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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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GasMiserAZ Champion Author Phoenix Posts:3,674 Points:417,160 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:44:18 PM Ignore GasMiserAZ Report Abuse Yeah...okay. I'll run right out Monday and convert all my holdings to Rubles......ha ha ha ha ha ha ha ha ha! Hold your breath Medvedev!
Bonanza Champion Author Boston Posts:4,515 Points:1,291,800 Joined:Jun 2004	Message Posted: Jul 4, 2009 7:42:56 PM Ignore Bonanza Report Abuse It's time America looks out for America
mach1lives Sophomore Author Riverside Posts:182 Points:401,815 Joined:Jun 2006	Message Posted: Jul 4, 2009 7:41:55 PM Ignore mach1lives Report Abuse I say this spending needs to stop and now as far as I am concerned.
mmene Champion Author Houston Posts:1,260 Points:330,145 Joined:May 2008	Message Posted: Jul 4, 2009 7:36:02 PM Ignore mmene Report Abuse And the credit goes to the incompetent policies of the current administration already running a trillion dollar surplus and working towards adding another trillion for health care. I don't appreciate the wild bailout spending at the end of Bushs term either but that too was passed by Congress with democrat support over republican opposition. But Obamas spending has made even Bushs excesses pale in comparison. We never had trillion dollar deficits before in our history and we never had US bond auctions failing till this administration took over. I dread to think of what the next 4 years will bring. But if I was an international investor I would certainly predict the dollar crashing and look for another place to put my money given that the government is printing money which makes the dollar lose value.
mike911 Champion Author Detroit Posts:2,516 Points:936,165 Joined:Jan 2007	Message Posted: Jul 4, 2009 7:31:29 PM Ignore mike911 Report Abuse maybe they should question North Korea about their missle launches!
hartman All-Star Author Lansing Posts:640 Points:309,610 Joined:Jul 2007	Message Posted: Jul 4, 2009 7:30:12 PM Ignore hartman Report Abuse thats what happens when you waste money to fight war that get you nowhere and waste good American lifes it lowers the value of your money
camel1 Champion Author Minnesota Posts:2,515 Points:1,059,470 Joined:Jul 2006	Message Posted: Jul 4, 2009 7:29:45 PM Ignore camel1 Report Abuse The value changes in currencies is a legitimate concern. The dollar needs to be more stabile or a stable alternative needs to exist.
MUSTANGSRUS Champion Author Ontario Posts:3,194 Points:713,520 Joined:Sep 2006	Message Posted: Jul 4, 2009 7:15:25 PM Ignore MUSTANGSRUS Report Abuse This doew not sound good.
DarthDadJr Champion Author Virginia Posts:2,000 Points:406,435 Joined:Jul 2008	Message Posted: Jul 4, 2009 7:03:22 PM Ignore DarthDadJr Report Abuse We need to worry about this since we sell so much of our dollar-denominated debt to the rest of the world.
RAC110 Champion Author Massachusetts Posts:1,453 Points:997,495 Joined:Mar 2003	Message Posted: Jul 4, 2009 7:00:18 PM Ignore RAC110 Report Abuse that could create a shakeup here to balance what we have
heysailor Champion Author Pittsburgh Posts:3,219 Points:1,070,725 Joined:Mar 2006	Message Posted: Jul 4, 2009 6:58:24 PM Ignore heysailor Report Abuse The dollar will survive but the chickens are coming home to roost as a result of running government and two wars on a credit card for the last eight years. Now Obama and the Dems have to clean up the mess.
ByGuy Champion Author Dallas Posts:1,898 Points:518,150 Joined:Nov 2005	Message Posted: Jul 4, 2009 6:55:35 PM Ignore ByGuy Report Abuse With all of our Gov spending the dollar is almost worthless. More countries are going to drop the dollar.
eddmac Champion Author Washington Posts:3,157 Points:730,140 Joined:May 2006	Message Posted: Jul 4, 2009 6:54:23 PM Ignore eddmac Report Abuse Bye bye miss American pie, our reign has ended.
olcowboy14 Champion Author Spokane Posts:3,243 Points:536,295 Joined:Jul 2007	Message Posted: Jul 4, 2009 6:53:03 PM Ignore olcowboy14 Report Abuse This is what happens when our gov't spends more than it takes from us, not to worry they will catch up. "Everyone making less than $250,000.00 will get a tax cut" in the back.
kookiwoogi Champion Author Indiana Posts:2,994 Points:1,574,540 Joined:May 2004	Message Posted: Jul 4, 2009 6:50:15 PM Ignore kookiwoogi Report Abuse Ya think?
kyrunner Champion Author Lexington Posts:2,329 Points:439,050 Joined:Aug 2008	Message Posted: Jul 4, 2009 6:43:18 PM Ignore kyrunner Report Abuse Am sure all of those Communist countries would love to take us down a peg so they could become the bosses over the world. With our current Washington crowd i think that is a real possibility.
