Russia proposes creation of global super-reserve currency

DarthDubious's picture

March 16, 2009

Russia suggests the G20 summit in London in April should start establishing a system of managing the process of globalization and consider the possibility of creating a supra-national reserve currency or a “super-reserve currency.” The Russian Federation’s proposals for ways out of the ongoing financial and economic crisis and for a post-crisis order of the world financial system have been published on the Kremlin’s website. The proposals have been dispatched to the leadership of the G20 countries, the CIS and international organizations.

“The current global economic crisis points to the need for discarding standard approaches and requires the adoption of collective decisions, agreed at the international level and geared to creating a system of globalization process management,” the document says. Russia suggests “acting with the maximum resolution in order to restore sustainable economic development and also confidence and stability in the financial markets.”

The Russian side believes the summit should seek and achieve accord on the main parameters of a new world financial system. It suggests calling an international conference that would produce the basic parameters of a world financial architecture and adopt international conventions regarding a new financial world order.

Russia believes that the “obsolete mono-polar structure of the world economy should give way to a system based on cooperation by several major centers.”

In the sphere of control and supervision Russia suggests drafting and adopting an international agreement setting global standards of control and supervision in the financial sector – a Standard Universal Regulatory Framework (SURF).

Russia calls for reforming the international currency and financial system with the aim to strengthen its stability and control. In that connection the Russian side suggests discussing the possibility of expanding the list of currencies to be used as reserve ones, on the basis of the adoption of agreed measures to stimulate the development of major regional financial centers, and also “the creation of a supra-national reserve currency that will be issued by international financial institutions.”

“It looks expedient to reconsider the role of the IMF in that process and also to determine the possibility and need for taking measures that would allow for the SDRs (Special Drawing Rights) to become a super-reserve currency recognized by the world community,” the document says.

Also, Russia in the medium and long-term is for a revision of the role and mandate of the IMF in order to adjust both to a new structure of the world currency and financial system, whose modification is to be completed as a result of the current crisis.

For the purpose of overcoming the current crisis it will be necessary to considerably increase the resources of the IMF.

“The decisions we shall make at the London summit must be not only adequate to the current situation, but also meet the requirements of a new, post-crisis world,” the document says.

Well, that’s clever. Paint Russia as the bad guy, when everyone knows it’s the banksters who not only want this, but who also created the Soviet Union (which they later imploded and robbed, just like they are doing to us).

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Main Stream's picture
Submitted by Main Stream on Mon, 03/16/2009 - 1:52pm.

..and it is becoming a trash bin for all your Alex Jones crap. If I wanted to read AJ's idiotic conspiracy theories, I would visit his website. You're pooping all over Cal's website with your garbage. Knock it off. This website is going downhill FAST! It used to be a place where we could all gather and chat, argue, and actually learn some things, but you're turning into your own private loony-tune soapbox. Limit your crap blogs, Darth. You're sounding like a total freak.

DarthDubious's picture
Submitted by DarthDubious on Mon, 03/16/2009 - 2:01pm.

even for those who want to close their eyes. In case you hadn't noticed not all of my post are from Alex, but from, yes, main stream publications from all over the world.

I will continue to spread the truth, if you don't like it don't read it!

In Liberty,


Submitted by mysteryman on Mon, 03/16/2009 - 6:50pm.

And white furry hats with a red star on the front... Ehh Comrade Colonel???? Its true the I.M.F International Monetary Fund, proposes a World Bank with a single uiversal currency... Can you say welcome to the United Federation.....No more dollars, euros, rubles, rupees, pesos, for all you lames out there, better check yourself before you wreck yourself... Beam me up Scotty, theres no intelligent life down here......PEACE

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