India refueses to trust American dollar as the reserve currency – china and Russia push forward the alternative to American financial dominance
Praful Lodha
Jul. 4, 2009

India is slowly expressing its deep concern over trusting American global financial leadership. India has now joined hands with Russia and China in looking for an alternate to American Dollar as the reserve currency.

“The major part of Indian reserves is in dollars -- that is something that’s a problem for us,” Tendulkar, chairman of the Prime Minister’s Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France.

China and Russia have stepped up calls for a reconsideration of how global currency reserves are composed and managed, underlining a power shift to emerging markets from the developed nations in view of the fact that the global financial meltdown was caused by American and European blunder in financial management.

“There should be a system to maintain the stability of the major reserve currencies,” Former Chinese Vice Premier Zeng Peiyan said in a speech in Beijing, pointing out very clearly China’s concerns about a global financial system dominated by the dollar.

India refueses to trust American dollar as the reserve currency – china and Russia push forward the alternative to American financial dominance
Praful Lodha
India is slowly expressing its deep concern over trusting American global financial leadership. India has now joined hands with Russia and China in looking for an alternate to American Dollar as the reserve currency.
READ MORE>>

US Job report confirms depression and bear market
Peter Oberois
Employers cut a larger-than-expected 467,000 workers, driving the unemployment rate up to a 26-year high of 9.5 percent.
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US real estate markets in deep trouble - Mortgage applications in the U.S. falling very fast
Karen Zuba
This is very serious. The whole premises of Obama Administration is that refinancing and new loans will boost the real estate market which in turn will boost the overall economy.
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473,000 drop in the ADP Employer Services shows real trouble in US employment market – where will Dow be in the next six months?
Karen Zuba
What is the net impact on US equities? According to econometric and quantitative models, the stock market can tank 50% from the current levels in the enxt six to twelve months.
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Signs of severe bear market in US and global stocks imminent – the divergence in regional banks, homebuilders and of transportation companies
Peter Oberois
The bear market is live and well. It is ready to pound any time. Smaller banks in the lost 26 percent since climbing to a four-month peak in early May, while home builders tumbled 30 percent.
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Japanese manufacturers bounced back less than expected - exports and production picked up
Alan Hershey
The bounde is real. The extent is disappointing. The headline diffusion index for large manufacturers rose to minus 48 in June from a record low of minus 58 posted in March.
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Why does Sweden, the newly appoinetd holder of European Union’s presidency support the hedge funds and the private equity funds?
Marla Guthrie
Swedish defence of hedge funds and private equity on Wednesday, saying it did not blame them for the financial crisis is not only bizzare but also is damaging to the entire fianncial industry, says some analysts.
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