ccycles All-Star Author Missouri Posts:807 Points:635,670 Joined:Jun 2007	Message Posted: Jul 4, 2009 6:39:42 PM Ignore ccycles Report Abuse "Thank Dubya for making the dollar so weak!" AMEN!
mstearno Champion Author Dayton Posts:2,527 Points:523,830 Joined:Jan 2008	Message Posted: Jul 4, 2009 6:39:22 PM Ignore mstearno Report Abuse Wow this is really sad who's going to fund our debt?
blazerbob91 Champion Author Milwaukee Posts:2,507 Points:731,310 Joined:Aug 2005	Message Posted: Jul 4, 2009 6:35:58 PM Ignore blazerbob91 Report Abuse The world already owns the US.
star_deceiver Champion Author British Columbia Posts:2,307 Points:469,365 Joined:Jun 2008	Message Posted: Jul 4, 2009 6:35:17 PM Ignore star_deceiver Report Abuse down with the dollar, bring back gold!!!!
nigelb Champion Author Virginia Posts:1,992 Points:332,910 Joined:Feb 2008	Message Posted: Jul 4, 2009 6:31:00 PM Ignore nigelb Report Abuse Thank Dubya for making the dollar so weak!
hwnguy Champion Author Honolulu Posts:1,902 Points:417,570 Joined:Apr 2008	Message Posted: Jul 4, 2009 6:18:43 PM Ignore hwnguy Report Abuse if this keeps up, US industry is toast
john382 Champion Author Illinois Posts:6,101 Points:1,229,925 Joined:Aug 2005	Message Posted: Jul 4, 2009 6:18:28 PM Ignore john382 Report Abuse More good new we are not looking so good right now.
fightbigoil71 Champion Author Milwaukee Posts:1,456 Points:322,555 Joined:Nov 2008	Message Posted: Jul 4, 2009 6:15:38 PM Ignore fightbigoil71 Report Abuse Why doesn't B.O. use his cheerleading skills to bring back the dollar's value? (LOL)
xybiz All-Star Author Illinois Posts:752 Points:1,018,010 Joined:Aug 2005	Message Posted: Jul 4, 2009 6:12:20 PM Ignore xybiz Report Abuse I like stronger US dollarrrrrrr
misterray Champion Author Oregon Posts:1,064 Points:300,175 Joined:Aug 2008	Message Posted: Jul 4, 2009 6:06:50 PM Ignore misterray Report Abuse Why should a foreign country want the dollar? It's worthless against the euro. On the other hand the dollar is strong against the Rupee and the Mexican Peso. That's what we've become due to eight years of Cheney-Bush.
JPGKC Champion Author Tampa Posts:4,419 Points:820,500 Joined:Sep 2006	Message Posted: Jul 4, 2009 6:03:20 PM Ignore JPGKC Report Abuse Well guys, the worst is YET to come...
CruisinLinda Champion Author Tallahassee Posts:4,992 Points:1,013,385 Joined:Sep 2005	Message Posted: Jul 4, 2009 6:01:51 PM Ignore CruisinLinda Report Abuse It is a good idea to diversify one's investments regardless of the product. We Americans don't have to take it personally and vow not to be altruistic. We have to hope these countries don't sell their dollars all at once and lower its price, or buy so few in the future that the lowered demand doesn't depress the price.
Cheepo Champion Author Tampa Posts:3,782 Points:1,924,715 Joined:Apr 2003	Message Posted: Jul 4, 2009 5:56:05 PM Ignore Cheepo Report Abuse That is where barrack hussain has brought US!!!
seville04 Champion Author Albuquerque Posts:1,875 Points:882,780 Joined:Sep 2004	Message Posted: Jul 4, 2009 5:52:39 PM Ignore seville04 Report Abuse This line says it all: "For all the complaints about the dollar, emerging markets such as India remain dependent on the currency of the U.S., the world’s largest economy and a $2.5 trillion export market."
gassyjack Champion Author Twin Cities Posts:11,206 Points:2,332,700 Joined:Mar 2002	Message Posted: Jul 4, 2009 5:52:38 PM Ignore gassyjack Report Abuse Yep, the peso is an excellent idea!
dwgt.net Champion Author Nevada Posts:10,162 Points:1,774,360 Joined:Sep 2004	Message Posted: Jul 4, 2009 5:51:02 PM Ignore dwgt.net Report Abuse OK
pokey469 Champion Author Hamilton Posts:1,134 Points:261,215 Joined:Sep 2005	Message Posted: Jul 4, 2009 5:49:51 PM Ignore pokey469 Report Abuse Gotta love my American neighbours - enjoy your July 4th Holiday.
CiVX Champion Author Oakland Posts:1,450 Points:253,680 Joined:Feb 2009	Message Posted: Jul 4, 2009 5:47:54 PM Ignore CiVX Report Abuse Let them put it all in gold jewellery and whare it.
