October 24, 2007
New Currency Cold War
| Host: | Ingrid Schlueter |
| Guest: | Diane Francis |
| Listen: | RealAudio | Windows Media | MP3 | Order Tape or CD |
Diane Francis is the Editor at Large of the National Post of Canada. She is also a broadcaster and the author of 8 best-selling books.
Diane appeared on Crosstalk to discuss a currency cold war that she believes is taking place against the United States. While there are a number of players involved in this scenario, Russia is one of the most prominent.
Diane feels that Russia wants to get oil prices higher and establish the Ruble as a viable, exchangeable currency. They've been talking down the dollar so they've been talking about only accepting payment for their oil in Euros or Rubles as opposed to U.S. Dollars.
A key point to remember is that since World War II the currency of choice for international transactions has been the U.S. dollar. That makes it a reserve currency, a status that apparently Russia wants because this means everyone would be able to trust their currency, and that's what countries like to deal in instead of currencies that bounce around in value.
If the economic consequences of improving markets in other areas of the world is of interest to you, along with the moral and spiritual components that also factor into this, you won't want to miss this edition of Crosstalk.
More Information
