Friday, 10 July 2009

Medvedev Shows Off Sample Coin of New ‘World Currency’ at G-8

July 10 (Bloomberg) — Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

“Here it is,”Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”

The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency “concerns everyone now, even the mints,”Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

A Russian media outlet had a slightly different take. Ria Novosti reported Medvedev had actually been given the coin, although it did not say by whom:

L’AQUILA, July 10 (RIA Novosti) - Russian President Dmitry Medvedev said on Friday he had been given an example coin of a possible global currency at the G8 summit in Italy, adding that all aspects of reserve currencies were under discussion.

“We are discussing both the use of other national currencies, including the ruble, as a reserve currency, as well as supranational currencies,” the Russian leader said at a news conference following the G8 summit.Medvedev showed reporters an example of a coin of a supranational currency, which he called a “united future world currency.”“This is a symbol of our unity and our desire to settle such issues jointly,” Medvedev said, adding that the coin had been made in Belgium. He also expressed the hope that a day would come when something of the kind would be used for payment

In any event, here’s what the UFWC supposedly looks like, according to a LiveJournal post by one a_kolesnichenko



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