in really bad shape when India doesn't trust our money