What Russia Wants from the G-20: The End of the Dollar

Ted Bromund / March 19, 2009

We know what the EU’s leaders want out of April’s meeting of the G-20 in London: lots of regulations to tie down Britain and the U.S. And we have a pretty good sense of what the outcome of the meeting will be: the Europeans will get what they want, and will throw a bone of a token approval of so-called fiscal stimulus to the U.S. But now we know what the Russians want. It almost makes the Europeans look modest.

The Russians unveiled their proposals yesterday, after a meeting with EU officials. They didn’t meet with the Americans. Given what they have in mind, you can understand why. Naturally, the Russians want a new framework of global regulations – SURF, short for Standard Universal Regulatory Framework. But the real biggie is their other major demand:

the introduction of a supranational reserve currency, to be issued by international financial institutions

That means the end of the dollar as a major international currency (more…)