Saturday, July 11, 2009

New World Currency: Limited Release - Unlimited Stock

President Medvedev of Russia showed yesterday in Italy an example of the new world currency called the IUD UID or "Unity in Diversity". Nobody knows what the value will be and if it will be related to the gold price. I am not sure if this is only a marketing gig of Medvedev or something serious. But one thing for sure: if we leave the value over to politicians and bankers the value of any new currency not based on a standard (gold/silver) will be debased in one generation.
Developments will be monitored closely but at the moment I believe the economic crisis is not deep enough for politicians to start looking seriously to another currency. This will only happen if hungry people will demand changes with riots and politicians have the feeling that their job is on the line.
Until such time..

Medvedev Shows Off Sample Coin of New ‘World Currency’ at G-8


By Lyubov Pronina

July 10 -- Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”

The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency “concerns everyone now, even the mints,” Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

No comments:

Post a Comment