Russia and China’s Plan to Avoid US Dollar

The US Dollar still holds its ground in 2009, but many world banks and leaders are growing even more weary of holding American Debt and Federal Reserve Notes.

After many public speeches declaring the US Dollar as strong, the BRIC Countries — Brazil, Russia, India, and China — announced at their recent meetings that they shall swap currencies and buy bonds from each other in order to avoid exposure with the Dollar, and that a stronger monetary system — one less dependent on the US — should be developed.

Peter Schiff, former economic adviser to Ron Paul, video blogged yesterday (June 16th) arguing that any faith in the Dollar expressed by BRIC is merely to protect themselves from scrutiny.

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