PithyOpiner Champion Author Stockton Posts:3,917 Points:429,340 Joined:Jun 2008	Message Posted: Jul 4, 2009 5:46:13 PM Ignore PithyOpiner Report Abuse We didn't force you guys to buy dollars. We didn't force the dollar to be supreme in the land. All you guys did that. And, you did it because our currency is solid and trustworthy. You want to make some other currency number one, be my guest. Try it and see how far you get. May I suggest pesos in Mexico or yen in China. How bout some Nigeria?? Make their money number one. lol
JayMac08 Champion Author Jackson Posts:3,386 Points:205,430 Joined:Oct 2008	Message Posted: Jul 4, 2009 5:45:52 PM Ignore JayMac08 Report Abuse The Dollar will always dominate the worlds economy.
RobRD Champion Author Alberta Posts:3,137 Points:757,760 Joined:Jul 2007	Message Posted: Jul 4, 2009 5:40:22 PM Ignore RobRD Report Abuse Until there is a major shift in thinking by the majority of countries, US dollar will continue to remain as the main currency.
us412 Champion Author Arkansas Posts:10,799 Points:1,174,580 Joined:Apr 2006	Message Posted: Jul 4, 2009 5:39:22 PM Ignore us412 Report Abuse The rest of the world sees our money becoming worthless as this president spends on his friends and runs business off to foreign countries who are more than happy to have all these good jobs. Everyone except the Obama Zombies.
caddilac Champion Author Ontario Posts:8,855 Points:876,105 Joined:Apr 2007	Message Posted: Jul 4, 2009 5:39:11 PM Ignore caddilac Report Abuse They have a logical concern to question the currency of one nation having too much effect on the economies of all the other nations of the world.
KillChain All-Star Author Albuquerque Posts:818 Points:320,700 Joined:Jun 2006	Message Posted: Jul 4, 2009 5:37:17 PM Ignore KillChain Report Abuse The new finanical axis of evil..........................
rjoeh Champion Author Michigan Posts:2,649 Points:1,340,785 Joined:Jun 2004	Message Posted: Jul 4, 2009 5:30:37 PM Ignore rjoeh Report Abuse What they do is always a crap shoot. Currency with any given country is always in flux as economic conditions change and others see a possible opportunity to grab quick profits.
silverfox63 Champion Author Michigan Posts:1,931 Points:388,765 Joined:Oct 2008	Message Posted: Jul 4, 2009 5:26:28 PM Ignore silverfox63 Report Abuse it looks like we may be on our own in the future. we better start looking out for our own interests instead of everyone else's.
Bud122CA Champion Author California Posts:1,640 Points:408,210 Joined:Jul 2008	Message Posted: Jul 4, 2009 5:25:58 PM Ignore Bud122CA Report Abuse Maybe they know that Palosi flies home every three days to Ca. from Wash. DC on our money. $60,000 one way!!
papou Champion Author Tampa Posts:4,868 Points:755,000 Joined:Jul 2005	Message Posted: Jul 4, 2009 5:25:11 PM Ignore papou Report Abuse everyone forgets who put them on their feet, when they have two nickles in there pocket.
buggydeb Champion Author Florida Posts:2,579 Points:476,165 Joined:Jun 2008	Message Posted: Jul 4, 2009 5:23:31 PM Ignore buggydeb Report Abuse It's time America looks out for America...no one comes to our rescue without a price..!
rocket_up Champion Author Albuquerque Posts:1,339 Points:312,640 Joined:Apr 2008	Message Posted: Jul 4, 2009 5:20:37 PM Ignore rocket_up Report Abuse With the current administrations ability to just print money then I also think the US Dollar may very well be in jeopardy. Thank you Obama!
eddyp94 Champion Author Ontario Posts:2,729 Points:586,385 Joined:Mar 2008	Message Posted: Jul 4, 2009 5:19:41 PM Ignore eddyp94 Report Abuse they are jealous...
gabbygusIN All-Star Author Indiana Posts:943 Points:312,550 Joined:Oct 2008	Message Posted: Jul 4, 2009 5:18:22 PM Ignore gabbygusIN Report Abuse Is this Change???
96sc1 Champion Author El Paso Posts:4,290 Points:500,315 Joined:Mar 2008	Message Posted: Jul 4, 2009 5:14:17 PM Ignore 96sc1 Report Abuse I haven't been this embarassed about the actions of the U.S. President and Congress since the Carter years.
Lukus Champion Author Halifax Posts:2,062 Points:426,000 Joined:Nov 2007	Message Posted: Jul 4, 2009 5:12:03 PM Ignore Lukus Report Abuse Who caused the war? Wasn't it Bush and Cheney.
TopGunn Champion Author Baltimore Posts:2,799 Points:1,355,210 Joined:Aug 2004	Message Posted: Jul 4, 2009 5:11:05 PM Ignore TopGunn Report Abuse Am surprised the U.S. government didn't star issung "IOU's" before California. We have already spent ourselves well into oblivion.
kruk Champion Author London Posts:1,889 Points:212,425 Joined:Jan 2007	Message Posted: Jul 4, 2009 5:06:47 PM Ignore kruk Report Abuse ong and stable dollar times are gone for good with so much debth inflation will put US amongst poor country of third world - that what arrogance can do very quickly