Russia challenges dollar, China offers loans

[ARCHIVED THREAD] - Russia challenges dollar, China offers loans

Posted: 6/16/2009 4:39:13 AM EDT

By VLADIMIR ISACHENKOV, Associated Press Writer Vladimir Isachenkov, Associated Press Writer

YEKATERINBURG, Russia – China and Russia
sought greater international clout at a summit Tuesday, with China
promising a $10 billion loan to Central Asian countries, while Russia
challenged the dominance of the U.S. dollar as a global reserve currency.

Russia also gave a prominent platform to Iranian President Mahmoud Ahmadinejad amid massive protests in Iran over his bitterly disputed re-election and questions in the West about the vote.

Chinese leader Hu Jintao said China will extend a $10 billion loan to a regional group that also includes Russia and four Central Asian states.

The
move adds muscle to China's role in the Shanghai Cooperation
Organization, a six-nation group Russia and China use to counter the
Western influence in resource-rich, strategically placed Central Asia. The other members of the organization Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

The leaders of Afghanistan, Iran, India and Pakistan were also at the table, underscoring Russia and China's reach for regional clout and global influence.

Hu said the loan is intended to shore up the struggling economies of its members amid the global financial crisis.

Meanwhile, President Dmitry Medvedev pushed his call for new global reserve currencies to complement the dollar at the summit.

"No currency system can be successful if we have financial instruments denominated in just one currency," Medvedev said. "We must strengthen the international financial system not only by making the dollar strong, but also by creating other reserve currencies."

FULL

Posted: 6/16/2009 4:41:41 AM EDT

[#1]

10 billion ??!!??

'pssst'.....

.....that aint squat anymore.

We deal in trillions now baby

Posted: 6/16/2009 4:45:30 AM EDT

[#2]

Quoted:

10 billion ??!!??

'pssst'.....

.....that aint squat anymore.

We deal in trillions now baby

The table is turning......

Posted: 6/16/2009 4:51:06 AM EDT

[#3]

Yeah, I'm afraid that 10 billion might well be worth more than out trillions. Thanks Barry for the 'Chains we can beLIEve in'!

-K

Posted: 6/16/2009 4:54:08 AM EDT

[#4]

We have roads that are reverting back to gravel, cities getting demolished and bulldozed...........

We are collapsing! We are becoming marginalized at a staggering rate. Liberals hated that we were once the worlds biggest super power, both militarily and economically, now we are on an even playing field with the rest of the world and we will quickly be overcome.

Posted: 6/16/2009 5:06:35 AM EDT

[#5]

But we're gonna blow 3 Trillion on our socialized health care program

Lovely state of affairs our nation is in.

Posted: 6/16/2009 5:19:03 AM EDT

[#6]

Russia also gave a prominent platform to Iranian President Mahmoud Ahmadinejad amid massive protests in Iran over his bitterly disputed re-election and questions in the West about the vote.

This is PRECISELY why an international coalition to 'bring pressure on Iran to hold open elections' will never happen.

[ARCHIVED THREAD] - Russia challenges dollar, China offers loans

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