Originally Posted by Free To Canoe
Not surprising that large gold producing Russia, with their current activist leadership would support a change in the status quo.
Larger player China supporting something besides the US dollar as a base is interesting. I guess they don't want to kowtow to the dollar any more.
China is more interested in preserving the value of its $1T investment in U.S. Treasuries. It believes that Obama is spending so much, so quickly that inflation is inevitable. In 2007, the inflation rate was about 4.08%. This was higher than any year since 1990. In 2008, the inflation rate was 0.09%, the lowest rate since 1954. Consumer prices in the US peaked in July of 2008, and by January of 2009, prices had actually declined by about 4%.
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald