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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 11:18:03 AM 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 11:17:49 AM Ignore FISHERW Report Abuse Go Bigger
Retowered Champion Author Colorado Posts:4,142 Points:1,721,825 Joined:May 2004	Message Posted: Jul 4, 2009 11:15:09 AM Ignore Retowered Report Abuse We need a change that is for sure.
1fulltank Champion Author Buffalo Posts:2,985 Points:576,875 Joined:Nov 2008	Message Posted: Jul 4, 2009 11:15:00 AM Ignore 1fulltank Report Abuse US dominance in decline in other areas also.
MikLamb Champion Author Texas Posts:3,043 Points:1,198,165 Joined:Jun 2006	Message Posted: Jul 4, 2009 11:12:19 AM 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 11:12:14 AM Ignore Gerg001 Report Abuse And who's fault is it?
uglytom Champion Author Florida Posts:3,101 Points:679,115 Joined:Jul 2007	Message Posted: Jul 4, 2009 11:11:04 AM Ignore uglytom Report Abuse Investments?
mysub Champion Author Las Vegas Posts:4,298 Points:1,362,440 Joined:Apr 2006	Message Posted: Jul 4, 2009 11:09:59 AM Ignore mysub Report Abuse we don't need any of the three of them to survive.
Dipstick1 Champion Author Amarillo Posts:5,115 Points:1,472,815 Joined:Jan 2006	Message Posted: Jul 4, 2009 11:09:53 AM Ignore Dipstick1 Report Abuse I don't feel like my dollars are worth much, either.
car253 Champion Author Ohio Posts:2,002 Points:544,175 Joined:Oct 2008	Message Posted: Jul 4, 2009 11:09:14 AM 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 11:08:49 AM 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:5,403 Points:1,029,090 Joined:Jul 2007	Message Posted: Jul 4, 2009 11:06:41 AM 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:3,638 Points:722,250 Joined:Aug 2008	Message Posted: Jul 4, 2009 11:04:34 AM 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 11:04:09 AM Ignore strykerdadjim Report Abuse We're in really bad shape when India doesn't trust our money