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

July 10 (Bloomberg) -- 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.

To contact the reporter on this story: Lyubov Pronina in L’Aquila, Italy at lpronina@bloomberg.net

http://www.bloomberg.com/apps/news?pid=20601087&sid=aeFVNYQpByU4

Reply by Lev/Christopher on July 11, 2009 at 12:04pm

Of course, the problem is not the old currency per se, nor is any new currency going to be the solution. A new face on money simply carries over all the old debts of the old currency--which are the real problem. The only real difference, you can be sure, is that with a new currency will come new controls and more power to the very people who caused the problem in the first place.

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