An economic adviser to India’s Prime Minister is urging the Indian 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,” said Suresh Tendulkar, chairman of the Prime Minister’s Economic Advisory Council, questioning U.S. dollar dominance.
India is preparing to join leaders from the Group of Eight industrialized nations — the U.S., Japan, Germany, Britain, France, Italy, Canada and Russia — at a summit in Italy next week which is due to tackle the global economy. China and Brazil will also send representatives to the summit.
China and Russia have already stepped up calls to rethink how global currency reserves are composed and managed. Yet these heavy polluting emerging markets along with India, are not constrained by the recently passed Cap-and-Trade legislation which imposes severe restrictions and heavy penalties on U.S. industry — while not requiring them to reduce their carbon emissions.
“There should be a system to maintain the stability of the major reserve currencies,” the former Chinese Vice Premier said in Beijing yesterday, highlighting China’s concerns about a global financial system dominated by the dollar, Bloomberg News reports.
The late Paul Weyrich noted on Townhall last November that former President George W. Bush’s Fiscal Year 2009 Foreign Operations Budget for the Department of State, the U.S. Agency for International Development (USAID) and other foreign affairs agencies totals $26.1 billion. The requested amount was an 8.9% increase over the total Fiscal Year 2008 amount, including emergency funding. In addition, the United States contributes well over $3 billion to the United Nations, an organization which in turn welcomes our enemies to speak against us.
Many of the nations topping the list are also top oil producing nations. Of the top 13 suppliers of oil, only one among them, Canada, can be counted as a friend.
Posted by seeingredaz
Posted by seeingredaz
Posted by seeingredaz 