Independence from US Dollar - India joins force with Russia & China

Does this “Independence day” - July 04 2009 , marks the beginning of an end ? Yes , India , 4 th largest GDP & populous democracy in the world is the latest country to join force with Russia & China questioning the dollar as reserve currency. BRIC - famously coined acronym in 2001 to denote the fastest growing developing economies of the world Brazil , Russia , India & China , of which all nations has publicly announced their disinterest and unwillingness to take on risk by trading in dollar terms.

Recent “Spending spree” (to stimulate the economy and avert next great depression) by US government and money printing by Fed have raised fears of Dollar losing its values and there by reducing the purchase power of the dollar. And since these developing economies currently hold their reserves in dollars which they don’t have any control over and should the dollar devalue , it will be become a problem for these nations.

In the midst of financial crisis , developing economies are trying to get their independence from US Dollar - let us see how Obama & administration defend the status of quo of dollar & there by supremacy of US.
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